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.
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.
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.
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
During 2015, the Financial Accounting Standards Board (FASB) released two Accounting Standards Updates (ASU) that impact the way companies account for business combinations.
April 1, 2015 | The FASB proposed a one year deferral of the effective date for its new revenue recognition standard ASU 2014-09, Revenue from Contracts with Customers or ASC 606 for public and private entities reporting under US GAAP.
Beginning in 2015, private companies will need to make an accounting election to either begin amortizing goodwill or disclose the election to continue the historical process of assessing goodwill through an annual impairment test.