Audit & Accounting Update: May 17, 2018

At Insero, we make it our business to stay abreast of the latest trends and technical updates in accounting, tax, and audit and we understand how important timely updates are to our clients. As a member of the RSM US Alliance, we also have the benefit of access to the resources and subject matter experts of RSM US LLP (formerly known as McGladrey LLP). This includes regular updates on the latest financial reporting insights. We hope that you find these informative and useful, and invite you to reach out to us if you have any questions.

Accounting

ASC 606 and certain transactions in collaborative arrangements
The FASB proposed guidance on whether certain transactions in collaborative arrangements should be accounted for under ASC 606.

Upcoming Webcasts

Revenue recognition: Key considerations for the business and professional services industry
Join RSM on May 22 at 2 p.m. ET as we share insights on how FASB ASC 606 affects the business and professional services industry.

Implementing the new revenue recognition standard in the manufacturing industry
Join RSM on May 23 at 2 p.m. ET as we share insights on implementing FASB ASC 606 in a manufacturing company.

Audit and Accounting Updates for Business Owners and Financial Professionals

Source: RSM US LLP
Used with permission as a member of the RSM US Alliance
http://rsmus.com/our-insights/newsletters/financial-reporting-insights.html

As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please contact us directly.

Audit & Accounting Update: May 10, 2018

At Insero, we make it our business to stay abreast of the latest trends and technical updates in accounting, tax, and audit and we understand how important timely updates are to our clients. As a member of the RSM US Alliance, we also have the benefit of access to the resources and subject matter experts of RSM US LLP (formerly known as McGladrey LLP). This includes regular updates on the latest financial reporting insights. We hope that you find these informative and useful, and invite you to reach out to us if you have any questions.

Accounting

RSM whitepapers: Private companies and the new revenue guidance
Our whitepapers encourage private companies to consider the impact of ASC 606 and to start early in the implementation process.

Effective date reminder and updated whitepaper on ASU 2016-01
We recently updated our whitepaper on ASU 2016-01 to incorporate the clarifications brought forth by ASU 2018-03.

Staff interpretations of ASU 2017-12: Prepayable financial instruments
Recent FASB Staff interpretations address the scope of Accounting Standards Update 2017-12 for prepayable financial instruments.

Donor-advised funds: Accounting implications related to pledges
This article addresses the accounting implications related to a donor’s use of a donor-advised fund to service a pledge.

SEC

Cybersecurity risk management oversight tool
A recent CAQ tool provides questions board members can consider as they address cybersecurity risks and disclosures.

Upcoming Webcasts

Revenue recognition: Key considerations for the business and professional services industry
Join RSM on May 22 at 2 p.m. ET as we share insights on how FASB ASC 606 affects the business and professional services industry.

Audit and Accounting Updates for Business Owners and Financial Professionals

Source: RSM US LLP
Used with permission as a member of the RSM US Alliance
http://rsmus.com/our-insights/newsletters/financial-reporting-insights.html

As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please contact us directly.

Audit & Accounting Update: April 12, 2018

At Insero, we make it our business to stay abreast of the latest trends and technical updates in accounting, tax, and audit and we understand how important timely updates are to our clients. As a member of the RSM US Alliance, we also have the benefit of access to the resources and subject matter experts of RSM US LLP (formerly known as McGladrey LLP). This includes regular updates on the latest financial reporting insights. We hope that you find these informative and useful, and invite you to reach out to us if you have any questions.

Accounting

Proposed guidance: Certain cloud computing implementation activities
The FASB has proposed clarifications to the accounting for costs of certain cloud computing implementation activities.

SEC

Non-GAAP measures: A roadmap for audit committees
The Center for Audit Quality recently provided leading practices for audit committee oversight of non-GAAP measures.

FASB issues ASU 2018-04
The FASB removed from its Codification SAB Topic 5.M and certain guidance for public utility holding companies.

Upcoming Webcasts

Annual governmental accounting update – What’s new, what’s next?
Please join us on April 17 at 1 p.m. ET for the latest information on GASB standards, include those related to OPEB.

Audit and Accounting Updates for Business Owners and Financial Professionals

Source: RSM US LLP
Used with permission as a member of the RSM US Alliance
http://rsmus.com/our-insights/newsletters/financial-reporting-insights.html

As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please contact us directly.

Insero Named a Rochester Metro Area 2018 Top Workplace

Insero & Co. CPAs has been awarded a 2018 Top Workplaces honor by the Rochester Democrat and Chronicle. The firm, headquartered in downtown Rochester, has been one of the top five companies in the small business category each of the last five years, and is the only accounting firm to have been named to the list every year since inception. The list is based solely on employee feedback gathered through a third-party survey administered by research partner Energage, LLC (formerly WorkplaceDynamics), a leading provider of technology-based employee engagement tools. The anonymous survey measures several aspects of workplace culture, including alignment, execution and connection, just to name a few.

