December 2018

FASB proposes changes to new standards on financial instruments, including CECL

On November 19, 2018, the FASB issued an Exposure Draft, Codification Improvements – Financial Instruments, to clarify guidance involving credit losses (Topic 326), derivatives and hedging (Topic 815) and recognition and measurement of financial assets and liabilities (Subtopic 825-10).  Comments

October 2018

Concerns raised by PCAOB over the quality of Broker-Dealer PCAOB Inspections

Concerns raised by PCAOB over the quality of Broker-Dealer PCAOB Inspections At the recent 2018 AICPA Banking and Savings Conference, Jim Kaiser, Board Member at the PCAOB, addressed PCAOB’s concern over the 2017 inspection results for the Broker-Dealer community. Mr. Kaiser explained that 79% of

June 2018

Sales Tax – South Dakota v. Wayfair

HOW WILL IT IMPACT YOU? HOW WILL IT IMPACT YOU? On June 21, 2018; the United States Supreme Court issued its decision with respect to the South Dakota v. Wayfair case. In the decision the Court held that the South

June 2018

Tax Cuts & Jobs Act – Meals & Entertainment

HOW WILL IT IMPACT YOU? On December 22, 2017 the President signed the amended HR 1, the Tax Cuts and Jobs Act (“TCJA”) into law, which makes sweeping changes to the current tax system, and represents the most significant tax

May 2018

Tax Controls – Taking a Fresh Look

Overview With the recent passage of the Tax Cuts and Jobs Act of 2017, now is as good of a time as any for companies to take a fresh look at their tax processes and controls. Over the years, we

April 2018

The Evolution of the IT Audit in an Age of Technology

In our highly competitive and increasingly connected world, we see broader adoption and growing use of complex information technology (IT) applications at companies in all industries.  And why not? Automation within financial and operational applications continues to make businesses more

March 2018

New Lease Accounting Standard (ASC 842) – Adoption Readiness Planning

The new lease guidance (ASC 842) changes how companies account for their lessee transactions in a significant way. CFGI has been supporting clients as they prepare for the new standard in a number of ways including adoption project planning, technical