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Financial Reporting Insights

IASB issues amendments to IFRS 17

The International Accounting Standards Board recently released several amendments to IFRS 17, Insurance Contracts.










Financial Reporting Insights

TQA: Borrower accounting for PPP loans

The AICPA recently released guidance regarding the accounting for a loan received under the Paycheck Protection Program.





Financial Reporting Insights

Audits involving cryptoassets

The PCAOB recently published information for auditors and audit committees regarding audits involving cryptoassets.
















Financial Reporting Insights

GASB issues implementation guidance

The GASB recently issued Implementation Guide No. 2020-1, which clarifies, explains or elaborates on recent GASB Statements.








White Paper

Fundamentals of Debt Classification

Borrowers are taking a look at the factors that led them to classify debt as current or noncurrent when preparing a classified balance sheet

















Financial Reporting Insights

IFRS 9 and COVID-19

Recently, the IASB issued guidance regarding the accounting for expected credit losses in light of the COVID-19 pandemic.










Insight Article

Simplify your lease accounting

Visual Lease’sbest-in-class lease accounting software automates financial reporting associated with ASC 842 and IFRS 16.










Financial Reporting Insights

Lease accounting resource center

RSM’s Lease Accounting Resource Center provides high-level and detailed information about implementing ASC 842.











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

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.


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 Effective Date Reminder

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















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

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

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.






Recorded Webcast

Revenue recognition update

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


















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.




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

Recent CECL developments

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




























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).



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
  • |










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
  • |






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
  • |



Lease Accounting in NetSuite

RSM helps you choose the right solution for data aggregation, cleanliness and to drive the success of the lease data collection effort.



Lease Accounting with Tango

RSM partners with Tango, a cloud-based solution that enables compliance to the new lease accounting standards.




Resource Center

Lease Accounting Resource Center

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


Event

Lease accounting events

Listen to our webcasts and join members of RSM in person for updates on the key provisions of Lease Accounting.



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
  • |


Case Study

Lease Accounting Case Studies

Explore RSM ASC 842 case studies to learn how we helped clients across a variety of industries adopt the new standard.








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.
















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

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

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

Step 2

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


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 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

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

What's changing?

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

















Special Report

Technical accounting guides

Our in-depth guides on complex and challenging accounting topics provide a comprehensive discussion of the applicable U.S. GAAP.



Financial Reporting Insights

Proposed amendments to IFRS 17

Among other proposed amendments, the IASB has proposed deferring the effective date of IFRS 17, Insurance Contracts, by one year.