COVID-19 Update Center

COVID-19 Update Center

[Updated March 21, 2020]

10 Tips for Remote Workers

10 Tips for Remote Workers

Since many businesses have moved their workforce to remote work arrangements, we rounded up our top tips for remote workers: Get started early – dive into your to-do list as soon as you wake up. Many report that getting an early start helps them feel more productive...

Tax Alert: IRS Extends Payment Date For 90 Days

Tax Alert: IRS Extends Payment Date For 90 Days

Treasury Secretary Steven Mnuchin stated, during a press conference yesterday, that the IRS will allow taxpayers to defer payments for 2019 tax returns for 90 days. For individuals, the amount of tax which can be deferred is up to $1 million. Corporations can defer up...

COVID-19 Office Update

COVID-19 Office Update

As always, the health and well-being of our people and our clients is of the utmost importance to Insero & Co. CPAs.   We are implementing our plan to move the majority of our workforce to remote work arrangements and our offices will be closed to the public...

Insero Named One of Accounting Today’s Top Firms for Mid-Atlantic Region

Rochester, N.Y. March 12, 2020 – Insero & Co. CPAs has been ranked as one of Accounting Today’s Top Firms for the Mid-Atlantic as part of their Top 100 Firms and Regional Leaders publication. This annual ranking of the leading national and local firms by revenue also includes data analysis and industry insights.

“We want to say thank you to our employees,” said Nancy Catarisano, Managing Partner. “It is their hard work that has made the growth that put us here possible.”

The Mid-Atlantic regional list includes firms in New Jersey, New York, and Pennsylvania with 61 percent of the firms located in New York state, 64 percent of which are located in New York City. Accounting Today reports that firms in this region performed better in 2019 than in 2018. Nationwide, six out of 10 regions reported slower growth rates than the previous year.

Insero is new to the list this year and reported a 6.45 percent increase in revenue. The firm currently employs 138 full-time employees across four offices.

For more information about the list, visit https://www.accountingtoday.com/the-top-100-firms-and-regional-leaders.

ABOUT INSERO & CO. CPAS

Rochester-based Insero & Co. CPAs is an accounting and business advisory practice with locations throughout New York state. A full-service public accounting firm, Insero provides attest, tax and consulting services to government agencies, colleges and universities, nonprofit organizations and companies ranging from privately held family businesses to multi-national corporations. These clients represent many industries, including service, manufacturing, distribution, high-tech, telecommunications, education, social services and real estate. For more information, visit www.inserocpa.com.

Audit & Accounting Update: January 2020

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

Business combinations: Allocation of amounts to foreign subsidiaries
Our article discusses the allocation of goodwill and related intangible assets to foreign subsidiaries in a business combination.

Updated whitepaper: Revenue recognition in the technology industry
We have issued an updated version of our white paper to further assist entities in the technology industry in applying ASC 606, Revenue from Contracts with Customers.

Evaluation of the realizability of a Section 163(j) carryforward
Recent AICPA guidance addresses evaluation of the realizability of deferred tax assets related to disallowed interest deductions.

FASB issues standard to simplify the accounting for income taxes
A recent FASB Accounting Standards Update simplifies certain aspects of the accounting for income taxes under ASC 740.

 

person on computer with notes

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.

Audit & Accounting Update: December 2019

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

ASUs defer various effective dates (including CECL & leases)
The Financial Accounting Standards Board has deferred the effective dates of leases, credit losses and hedging for certain entities and insurance for all entities.

Actuarial valuation: New mortality improvement scale released
The Society of Actuaries has released an updated mortality improvement scale, Scale MP-2019, which plan sponsors will need to consider when measuring benefit costs and obligations of plans that provide benefits based on the life expectancy of participants.

Share-based consideration payable to a customer
Accounting Standards Update 2019-08 provides guidance regarding the measurement and balance sheet classification of share-based payments to a customer.

Proposed clarifications to the derivatives and hedging standard
The Financial Accounting Standards Board has proposed clarifications to certain sections of its 2017 hedge accounting standard.  If finalized, the proposed ASU would clarify whether that change can happen both prospectively and retrospectively and, if so, how hedge accounting guidance should be applied in those instances.

 

Share-based consideration payable to a customer

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.

Audit & Accounting Update: November 2019

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

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.

Updated white paper: Changes to revenue recognition for franchisors

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.

Audit & Accounting Update: October 2019

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

Proposed guidance related to classifying debt as current or noncurrent
The FASB has issued a revised proposal on classifying debt as current or noncurrent at the balance-sheet date.
The Financial Accounting Standards Board (FASB) recently issued a proposed Accounting Standards Update (ASU), Debt (Topic 470): Simplifying the Classification of Debt in a Classified Balance Sheet (Current versus Noncurrent). This proposed ASU reflects revisions to the original proposed ASU issued on the topic in January 2017.

Proposed accounting guidance for the effects of reference rate reform
The FASB recently issued a proposal on the accounting for reference rate reform (e.g., the planned discontinuation of LIBOR).
If finalized, the proposed ASU would provide guidance on how entities should account for changes to certain contracts, hedging relationships and other transactions affected by reference rate reform, including the planned discontinuation of the London Interbank Offered Rate (LIBOR). LIBOR is commonly referenced in loans, debt instruments, leases and interest rate derivatives.

Proposed guidance related to classifying debt as current or noncurrent

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.

Audit & Accounting Update: September 2019

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

A guide to accounting for investments, loans and other receivables
Our publication provides a high-level overview of the accounting for investment securities, loans and other receivables.

FASB proposes deferred effective dates for leases, CECL and hedging
If finalized, a recent FASB proposal would defer the effective dates for certain of its guidance for certain entities.

Proposal: Convertible instruments and contracts in an entity’s own equity
A proposed Accounting Standards Update addresses accounting for convertible instruments and contracts in a company’s own equity.

The interaction between ASC 321, ASC 323 and ASC 815
A proposed Accounting Standards Update addresses the interaction of the guidance in ASC 321, ASC 323 and ASC 815.

SEC

Proposed modernization of Regulation S-K Items 101, 103 and 105
The SEC recently issued a proposed rule, which, if finalized, would revise Regulation S-K Items 101, 103 and 105.

FASB Codification update: SEC disclosure update and simplification
The FASB recently issued an Accounting Standards Update that amends various Accounting Standards Codification SEC paragraphs.

A guide to accounting for investments, loans and other receivables

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.

Audit & Accounting Update: August 2019

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.

Audit & Accounting Update: July 2019

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.