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.

 

Employee benefit plans

Revised reporting on financial statements of plans subject to ERISA
A recent SAS addresses the auditor’s reporting on financial statements of employee benefit plans subject to ERISA.

 

Accounting

Monitoring inflation when applying ASC 830
The Center for Audit Quality International Practices Task Force framework can be used for monitoring inflation statistics.

Transitioning away from LIBOR
The FASB has added a project to its agenda to address accounting changes necessitated by reference rate reform.

Proposed narrow-scope amendments to credit losses standard
The FASB recently issued a proposed ASU to address issues raised by stakeholders during the implementation of ASU 2016-13.

Proposed deferred CECL effective date and the definition of an SRC
Our article discusses the FASB’s proposed deferred CECL effective date and the SEC’s definition of a smaller reporting company.

Second FASB Staff Q&A document: Estimating expected credit losses
The FASB staff recently issued a Q&A document to address more than a dozen frequently asked questions related to ASU 2016-13.

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.