What is your company planning on disclosing regarding the impact of adopting ASC 606?
The SEC indicated in a speech in December that they expect more substantial disclosures in 10-Ks on the impact of ASC 606 and companies’ progress.
Are you prepared for year-end?
With year-end close just around the corner, CFGI has assembled a few best practice tips to manage your year-end close and audit process.
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.
Information Quality – Where Does Your Company Stand?
OVERVIEW Timely, relevant, and accurate information – it is what every company desires.
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”).
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.
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.
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.