Calendar year end public companies will adopt the new leases standard, ASC 842: Leases, in the first quarter of 2019. Broadly, ASC 842 significantly the accounting for leases by lessees. This More
Mike Cheng joined the staff of the Financial Accounting Standards Board (FASB) in 2012. Mike serves as the Private Company Council (PCC) coordinator where he is responsible for all PCC related matters. He also lead the Board’s private company decision making framework project focused on determining whether and in what circumstances it is appropriate to adjust financial reporting requirements for private companies following Generally Accepted Accounting Principles (GAAP). More recently, Mike led a project to help the Board decide its technical agenda. Currently, Mike is working on projects related nonemployee share-based payments and consolidations (VIE guidance).
Prior to joining the FASB, Mike held various management positions with PricewaterhouseCoopers (PwC). Most recently, he was an Audit Senior Manager?Private Company Services in the firm’s Stamford, Connecticut office. From 2003-2011, he also held roles of increasing responsibility in PwC’s Core Assurance divisions in Buffalo and Rochester, New York.
Mike earned his Bachelor of Science degree in Accounting with a concentration in Finance from Binghamton University in Binghamton, New York.