Planning for the Recently-Issued Cash Flow Classification Guidance (ASU 2016-15)

In August 2016, the FASB issued ASU 2016-15, Clarification on Classification of Certain Cash Receipts and Cash Payments on the Statement of Cash Flows, to create consistency in the classification of eight specific cash flow items.

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Information Quality – Where Does Your Company Stand?

OVERVIEW Timely, relevant, and accurate information – it is what every company desires.

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Planning for changes to the Financial Instrument Accounting (ASU 2016-01)

On January 5, 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities, to address certain aspects of recognition, measurement, presentation and disclosure of financial instruments that are marked to fair value and reported as available-for-sale (“AFS”).

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Recent Updates to the New Revenue Recognition Standard

The Financial Accounting Standards Board, through the Joint Transition Resources Group for Revenue Recognition (TRG), continues to address challenges identified in implementing and applying the new revenue standard.

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Where are we going and how will we get there?

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Management Review Controls – What You Need to Know

OVERVIEW Long gone are the days when a signature and date on an account reconciliation was sufficient to satisfy the documentation and evidence requirements of a SOX audit.

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Related Parties: Controls and Process Documentation

Within this issue of CFGInsights, we discuss practical tips and suggestions that companies can consider if they are struggling to satisfy the enhanced requirements around the identification of related party transactions during their year-end audits.

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2015 Year-end Audit Tips

With financial statement audits for 2015 well underway, our team at CFGI has assembled a few best practice tips to successfully manage your audits: Proactively manage the audit, align on timeline and goals, check in on the status in a recurring meeting Prominently distribute the key milestone calendar including disclosure and audit committee meetings Prepare… More

Reminders on Changes to Accounting for Business Combinations

During 2015, the Financial Accounting Standards Board (FASB) released two Accounting Standards Updates (ASU) that impact the way companies account for business combinations.

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