December 2013

Perspectives: New Lease Guidance

The FASB and IASB issued a revised Leases exposure draft on May 16, 2013, which would mark a significant change to the current accounting for lease transactions. This guidance could potentially have implications that would impact multiple areas of the

December 2013

SEC Comment Letters: Current Hot Topics – December, 2013

As part of our series on current trends with SEC Reporting, CFGI analyzed over 100 comment letters made available by the SEC between April 1, 2013 and September 30, 2013. The focus of our analysis related to the Financial Statements,

December 2013

Trends in Material Weakness – December, 2013

In December of 2012, the PCAOB issued a report summarizing the findings from their review of the 2010 audits for eight registered accounting firms [1]. The report specifically identified that an area of deficiency among the firms was the testing

July 2013

Summer Edition of CFGInsights

Welcome to the Summer edition of CFGInsights. Here, we provide you industry trends and developments, along with a round-up of pressing accounting and reporting issues.   Download PDF

June 2013

Trends in Material Weakness – June, 2013

A material weakness is when a control is missing, designed improperly, or not operating effectively such that a material error could exist in the financial statements. It is the most severe classification of a control deficiency and requires disclosure in

June 2013

Perspectives: Using Qualitative Impairment Testing For Indefinite Lived Intangible Assets

ASU 2012-02 Intangibles-Goodwill and Other (Topic 350): Is there an opportunity to reduce testing and gain efficiencies in impairment testing? Testing Indefinite-Lived Intangible Assets for Impairment provides companies an opportunity to do just that. What are the requirements? How are companies

June 2013

SEC Comment Letters – what are the current hot topics?

SEC COMMENT LETTERS Addressing SEC comment letters can be an arduous process. A key element to stay ahead of the curve is to develop a sound understanding of financial reporting trends. CFGI analyzed 200 comments made by the SEC staff