Lucas LaChance, CPA, CIA, Principal of Practice Growth

Lucas is a Texas Society of CPAs Rising Star Award-winning experienced auditor, director, board member, manager, and publisher with more than 15 years of leadership experience in external audit and internal audit with an emphasis on risk-based (COSO) audit approaches. His responsibilities include the oversight and management of a department of more than 30 professionals (budget monitoring, analysis metrics, recruiting/retention, coaching, mentoring); partnering with clients with assets in excess of $150MM+ to identify, analyze, and mitigate financial and industry risks to their strategic plan; planning and execution of multiple, large-scale, simultaneous projects; and development and implementation of numerous accounting and finance presentations to external clients, committees, and boards as well as to local, state, and national audiences about accounting industry developments.
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Recent Posts

Recognizing Revenue in Not-for-Profits: The Effects of ASU 2018-08

In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606). This ASU affected predominantly all revenue streams for all industries except for recognition of revenue from contributions to not-for-profit (NFP) organizations. The FASB vowed to return one day and finish what they started by addressing how NFPs should account for contributions, and four years later they did. ASU 2018-08, Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made, was issued in June 2018 to tackle diversity in practice regarding recording contributions, to clarify the steps a NFP organization should consider in determining whether a transaction is a contribution or an exchange, and to refocus attention on what constitutes a donor restriction and a donor condition.

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Topics: Not-for-Profit, Revenue Recognition

Cautiously Confident: CEO projections for 2019

Already with more than one quarter of 2019 in the books, CEOs of small- to medium-size business (SMBs) remain cautious but optimistic about the remaining portion of the year. In a recent polling of SMB CEOs, executed by Vistage Research, CEOs said that they are are optimistic about the potential for growth in 2019 but are uncertain about their ability to realize that potential. The majority of SMB CEOs are expecting an increase in revenues and profitability, but less than 15% of them believe that the economy will improve in 2019. A critical factor here is that the brief rush of economic boom from the Tax Cuts and Jobs Act (TCJA) was negated by the unpredictable tariff price increases. Most SMB CEOs felt no impact from the TCJA, and a little less than half have been negatively impacted by tariffs. Wholesale trade, manufacturing and distribution, and construction, key underpinning sectors of the economy, report having some of the highest negative impacts of tariffs. This economic uncertainty presents a dilemma for CEOs on how to maintain growth while being cautious of a potential economic slowdown.

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Are you ready for the new revenue recognition standard?

It’s been eight years since the Financial Accounting Standards Board ("FASB") first proposed an overhaul of its revenue recognition standard and four years since it issued the new standard. Now the standard’s effective date is finally approaching — Jan. 1, 2019, for calendar-year nonpublic companies that comply with generally accepted accounting principles ("GAAP"). Is your company ready?

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Topics: Accounting Tips, Audit, Construction, consulting, revenue, guide

Do you want a dynamic practice?

Management expert Peter Drucker famously said, “If you can’t measure it, you can’t improve it.” Within a medical practice, it’s possible — though not necessarily desirable — to measure anything and everything, ranging from the number of patients per day to the amount of time spent on phone calls. So what should your medical practice measure?

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Topics: Accounting Tips, Healthcare, medical, practice

NFPs See Biggest Accounting Changes in More Than Two Decades

The Financial Accounting Standards Board, also known as FASB, has released Accounting Standards Update (“ASU”) 2016-14 with huge changes for Not-for-Profit Entities (“NFPs”). You’re probably wondering why there even was an update. Great question.

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Topics: Accounting Tips, Not-for-Profit, Audit

“Super metrics” can win the day

Everyone, it might seem, wants to know how effectively your not-for-profit is fulfilling its mission and running its operation. Performance, or outcome, measurement — essentially a way to determine the impact of a program or activity — can supply interested onlookers with the proof they need to know you’re doing your job. Unlike traditional measures, such as number of clients served or amount of donations received, these “super metrics” allow an organization to assess whether a program is achieving its intended results.

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Topics: Accounting Tips, Not-for-Profit, Audit

Pinpointing Key Issues in Licensing Agreements

As the economy slowly crawls back, many not-for-profits (“NFPs”) are still experiencing stagnant or even declining revenues, prompting them to look to nontraditional types of revenue sources—including licensing agreements.

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Topics: Wealth Management, Not-for-Profit, Healthcare

1968 Fair Housing Act Interpretation by Justices

Among a flurry of opinions issued recently by the Supreme Court as they closed out their judiciary session on June 30th was a split decision on a broad interpretation of the Fair Housing Act of 1968.

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Topics: Real Estate, Accounting Tips

Are Americans Having a Savings Crisis?

Two major studies were released this week that cast a dark shadow across what generally has been a sunny outlook on the strengthening economy. 

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Topics: Real Estate, Accounting Tips, Wealth Management

New Managing Partner at LGT

Lee Ann Collins, CPA, a partner at Lane Gorman Trubitt, PLLC ("LGT") and a well-known leader in the Dallas/Fort Worth accounting industry, has been named the fourth managing partner of LGT in its 65 years of business.

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Topics: Firm News

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