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

January 2016

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

December 2015

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. In September, the FASB issued an ASU which revises the way companies account and report for adjustments

December 2015

AICPA Conference on Current SEC and PCAOB Developments

CFGI attended the annual Conference on Current SEC and PCAOB Developments hosted by the AICPA in Washington, DC on December 9-11th. The conference is an opportunity to hear directly from the profession’s regulators on the most prominent topics impacting companies today.

November 2015

IPOs and the “Cheap Stock” Issue

Despite the recent market volatility, the 2015 equity market continues to support initial public offerings (“IPOs”). Through September 30, 2015, 161 IPOs were completed, which is down compared to 228 IPOs in 2014; however, multiple industry journals are indicating the fourth

July 2015

Interpretation of ASU 2015-02 – Consolidation

In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810) – Amendments to the Consolidation Analysis. This ASU affects all companies and is effective for calendar year public companies beginning in 2016 and for nonpublic companies in 2017, with

June 2015

Interpretation of ASU 2014-16 – Derivatives and Hedging

New guidance brings consistency to accounting for hybrid financial instruments and embedded derivatives; entities to reassess all outstanding hybrid equity instruments upon adoption. In November 2014, the FASB issued ASU 2014-16 Derivatives and Hedging – Determining Whether the Host Contract