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Financial Reporting Insights

Credit losses: FASB codifies SAB 119

The Financial Accounting Standards Board recently added Staff Accounting Bulletin 119 to its Accounting Standards Codification.


Financial Reporting Insights

GASB issues omnibus statement

A recently issued GASB Statement includes guidance addressing various accounting and financial reporting issues.






Financial Reporting Insights

Reviews, compilations and preparations

Recently issued SSARS 25 addresses materiality in a review of financial statements and adverse conclusions, among other matters.



















Insight Article

Sarbanes-Oxley: What's trending in 2020

Trends and changes you need to be aware of in the SOX 404 landscape. Get ahead of the shifting expectations for 2020.

  • McCarthy, Kristen
  • |








Financial Reporting Insights

IAASB enhances and modernizes ISA 315

The IAASB recently issued a revised standard, ISA 315, for identifying and assessing risks of material misstatement.










Insight Article

The Libor countdown—are you ready?

Concerns have been raised that replacing Libor with an alternative reference rate may trigger a number of challenges.

  • Gaiso, Michael
  • |



Financial Reporting Insights

GASB proposes implementation guidance

The Governmental Accounting Standards Board (GASB) proposed guidance to clarify, explain or elaborate on recent GASB Statements.


Recorded Webcast

Blockchain for boards

Learn how boards can best understand blockchain, how to utilize in their organizations, and what types of efficiencies it can provide.

  • Schulman, Jay
  • |


Financial Reporting Insights

SEC Staff Accounting Bulletin No. 119

SAB No. 119 includes SEC staff interpretations regarding policies and procedures for developing CECL models and related matters.


Financial Reporting Insights

Proposed Codification improvements

The Financial Accounting Standards Board recently proposed changes to clarify, and make minor improvements to, the Codification.






Financial Reporting Insights

2019 Audit Committee Transparency Barometer

A recent publication by the CAQ and Audit Analytics gauges how audit committees approach communication of oversight activities.













Financial Reporting Insights

2019 Effective Date Reminder

Our Effective Date Reminder lists pronouncements issued as of Nov. 1, 2019, which became effective on or after Jan. 1, 2019.










Insight Article

Latest updates for federal grants management

The world of federal grants management is always changing. Read RSM’s update to understand how changes may affect your organization.

  • Sneeringer, Tom
  • |












Financial Reporting Insights

Proposal: Auditing accounting estimates

The Auditing Standards Board recently issued a proposed SAS, Auditing Accounting Estimates and Related Disclosures.













Financial Reporting Insights

PCAOB audit committee resource: CAMs

The PCAOB recently released insights for audit committees regarding the auditor’s communication of critical audit matters.





Financial Reporting Insights

GASB proposes omnibus statement

In July, the GASB issued an Exposure Draft to propose guidance addressing various accounting and financial reporting issues.




Financial Reporting Insights

Transitioning away from LIBOR

The FASB has added a project to its agenda to address accounting changes necessitated by reference rate reform.












Financial Reporting Insights

Proposed revisions to SSARS

A recent proposed SSARS addresses materiality in a review of financial statements, adverse conclusions and other issues.


Financial Reporting Insights

Proposed SAS on audit evidence

A recent proposed SAS discusses the evaluation of audit evidence and the use of automated tools and techniques.





Financial Reporting Insights

Updated guide to revenue recognition

We have issued an updated version of our guide to revenue recognition to reflect recent activities of the FASB, AICPA and SEC.








Recorded Webcast

ASC 842 lease accounting in NetSuite

Join us to learn how ASC 842 changes accounting requirements and how to capture required information and calculations in NetSuite.




Financial Reporting Insights

PCAOB guidance on communication of CAMs

Recent PCAOB guidance focuses on questions that may arise when the auditor is communicating critical audit matters under AS 3101.


Financial Reporting Insights

External auditor assessment tool updated

The Center for Audit Quality has released an updated tool to assist audit committees in the assessment of the external auditor.


Financial Reporting Insights

PCAOB staff guidance on Rule 3526(b)

The PCAOB staff recently provided guidance regarding how auditors are to comply with certain provisions of Rule 3526.











Financial Reporting Insights

ASB issues auditor reporting standard

A recent standard provides changes to the format of and verbiage used in the auditor’s report for audits of nonissuers.


Article

Are your leaders ready for change?

The board can foster a leadership team that is ready for strategic shifts that drive stakeholder value and may be fundamental to survival.

  • Deiso, Phyllis
  • |

Recorded Webcast

Revenue recognition update

Join RSM for a revenue recognition standard (ASC 606) update for business and professional services companies.


Recorded Webcast

The evolution of retirement plans

Learn about the latest investing trends, the rationale behind them and best practices to building an investment menu for your employees.












Recorded Webcast

Is your board ready for change management?

Board members are crucial in evaluating business objectives and executive suite initiatives. Is your board equipped for change management?










Financial Reporting Insights

Critical audit matters: PCAOB guidance

The PCAOB recently issued guidance related to the requirement for auditors to communicate critical audit matters.






Insight Article

SEC crackdown on cyberfraud looms large

After new SEC guidance, companies should evaluate cybersecurity risk and prevention processes to avoid potential enforcement actions.

  • Weidenhamer, Andrew
  • |

Financial Reporting Insights

Accounting for episodic television series

ASU 2019-02 addresses the accounting for costs of episodic television series, films and license agreements for program materials.





Insight Article

3 lessons learned while implementing ASC 842

What can automotive manufacturers and suppliers learn from companies that have already implemented the new lease accounting standard?

  • McLaughlin, Kristin
  • |



























Financial Reporting Insights

Monitoring inflation when applying ASC 830

The CAQ International Practices Task Force has developed a framework that may be helpful in monitoring inflation statistics.



Financial Reporting Insights

Critical audit matters: Lessons learned

A recent CAQ publication shares observations from dry runs performed with respect to the communication of critical audit matters.





Insight Article

Adopting ASC 842 can improve efficiency

Companies are realizing increased efficiencies and mitigating the costs of investments made in adopting ASC 842, lease accounting standard.

  • Vanlandingham, Scott
  • |





Recorded Webcast

New lease accounting standards

Join RSM for a complimentary webcast on Dec. 6 to understand the new guidelines and how it will affect your business.



Recorded Webcast

Getting lease compliance right

RSM and Tango will share the top lessons they have learned working with customers across all industry sectors in this webcast.


Financial Reporting Insights

IASB clarifies definition of material

The IASB recently issued amendments to clarify the definition of "material" and improve understanding of the current requirements.



Financial Reporting Insights

Risk assessment: Email scams

Because email scams are an increasingly familiar problem, it is important to thoughtfully consider the associated risks.



Financial Reporting Insights

Recent CECL developments

Our article summarizes recent developments related to the measurement of credit losses on financial instruments.



Insight Article

Cybersecurity: not ours-theirs

Board oversight must expand beyond company boundaries to consider procedures the of professional service firms with access to data.

  • Deiso, Phyllis
  • |




Financial Reporting Insights

Oil and Gas – Audit and Accounting Guide

The AICPA Audit and Accounting Guide, Entities with Oil and Gas Producing Activities, has been updated as of August 1, 2018.

















Insight Article

Performing a retirement plan self-checkup

Employers have an opportunity to make a difference. How can they make sure their retirement plan is healthy and in compliance?

  • Carroll, Eric
  • |









Financial Reporting Insights

SEC disclosure update and simplification

The SEC recently amended certain disclosure requirements that have become redundant, outdated, overlapping or superseded.





Insight Article

Retirement plan operational compliance

The third in a series of articles on internal controls for employee benefit plans, focusing on plan operational compliance controls.

  • O’Malley, Bill
  • |





Financial Reporting Insights

FASB issues amendments to ASC 842

In response to difficulties encountered in implementation of the new leases standard, the FASB recently issued amendments.






Financial Reporting Insights

FASB Codification improvements

The FASB recently updated the Accounting Standards Codification for minor technical corrections and clarifications.




Recorded Webcast

Retirement plan self-checkup

Insights on the latest plan options and how to evaluate and ensure you are getting the most out of your retirement plan.

  • Carroll, Eric
  • |


Financial Reporting Insights

Updating the definition of "collections"

A recent proposed Accounting Standards Update would modify the definition of “collections” in the Accounting Standards Codification.







Article

Looking at the new employee loyalty theory

While talent management is multi-faceted, there's often significant factors affecting employee loyalty that may have strategic implications.

  • Deiso, Phyllis
  • |







Insight Article

The agile board of directors

Boards should not only focus on complying with regulations, but also consider the perceptions of the investment community.

  • Deiso, Phyllis
  • |

Financial Reporting Insights

Omnibus SSARS issued

A new standard addresses various issues related to the performance of compilations and reviews of financial statements.





Recorded Webcast

Revenue recognition webcast

Join RSM as we share insights on how the new revenue recognition standard (ASC 606) affects the business and professional services industry.

  • Murphy, Chris
  • |







Recorded Webcast

Retirement planning: What's trending

RSM provides an update on the current state of employer sponsored retirement plans including trends and best practices.

  • Mattia, Joe
  • |




Financial Reporting Insights

IASB revises its Conceptual Framework

The International Accounting Standards Board recently issued a revised version of its Conceptual Framework.


Financial Reporting Insights

Proposed narrow-scope amendments to IAS 8

An IASB proposal address voluntary accounting policy changes resulting from IFRS Interpretations Committee agenda decisions.



Financial Reporting Insights

New disclosures related to debt

Among other requirements, new GASB Statement 88 requires disclosure of additional information related to debt.




Financial Reporting Insights

FASB issues ASU 2018-04

The FASB removed from its Codification SAB Topic 5.M and certain guidance for public utility holding companies.





Financial Reporting Insights

FASB clarifies guidance in ASU 2016-01

ASU 2018-03 provides clarifying amendments for recognition and measurement of financial assets and financial liabilities.



Recorded Webcast

Are you ready to adopt ASC 842?

This webcast will highlight key steps and best practices for implementation of new lease accounting standard (ASC 842).



Recorded Webcast

2018’s impact on your corporation

An executive briefing for corporate leaders, audit committee and board members addressing key financial and governance issues for 2018.

  • Deiso, Phyllis
  • |

White Paper

Simplifying the test for goodwill impairment

Our white paper includes information about the simplified goodwill impairment test, which no longer requires Step 2 to be performed.

  • Dombrowski, Robert
  • |









Audiocast

Leasing: The next frontier

RSM Audit Partner Rich Stuart discusses the potential impact of ASC 842, Leases, with <i>Accounting Today</i>’s Editor-in-Chief Daniel Hood.

  • Stuart, Richard
  • |

Insight Article

The economy's impact on retirement plans

Plan sponsors have a variety of options that can help their participants stay the course for a healthy retirement.

  • Carroll, Eric
  • |









Recorded Webcast

Retirement plan issues and insights

Webcast series addresses key challenges and opportunities found in designing, implementing and maintaining company retirement plans.











Insight Article

Form I-9 is not just another new-hire document

The form simply provides assurance to the appropriate agencies that newly hired workers hold citizenship or work-authorization documents.

  • Mergele, Cyndi
  • |

White Paper

New credit losses standard in a nutshell

Brief and basic answers to key questions about the new credit losses standard that highlight what you need to know and consider now.

  • Lundberg, Mike
  • |

Insight Article

New revenue recognition guidance is looming

Even though the tax rules have not changed, a change in book recognition could create a change in the tax method of accounting.

  • Wood, Christian
  • |






Recorded Webcast

Revenue recognition under ASC 606

In this recorded webcast, RSM’s accounting thought leaders discuss the guidance in Topic 606, Revenue from Contracts with Customers.

  • Marshall, Brian
  • |

AML and Compliance News

Revised Department of Labor posters

Department of Labor revised Fair Labor Standards Act and Employee Polygraph Protection Act posters. Learn more.















White Paper

FASB issues revisions to consolidation guidance

ASU 2015-02 is intended to make targeted improvements to the consolidation guidance in response to concerns expressed about the current guidance.

  • Stuart, Richard
  • |









White Paper

The devil is in the details

Article on ESOP distributions, focusing on the detailed mechanics of the how, when and what value is used at the time of the sale.



Financial Reporting Insights

Accounting for mortgage purchase programs

It recently has come to our attention that some financing entities have entered into various residential mortgage loan purchase programs, which ...

  • Miller, Faye
  • |







Resource Center

Lease Accounting Resource Center

This resource center provides information about the FASB 842 lease accounting standard, guidance and implementation ideas.



White Paper

Leases: Overview of ASC 842

An overview of ASC 842, including the requirement for lessees to recognize assets and liabilities for all but short-term leases.

  • Stuart, Richard
  • |







White Paper

A guide to revenue recognition

Our comprehensive guide on ASC 606 includes in-depth discussion and many examples on the new revenue recognition model.


Resource Center

Current Expected Credit Loss (CECL)

FASB’s new CECL standard is a major compliance challenge for financial services organizations. RSM can help with these new standards.
















White Paper

Business combinations: In motion

Summary of the FASB’s recent standard-setting activities that affect, or could affect, business combination accounting under ASC 805.

  • Marshall, Brian
  • |

Video

Contract costs

What do contract costs have to do with a revenue standard? Learn how to determine if contract costs are in the scope of Topic 606.


Video

Background and recent activities

This section provides background on revenue recognition standards and a review of the changes since the issuance of ASU 2014-09.


Video

Core principle and key steps

This video clip discusses the core principle of ASC Topic 606 and the five step model to applying the principle.


Video

Effective date and transition

This video provides the deadlines for all entities and a description of possible transition methods for Topic 606.



Video

Presentation and disclosure

This video provides an explanation of various presentation issues as well as the disclosures that are required.


Video

Scope of Topic 606

This video explains the scope of ASC Topic 606, Revenue from Contracts with Customers, and where it applies.


Video

Step 1

What is a customer contract? This video provides details on the first step of Topic 606 and how to identify a contract with a customer.


Video

Step 2

This video clip goes into Step 2 and how to identify the performance obligations in a contract with a customer.


Video

Step 3

What is the transaction price and how do you determine this? Learn how in Step 3 of applying the new revenue recognition standard.


Video

Step 4

This video clip details how to allocate the transaction price when implementing ASC Topic 606, Revenue from Contracts with Customers.


Video

Step 5

This video goes into the fifth and final step is recognizing revenue for Topic 606. Find out when a performance obligation is satisfied.


Video

What's changing?

This video clip discusses the big picture items that will be changing with Topic 606, Revenue from Contracts with Customers.