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.
Clarifications to definition of a business
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.
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.
Proposed changes to disclosure requirements for inventory
If finalized, recent proposed amendments to FASB ASC Topic 330 would require additional inventory disclosures.
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.
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.
Source: RSM US LLP
Used with permission as a member of the RSM US Alliance
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