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.
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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.
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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.
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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: June 23, 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 McGladrey 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.

FASB issues final standard on credit losses

On June 16, 2016, the Financial Accounting Standards Board (FASB) issued its long-awaited new standard on credit losses, namely Accounting Standards Update (ASU) 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which applies to all entities and most financial assets that are not measured at fair value through net income. The ASU represents the culmination of what has been a long and arduous process to address the complexity and perceived shortfalls of existing guidance, including the perception that credit losses are currently recognized too little and too late.

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Source: RSM US LLP
Used with permission as a member of the McGladrey Alliance
http://rsmus.com/what-we-do/services/assurance/financial-reporting-resource-center/fasb-issues-final-standard-on-credit-losses.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: June 9, 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 McGladrey 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.

Leases: New accounting requirements for lessees
Our white paper explains and illustrates the new lease guidance applicable to lessees in Accounting Standards Update 2016-02, Leases (Topic 842).

FASB proposes more changes to new revenue and cost deferral guidance
A recent proposal would make certain changes to the FASB’s new revenue recognition and cost deferral guidance.

Source: RSM US LLP
Used with permission as a member of the McGladrey 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 26, 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 McGladrey 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.

Goodwill impairment: FASB proposes simplifications
If finalized, a recent FASB proposal would simplify the measurement of the goodwill impairment charge.

FASB addresses various issues in latest changes to new revenue guidance
A recent ASU makes several changes to the guidance originally included in ASU 2014-09, Revenue from Contracts with Customers (Topic 606).

Proposed ASU addresses restricted cash in the statement of cash flows
A recent proposed ASU addresses diversity in the classification and presentation of changes in restricted cash on the statement of cash flows.

Rescission of certain SEC guidance on revenue recognition and derivatives
The SEC Staff recently rescinded certain SEC Staff Observer comments regarding revenue recognition and derivatives.

Source: RSM US LLP
Used with permission as a member of the McGladrey 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 12, 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 McGladrey 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.

FASB revises new revenue guidance on licenses and performance obligations
ASU 2016-10 makes changes to the FASB’s guidance on licenses and performance obligations that was originally included in ASU 2014-09.

FASB delays effective date of pending ASU on credit losses by one year
Recently, the FASB decided to delay the effective date of its forthcoming ASU on the impairment of financial instruments.

FASB proposes technical corrections to Codification
The FASB has issued a proposed ASU to clarify, correct unintended application of and make minor improvements to the Accounting Standards Codification.

Source: RSM US LLP
Used with permission as a member of the McGladrey 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 28, 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 McGladrey 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.

Improvements to employee share-based payment accounting
ASU 2016-09 reduces the complexity of certain aspects of the accounting for employee share-based payment transactions.

Update: Consolidation of a for-profit limited partnership by a not-for-profit entity
The FASB recently reached tentative decisions regarding the consolidation of a for-profit limited partnership by a not-for-profit entity.

Accounting for irrevocable split-interest agreements
Statement 81 provides recognition and measurement guidance for governments that benefit from irrevocable split-interest agreements.

Source: RSM US LLP
Used with permission as a member of the McGladrey 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 14, 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 McGladrey 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.

Revenue recognition: FASB revises new principal vs. agent guidance
Our summary provides an overview of the revised principal vs. agent guidance in FASB ASC Topic 606.

Accounting for contingent put and call options in debt instruments
ASU 2016-06 addresses the accounting for contingent put and call options that can accelerate the payment of principal on debt instruments.

Simplification for transition to the equity method of accounting
ASU 2016-07 eliminates the requirement to retroactively adopt the equity method of accounting.

Source: RSM US LLP
Used with permission as a member of the McGladrey 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 24, 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 McGladrey 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.

Initial election of private company accounting alternatives
ASU 2016-03 addresses matters related to the initial election of the private company accounting alternatives within its scope.

Recognition of breakage for certain prepaid stored-value products
ASU 2016-04 addresses the recognition of the portion of the dollar value of prepaid stored-value products that ultimately is unredeemed.

Source: RSM US LLP
Used with permission as a member of the McGladrey 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.

2015 Audit & Accounting Update

Join us for the final installment of Insero & Co.’s 2015 Accounting & Finance Education Series, designed for business owners, management, and accounting professionals.

Whether you represent a large corporation, a small business, or a not-for-profit organization, it can be difficult to stay up to date on current accounting topics. Join Timothy McLaughlin, Vincent Leo, and Michael Giess for an overview of changes that may affect your organization and how to apply the most recent standards and guidance.

Click Here for More Information and Registration

When:  Tuesday, November 17, 2015, 7:30 AM, Breakfast/Networking/Registration,
8:00 AM – 10:00 AM, Presentation
Where: Locust Hill Country Club, 2000 Jefferson Road, Pittsford, NY 14534
Cost: $30 per person ($5 Early Registration Discount if registered by November 3rd)
Presented By: Presented by Timothy McLaughlin, Vincent Leo, and Michael Giess

To receive updates on future events, please join our mailing list.

Audit & Accounting Update: Consolidation, Income Taxes, Extraordinary Reporting, and Business Combinations

Consolidation — FASB Issues ASU to Improve Consolidation Guidance for Legal Entities

The FASB has issued an Accounting Standards Update (ASU) No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, which is intended to improve targeted areas of consolidation guidance for legal entities such as limited partnerships, limited liability corporations, and securitization structures (collateralized debt obligations, collateralized loan obligations, and mortgage-backed security transactions).

The ASU focuses on the consolidation evaluation for reporting organizations (public and private companies and not-for-profit organizations) that are required to evaluate whether they should consolidate certain legal entities.

In addition to reducing the number of consolidation models from four to two, the new standard simplifies the FASB Accounting Standards Codification™ (Codification) and improves current GAAP by:

  • Placing more emphasis on risk of loss when determining a controlling financial interest. A reporting organization may no longer have to consolidate a legal entity in certain circumstances based solely on its fee arrangement, when certain criteria are met.
  • Reducing the frequency of the application of related-party guidance when determining a controlling financial interest in a variable interest entity (VIE).
  • Changing consolidation conclusions for public and private companies in several industries that typically make use of limited partnerships or VIEs.

The ASU will be effective for periods beginning after December 15, 2015, for public companies. For private companies and not-for-profit organizations, the ASU will be effective for annual periods beginning after December 15, 2016; and for interim periods, beginning after December 15, 2017.

Early adoption is permitted, including adoption in an interim period. (more…)

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