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.

Accounting

Updated guide to revenue recognition
We have issued an updated version of our guide to revenue recognition to further assist middle-market companies in applying the new revenue recognition model in Topic 606 with recent activities of the FASB, AICPA and SEC. The guide has been updated for recent developments, including activities of the:

  • FASB, such as the issuance of new Accounting Standards Updates and non-authoritative guidance related to the implementation of ASC 606
  • AICPA, such as the issuance of its revenue recognition guide
  • SEC, such as speeches by SEC staff during the 2018 AICPA Conference on Current SEC and PCAOB Developments, which articulated their views on certain aspects of ASC 606

Updates to our hedging guide for ASU 2019-04
We recently updated our hedging guide for the clarifications made by FASB Accounting Standards Update 2019-04, including those related to having multiple separately designated partial-term fair value hedging relationships of a single financial instrument outstanding at the same time. This summary includes discussion of the effective date and transition provisions of ASU 2019-04 for situations in which ASU 2017-12 has already been adopted and situations in which ASU 2017-12 has not yet been adopted.

business man reading updated guide to revenue recognition

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.