Audit & Accounting Update: June 27, 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.

Changes to revenue recognition in the life sciences industry
Our white paper explains how a life sciences entity could be significantly affected by the FASB’s new revenue recognition guidance.

Update to long-lived asset impairment snapshot for ASU 2017-04
Our white paper has been updated to reflect the goodwill impairment model simplification introduced by ASU 2017-04.

Expected issuance of anticipated new standard on hedge accounting
The FASB recently voted to proceed with the new standard that is intended to improve and simplify hedge accounting.

Form AP tool for audit committees
The Center for Audit Quality recently issued a tool to help audit committees understand the Form AP requirements.

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 24, 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.

Stock compensation: Scope of modification accounting
ASU 2017-09 requires an entity to account for the effects of a share-based payment award modification unless certain conditions are met.
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Customer of operation services in a service concession arrangement
Per the FASB, the grantor is the customer of the operation services for service concession arrangements within the scope of ASC 853.
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FASB tentative decisions regarding down round features
The FASB recently completed its redeliberations regarding the accounting for certain financial instruments with down round features.
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Questions regarding ASU 2015-12
Employee benefit plan administrators commonly have raised three questions related to the implementation of ASU 2015-12.
Read more

 

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 13, 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.

Presentation of defined benefit costs
The FASB recently issued guidance to improve the presentation of defined benefit costs in the income statement.
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Getting ready: Revenue recognition and not-for-profit entities
Our article provides several resources for the implementation of FASB ASC Topic 606 by not-for-profit entities.
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Omnibus Statement addresses certain practice issues
Statement 85 addresses practice issues identified during the implementation and application of certain GASB Statements.
Read more

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 9, 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.

Changes to revenue recognition for financial institutions
In our whitepaper, we discuss the relevance of the FASB’s new guidance for certain categories of revenue for financial institutions.
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Clarification of derecognition guidance for nonfinancial assets
FASB ASU 2017-05 clarifies the scope of asset derecognition guidance and the accounting for partial sales of nonfinancial assets.
Read more

FASB’S ongoing efforts to simplify hedge accounting
Our article highlights decisions made at the February FASB meeting related to its ongoing efforts to simplify hedge accounting.
Read more

 

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.

Not-for-Profit Update: January/February 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 insights for not-for-profit organizations. We hope that you find these informative and useful, and invite you to reach out to us if you have any questions.

Consolidation of for-profit limited partnership by not-for-profit entity
Understanding the latest Accounting Standards Update (ASU) 2015-02 issued by the Financial Accounting Standards Board (FASB).
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Can outsourcing help your organization neutralize rising labor costs?
Outsourcing strategies and their potential to support the success of your nonprofit organization.
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Leveraging the cloud to strengthen your technology platform
The cloud is one of the biggest technology enablers for nonprofits, and has become a valuable information technology tool for many organizations.
Read more

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

Audit & Accounting Update: February 9, 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.

Updates to revenue recognition resources for ASU 2016-20
We have updated our revenue recognition resources to reflect the changes made by Accounting Standards Update 2016-20.
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Are you sure you know when the revenue guidance in ASC 606 is effective?
Our article discusses certain factors to be carefully considered in determining when ASC 606 is effective for you.
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New credit losses standard in a nutshell
Our summary provides brief answers to certain key questions regarding the FASB’s new standard on credit losses.
Read more

Valuing management incentive units
Our whitepaper discusses various issues related to the valuation of and accounting for management incentive units.
Read more

FASB simplifies the test for goodwill impairment
The FASB has simplified how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test.
Read more

Accounting ramifications related to centrally cleared derivatives
A change in the legal characterization of margin payments has accounting and disclosure ramifications for impacted entities.
Read more

FASB’s ongoing efforts to simplify hedge accounting
The FASB recently met to discuss feedback received on proposed targeted improvements to simplify hedge accounting.
Read more

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 26, 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.

Changes to revenue recognition in the technology industry 
Our white paper discusses how certain issues will significantly affect revenue recognition in the technology industry.
Read more

Clarifications to definition of a business
The FASB recently issued clarifications to the definition of a business, which affects many areas of accounting.
Read more

Consolidation of for-profit limited partnership by not-for-profit entity
ASU 2017-02 clarifies when a not-for-profit entity that is a general partner should consolidate a for-profit limited partnership.
Read more

Proposal: Balance sheet classification of debt
A recent proposed ASU introduces an overarching principle for determining whether debt should be classified as current or noncurrent.
Read more

Proposed changes to disclosure requirements for inventory
If finalized, recent proposed amendments to FASB ASC Topic 330 would require additional inventory disclosures.
Read more

FASB makes additional corrections to new revenue guidance
A recent FASB Accounting Standards Update makes technical corrections to ASC Topic 606, Revenue from Contracts with Customers.
Read more

Tool for audit committees: Preparing for the revenue recognition standard
A new Center for Audit Quality tool aims to help audit committees assess a company’s implementation of the new revenue recognition standard.
Read more

 

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 29, 2016

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.

Changes to revenue recognition for business and professional services
Our recent summary discusses how service providers will be affected by the FASB’s new revenue recognition guidance.
Read more

FASB addresses down round features and indefinite deferral provisions
A new FASB proposal addresses some of the accounting complexity associated with instruments with characteristics of liabilities and equity.
Read more

Non-GAAP financial measures: Continuing the conversation
A recent Center for Audit Quality paper provides information for stakeholders to consider regarding non-GAAP financial measures.
Read more

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 8, 2016

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.

Presentation of restricted cash in the statement of cash flows
ASU 2016-18 addresses the classification and presentation of changes in restricted cash in the statement of cash flows.
Read more

FASB agrees to simplify the goodwill impairment model
The FASB recently agreed to draft a final Accounting Standards Update that will simplify the goodwill impairment model.
Read more

Stock compensation: Proposed scope of modification accounting
A recent proposal addresses the guidance in Topic 718 for a change to the terms or conditions of a share-based payment award.
Read more

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: October 13, 2016

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.

Proposed improvements to accounting for hedging activities
A recent proposal would better align the financial reporting of hedging relationships with entities’ risk management activities.
Read more

Proposed premium amortization on purchased callable debt securities
The FASB proposes requiring the premium on purchased callable debt securities to be amortized to the earliest call date.
Read more

FASB proposes additional corrections to new revenue guidance
A recent proposal would affect narrow aspects of the guidance issued in ASU 2014-09.
Read more

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.

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