2018 Top Workplaces Logo, 5 Year Winners 2014 - 2018 by D&C Digital, part of the USA Today Network

“Top Workplaces is more than just recognition,” said Doug Claffey, CEO of Energage. “Our research shows organizations that earn the award attract better talent, experience lower turnover, and are better equipped to deliver bottom-line results. Their leaders prioritize and carefully craft a healthy workplace culture that supports employee engagement.”

“We are thrilled to receive this honor for the fifth year in a row,” said David Mandrycky, Director of Human Resources at Insero. “Our people are our most important asset and our client service success can be directly attributable to our team. It takes a commitment from everyone to foster the type of environment where people are fulfilled and excited to come to work each day. We owe many thanks to our entire team for upholding this focus and making Insero such a great place to work.”

Insero currently employs 130 professionals in five locations including Rochester, Ithaca, Corning, Cortland and Watkins Glen. The firm has repeatedly been recognized nationally as one of the Best Accounting Firms to Work for by Accounting Today and Best Companies Group and was also named to the inaugural list of Best Places to Work for Millennials.

“Becoming a Top Workplace isn’t something organizations can buy,” Claffey said. “It’s an achievement organizations have worked for and a distinction that gives them a competitive advantage. It’s a big deal.”

About Insero & Co. CPAs

Rochester-based Insero & Co. CPAs is an accounting and business advisory practice with five locations serving New York state. A full-service public accounting firm, Insero provides attest, tax and consulting services to government agencies, colleges and universities, not-for-profit organizations and businesses ranging from privately held family businesses to multi-national corporations. These clients represent many industries, including service, manufacturing, distribution, high-tech, telecommunications, education, social services and real estate. For more information, visit www.inserocpa.com/career.

About Energage, LLC

Headquartered in Exton, Pa., Energage (formerly known as WorkplaceDynamics) is a leading provider of technology-based employee engagement tools that help leaders to unlock potential, inspire performance, and achieve amazing results within their organizations. The research partner behind the Top Workplaces program, Energage has surveyed more than 47,000 organizations representing well over 16 million employees in the United States.

Audit & Accounting Update: March 22, 2018

At Insero, we make it our business to stay abreast of the latest trends and technical updates in accounting, tax, and audit and we understand how important timely updates are to our clients. As a member of the RSM US Alliance, we also have the benefit of access to the resources and subject matter experts of RSM US LLP (formerly known as McGladrey LLP). This includes regular updates on the latest financial reporting insights. We hope that you find these informative and useful, and invite you to reach out to us if you have any questions.

Accounting

FASB clarifies certain hedge accounting matters
The FASB recently clarified the opportunity to transfer prepayable held-to-maturity securities to available-for-sale.

FASB clarifies guidance in ASU 2016-01
ASU 2018-03 provides clarifying amendments for recognition and measurement of financial assets and financial liabilities.

Financial Institutions

Webinar: Practical methods smaller community banks can use for CECL
A recent webinar provides methods smaller, less complex financial institutions may use in their implementation of CECL.

Audit and Accounting Updates for Business Owners and Financial Professionals

Source: RSM US LLP
Used with permission as a member of the RSM US Alliance
http://rsmus.com/our-insights/newsletters/financial-reporting-insights.html

As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please contact us directly.

Audit & Accounting Update: March 8, 2018

At Insero, we make it our business to stay abreast of the latest trends and technical updates in accounting, tax, and audit and we understand how important timely updates are to our clients. As a member of the RSM US Alliance, we also have the benefit of access to the resources and subject matter experts of RSM US LLP (formerly known as McGladrey LLP). This includes regular updates on the latest financial reporting insights. We hope that you find these informative and useful, and invite you to reach out to us if you have any questions.

New Lease Accounting Resource Center
Our new resource center provides information about the new guidance in Accounting Standards Update 2016-02, Leases (Topic 842).

Additional hedge accounting benchmark interest rate proposed
The FASB has proposed adding a fifth U.S. benchmark interest rate that would be permitted in the application of hedge accounting.

The FASB issued AOCI standard
ASU 2018-02 allows entities to make a one-time reclassification from AOCI to retained earnings for certain effects of the TCJA.

 

Audit and Accounting Updates for Business Owners and Financial Professionals

Source: RSM US LLP
Used with permission as a member of the RSM US Alliance
http://rsmus.com/our-insights/newsletters/financial-reporting-insights.html

As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please contact us directly.

Audit & Accounting Update: February 22, 2018

At Insero, we make it our business to stay abreast of the latest trends and technical updates in accounting, tax, and audit and we understand how important timely updates are to our clients. As a member of the RSM US Alliance, we also have the benefit of access to the resources and subject matter experts of RSM US LLP (formerly known as McGladrey LLP). This includes regular updates on the latest financial reporting insights. We hope that you find these informative and useful, and invite you to reach out to us if you have any questions.

