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