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.

FASB provides targeted transition relief for CECL
ASU 2019-05 provides the ability to elect the fair value option for certain financial assets upon transition to ASU 2016-13. ASU 2016-13 also modified the accounting for available-for-sale debt securities, which must be individually assessed, and expected credit losses recognized, when fair value is less than the amortized cost basis.

FASB proposes to simplify the accounting for income taxes
The The Financial Accounting Standards Board (FASB) has proposed amendments intended to simplify the accounting for income taxes in accordance with ASC Topic 740. If finalized, the proposed ASU would remove the following exceptions to the general principles in Topic 740.

FASB responds to SEC disclosure update and simplification
The the Financial Accounting Standards Board (FASB) has proposed Codification amendments in response to the SEC’s Disclosure Update and Simplification Initiative. After considering these referred disclosures, the FASB recently issued a proposed Accounting Standards Update (ASU), Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative.

women on computer with note pad and pen next to her reading about FASB proposes to simplify the accounting for income taxes

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

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