Accounting

FASB addresses AOCI reclassification related to tax reform
The FASB will allow a one-time reclassification from AOCI to retained earnings for stranded tax effects as a result of the TCJA.

Simplifying the test for goodwill impairment
Our white paper provides information about the provisions of ASU 2017-04 as well as effective date and transition information.

Clarifications to land easements application guidance
A recent ASU addresses the application of ASC 842 to land easements, and permits a transition practical expedient.

Audit and Accounting Updates for Business Owners and Financial Professionals

Source: RSM US LLP
Used with permission as a member of the RSM US Alliance
http://rsmus.com/our-insights/newsletters/financial-reporting-insights.html

As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please contact us directly.

Audit & Accounting Update: February 8, 2018

At Insero, we make it our business to stay abreast of the latest trends and technical updates in accounting, tax, and audit and we understand how important timely updates are to our clients. As a member of the RSM US Alliance, we also have the benefit of access to the resources and subject matter experts of RSM US LLP (formerly known as McGladrey LLP). This includes regular updates on the latest financial reporting insights. We hope that you find these informative and useful, and invite you to reach out to us if you have any questions.

Accounting

FASB Q&A documents address certain issues related to the TCJA
The FASB Staff recently issued Q&As to address certain issues related to accounting for the effects of the Tax Cuts and Jobs Act.

Proposed reclassification of certain tax effects from AOCI
A recent proposed ASU addresses the reclassification of stranded tax effects within AOCI to retained earnings.

FASB issues proposed amendments to ASC 842
The FASB recently proposed amendments to address certain difficulties encountered in implementing ASU 2016-02, Leases (ASC 842).

Update to our debt and equity guide related to down round features
We have updated our guide, Accounting for debt and equity instruments in financing transactions, to reflect ASU 2017-11.

Revenue recognition considerations for member-owned private clubs
Our white paper discusses topics member-owned private clubs should consider when applying the new revenue recognition guidance.

SEC

SAB 74 disclosures for new standard on lease accounting
Registrants are reminded to provide disclosure about progress toward implementation of ASU 2016-02, Leases (ASC 842).

Requirements for disclosure of tax-related non-GAAP measures
Registrants are reminded that disclosure of tax-related non-GAAP financial measures must comply with the SEC’s requirements.

Webcast

2018’s impact on your corporation
February 14

Audit and Accounting Updates for Business Owners and Financial Professionals

Source: RSM US LLP
Used with permission as a member of the RSM US Alliance
http://rsmus.com/our-insights/newsletters/financial-reporting-insights.html

As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please contact us directly.

Audit & Accounting Update: January 18, 2018

At Insero, we make it our business to stay abreast of the latest trends and technical updates in accounting, tax, and audit and we understand how important timely updates are to our clients. As a member of the RSM US Alliance, we also have the benefit of access to the resources and subject matter experts of RSM US LLP (formerly known as McGladrey LLP). This includes regular updates on the latest financial reporting insights. We hope that you find these informative and useful, and invite you to reach out to us if you have any questions.

Noncontrolling interests in business combinations
Our whitepaper discusses estimating the fair value of a noncontrolling interest recognized in a business combination.

Tax law revises the treatment of employee benefits
Our article provides a high-level overview of fringe benefits affected by the recent tax law and related consequences.

Net capital treatment: Deferred taxes for aspect of ASC 606 adoption
The SEC has addressed the net capital treatment of deferred taxes related to certain capitalized costs under ASC 606 and ASC 340.

Revenue recognition for government contractors
January 23

Audit and Accounting Updates for Business Owners and Financial Professionals

Source: RSM US LLP
Used with permission as a member of the RSM US Alliance
http://rsmus.com/our-insights/newsletters/financial-reporting-insights.html

As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please contact us directly.

Audit & Accounting Update: December 14, 2017

At Insero, we make it our business to stay abreast of the latest trends and technical updates in accounting, tax, and audit and we understand how important timely updates are to our clients. As a member of the RSM US Alliance, we also have the benefit of access to the resources and subject matter experts of RSM US LLP (formerly known as McGladrey LLP). This includes regular updates on the latest financial reporting insights. We hope that you find these informative and useful, and invite you to reach out to us if you have any questions.

Lease accounting: 5 critical factors for successful implementation
Our article highlights five critical factors to consider when adopting the new lease accounting guidance in ASC 842.

Changes to revenue recognition in the health care industry
Our white paper discusses how health care entities may be affected by the new revenue recognition guidance in ASC 606.

Audit and Accounting Updates for Business Owners and Financial Professionals

Source: RSM US LLP
Used with permission as a member of the RSM US Alliance
http://rsmus.com/our-insights/newsletters/financial-reporting-insights.html

As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please contact us directly.

Page 1 of 14123...Last »