Audit & Accounting Update: June 23, 2016

At Insero, we make it our business to stay abreast of the latest trends and technical updates in accounting, tax, and audit and we understand how important timely updates are to our clients. As a member of the McGladrey Alliance, we also have the benefit of access to the resources and subject matter experts of RSM US LLP (formerly known as McGladrey LLP). This includes regular updates on the latest financial reporting insights. We hope that you find these informative and useful, and invite you to reach out to us if you have any questions.

FASB issues final standard on credit losses

On June 16, 2016, the Financial Accounting Standards Board (FASB) issued its long-awaited new standard on credit losses, namely Accounting Standards Update (ASU) 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which applies to all entities and most financial assets that are not measured at fair value through net income. The ASU represents the culmination of what has been a long and arduous process to address the complexity and perceived shortfalls of existing guidance, including the perception that credit losses are currently recognized too little and too late.

Click Here to Read More

Source: RSM US LLP
Used with permission as a member of the McGladrey Alliance
http://rsmus.com/what-we-do/services/assurance/financial-reporting-resource-center/fasb-issues-final-standard-on-credit-losses.html

As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please contact us directly.

Rochester-based Insero & Co. CPAs is one of the largest accounting and business advisory practices in New York State, with five locations and more than 125 employees. A full-service public accounting firm, Insero provides attest, tax, and consulting services to corporations, individuals, government agencies, colleges and universities, not-for-profit organizations and businesses ranging from privately held family businesses to multi-national corporations. These clients represent many industries, including service, manufacturing, distribution, high-tech, telecommunications, education, social services, and real estate. For more information, visit www.inserocpa.com.

Tagged with: , , , , , , , , , ,
Posted in A&A

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: