CPAs and Advisors with Your Growth in Mind

An Executive Overview of ASUs Issued in 2018

FASB accomplished quite a bit in 2018. There are quite a few ASUs that were issued in 2018 that we should be aware of in order to implement them effectively and efficiently. This course reviewed each ASU issued in 2018 at a high level so that you can identify which ASUs will have an impact on your entity.

ASU Effective for Calendar 2018 and Beyond

The A&A crew provided their annual update on the ASUs that have been issued and will be effective for December 2018 year-end and beyond. This executive summary reminded attendees of the ASUs that need to be evaluated to determine the impact on their entities as they prepare to close the books.

Year-End Update on IRS Audits, Controversy, Penalties and Collections

The Cherry Bekaert Federal Tax Controversy team highlighted IRS activity over the last six months. Several topic included: more audit campaigns have been announced by the Large Business and International (LB&I) Division; new penalties from the Tax Cuts and Jobs Act (TCJA) take effect in 2018; IRS collections division is finally starting to use its power to restrict passports of taxpayers; and a new commissioner is installed.

Revenue Recognition – Transition Methods

Now is the time. ASC 606 is effective for private entities on January 1st of next year. If you’re like many, you might feel behind. However, there is still time to catch-up and minimize the chances of any disruptions or unwanted surprises. One of the first decisions you’ll have to make is what transition method you’ll choose. ASC 606 allows entities to make a choice between full retrospective and modified retrospective, commonly called the cumulative adjustment method.

Revenue Recognition (Topic 606) Disclosures

This course should assist attendees in applying the disclosure requirements of ASC 606. This presentation provides a general overview of those requirements for both public and private entities and reviews examples.