December 2016

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. YEAR END CLOSE AND FINANCIAL REPORTING Perform a close calendar walkthrough with stakeholders to ensure dependency alignment and

November 2016

Are you ready for the Amendments to Share-based Compensation Guidance?

Beginning January 1, 2017, Public companies will need to implement the amendments to the share-based compensation guidance contained in the FASB’s issuance of ASU No. 2016-09 “Improvements to Employee Share-Based Payment Accounting”. The FASB’s stated goal with the release was

October 2016

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. Though this standard is

September 2016

SEC Updates its Interpretations on the use of Non-GAAP Financial Measures

HOW WILL IT IMPACT YOUR ORGANIZATION?  On May 2016, the SEC staff updated its Compliance & Disclosure Interpretations (“C&DIs”) regarding the rules and regulations on the use of non-GAAP financial measures. These updates provide clarifying examples of issues previously commented

July 2016

Information Quality – Where Does Your Company Stand?

OVERVIEW Timely, relevant, and accurate information – it is what every company desires. Without quality information, management cannot make sound or timely decisions, investors cannot rely on a company’s financial reporting, and customers, regulators and other key stakeholders cannot fulfill

June 2016

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

June 2016

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. Most recently, the FASB issued three new Accounting Standard Updates (ASU) to

May 2016

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. When it comes to evidencing SOX controls, particularly management review controls, public

February 2016

The Long-Awaited Leasing Standard Released

ASU 2016-02, Leases On February 25, 2016, the FASB issued a long-awaited Accounting Standard Update to improve financial reporting around leasing transactions and more closely align accounting for leases with the recently issued International Financial Reporting Standard. The Update affects all

February 2016

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. In June 2014, the Public