Accounting & DisclosureCryptoTax
July 27, 2023

Clearing the Crypto Fog: Experts Offer Clarity on Tax Questions

TaxBit joined NeuGroup’s digital assets peer group to make sense of crypto tax and accounting issues. A revised cryptocurrency bill proposed by US Sens. Cynthia Lummis and Kirsten Gillibrand last week would provide much-needed clarity on issues including definitions for stablecoins, decentralized finance and—crucially—brokers. The bill joins proposals from the IRS, FASB and the Financial Stability Board, and yet-to-be-implemented standards from the Bank for International Settlements. However, at last month’s meeting of NeuGroup for Digital Assets, members shared that, despite a great deal of proposed crypto regulation, a lack…
Accounting & DisclosureFP&AThe NeuGroup Insights Interview
July 13, 2023

FP&A Drives Finance to a Future of Data and Analytics

Steve Rosvold of CFO.University explores FP&A’s evolving roles and opportunities. At a growing number of NeuGroup member companies, FP&A teams are taking on added importance by becoming a strategic partner of the business, leveraging data analysis skills to provide insights to cross-functional teams across the finance organization. In our newest video, CFO.University founder and chief learning officer Steve Rosvold shares his excitement about FP&A’s expanding role, highlighting how analytical skills can provide finance organizations with a tremendous advantage. Mr. Rosvold foresees FP&A teams playing…
Accounting & DisclosureCash & