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.


IPOs and the “Cheap Stock” Issue

Despite the recent market volatility, the 2015 equity market continues to support initial public offerings (“IPOs”).


FASB Proposes One Year Deferral of New Revenue Recognition Standard

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.


The Future Is Already Here, and CFOs Need to Transform Finance to Survive

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Perspectives: Private Company Goodwill Accounting (Accounting Standards Update No. 2014-02)

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.


Accounting Standards Update No. 2014-15, Presentation of Financial Statements – Going Concern

In 2014, the FASB issued several new standards that will impact companies in future periods.


Revenue Convergence: A New Recognition Model

NEW GUIDANCE ISSUED In May 2014, the FASB and the IASB issued a new revenue recognition standard, ASU 2014-09, Revenue from Contracts with Customers or ASC 606, to provide a single comprehensive accounting model for all revenue arising from customer contracts.


Debugging System Implementations

Accounting and finance systems are essential to a Company’s ability to make key decisions and run the business on a day-to-day basis.