Audit & Accounting Update: May 12, 2016

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 McGladrey 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 revises new revenue guidance on licenses and performance obligations
ASU 2016-10 makes changes to the FASB’s guidance on licenses and performance obligations that was originally included in ASU 2014-09.

FASB delays effective date of pending ASU on credit losses by one year
Recently, the FASB decided to delay the effective date of its forthcoming ASU on the impairment of financial instruments.

FASB proposes technical corrections to Codification
The FASB has issued a proposed ASU to clarify, correct unintended application of and make minor improvements to the Accounting Standards Codification.

Source: RSM US LLP
Used with permission as a member of the McGladrey 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: April 28, 2016

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 McGladrey 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.

Improvements to employee share-based payment accounting
ASU 2016-09 reduces the complexity of certain aspects of the accounting for employee share-based payment transactions.

Update: Consolidation of a for-profit limited partnership by a not-for-profit entity
The FASB recently reached tentative decisions regarding the consolidation of a for-profit limited partnership by a not-for-profit entity.

Accounting for irrevocable split-interest agreements
Statement 81 provides recognition and measurement guidance for governments that benefit from irrevocable split-interest agreements.

Source: RSM US LLP
Used with permission as a member of the McGladrey 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: April 14, 2016

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 McGladrey 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.

Revenue recognition: FASB revises new principal vs. agent guidance
Our summary provides an overview of the revised principal vs. agent guidance in FASB ASC Topic 606.

Accounting for contingent put and call options in debt instruments
ASU 2016-06 addresses the accounting for contingent put and call options that can accelerate the payment of principal on debt instruments.

Simplification for transition to the equity method of accounting
ASU 2016-07 eliminates the requirement to retroactively adopt the equity method of accounting.

Source: RSM US LLP
Used with permission as a member of the McGladrey 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: New Lease Accounting Rules Issued

On February 25, 2016, the Financial Accounting Standards Board (FASB) issued its long-awaited new lease accounting guidance. While this revised guidance will affect both lessees and lessors, its provisions will have the most impact on how lessees account for their leases.

Organizations will need to ensure they have a complete and accurate inventory of all lease arrangements.

Under the new guidance, lessees will be required to recognize right-of-use assets (representing the lessee’s right to use a specified asset over the term of the lease), and a lease liability (for the obligation to make payments under the lease agreement) for substantially all leases. The new guidance provides an exception for short-term leases with a lease term of 12 months or less. Lease payments under these short-term leases are generally expensed on a straight-line basis over the term of the lease.

For many entities, this could significantly affect financial ratios used for external reporting and debt covenant compliance.

Lessor accounting is largely unchanged from the previous guidance.  However, the new guidance prospectively eliminates the specialized accounting for leveraged leases.

Public business entities should apply the new guidance for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Nonpublic business entities should apply the guidance for fiscal years beginning after December 15, 2019 and interim periods within fiscal years beginning after December 15, 2020.  Early application is permitted.

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 feel free to contact us directly.

2015 Audit & Accounting Update

Join us for the final installment of Insero & Co.’s 2015 Accounting & Finance Education Series, designed for business owners, management, and accounting professionals.

Whether you represent a large corporation, a small business, or a not-for-profit organization, it can be difficult to stay up to date on current accounting topics. Join Timothy McLaughlin, Vincent Leo, and Michael Giess for an overview of changes that may affect your organization and how to apply the most recent standards and guidance.

Click Here for More Information and Registration

When:  Tuesday, November 17, 2015, 7:30 AM, Breakfast/Networking/Registration,
8:00 AM – 10:00 AM, Presentation
Where: Locust Hill Country Club, 2000 Jefferson Road, Pittsford, NY 14534
Cost: $30 per person ($5 Early Registration Discount if registered by November 3rd)
Presented By: Presented by Timothy McLaughlin, Vincent Leo, and Michael Giess

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Employee Benefits Update: April/May 2015

In this issue we highlight the importance of reviewing your plan operations and key fiduciary tasks. We summarize plan loan requirements that all plan fiduciaries should know, and take a look at some common questions regarding plan audits. We also discuss what happens when a plan fiduciary communicates with an attorney about an ERISA-covered retirement plan, and we list a few key tax reporting deadlines for April and May.

EBUam15_Page_1 Click Here to Download

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 feel free to contact me directly.

2014 Audit & Accounting Update

Reminder: Today is the last day to receive $5 off with our Early Registration Discount, so don’t wait – register today.

Join us for the final installment of Insero & Company’s 2014 Accounting & Finance Education Series, designed for business owners, management, and accounting and finance professionals. Whether you represent a large publicly-traded company or a small not-for-profit organization, it can be difficult to stay up to date on current accounting topics. Learn about changes that may affect your organization and how to apply the most recent standards and guidance. Presented by Vincent Leo, Michael Giess, and Jennifer Martlew.

CPE Series

Click Here for More Information and Registration

When: Tuesday, November 18, 2014, 8am-10am
Where: Locust Hill Country Club, 2000 Jefferson Road, Pittsford, NY 14534
Cost: $30 per participant ($25 per participant through November 4th with Early Registration Discount)
Presented By: Vincent Leo, CPA. Michael Giess, CPA, and Jennifer Martlew, CPA, CFE.

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