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.
2019 Effective date reminder
Our Effective Date Reminder lists pronouncements issued as of Nov. 1, 2019, which became effective on or after Jan. 1, 2019 for most entities or have not yet become effective for all entities as of November 1, 2019.
Updated white paper: Changes to revenue recognition for franchisors
This updated version of our white paper, Changes to revenue recognition for franchisors, will further assist franchisors in applying the new revenue recognition model in Topic 606, “Revenue from Contracts with Customers,” of the Financial Accounting Standards Board’s Accounting Standards Codification (ASC).
Recognizing costs in construction and production-type contracts
As nonpublic entities continue to work through their implementation of the new revenue recognition and related cost guidance (FASB ASC Topic 606 and Subtopic 340-40), the impact of the new guidance on costs for construction-type and production-type contracts is becoming an area of focus. The revenue recognition guidance in legacy GAAP for these contracts (ASC 605-35) also provided guidance on how entities within its scope should account for contract costs, which is different from the guidance in ASC Subtopic 340-40, Other Assets and Deferred Costs – Contracts with Customers.
Source: RSM US LLP
Used with permission as a member of the RSM US Alliance
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