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.
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Valuing management incentive units
Our whitepaper discusses various issues related to the valuation of and accounting for management incentive units.
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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.
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Accounting ramifications related to centrally cleared derivatives
A change in the legal characterization of margin payments has accounting and disclosure ramifications for impacted entities.
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FASB’s ongoing efforts to simplify hedge accounting
The FASB recently met to discuss feedback received on proposed targeted improvements to simplify hedge accounting.
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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: 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.
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Clarifications to definition of a business
The FASB recently issued clarifications to the definition of a business, which affects many areas of accounting.
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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.
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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.
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Proposed changes to disclosure requirements for inventory
If finalized, recent proposed amendments to FASB ASC Topic 330 would require additional inventory disclosures.
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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.
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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.
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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: 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: 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.
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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.
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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.
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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.

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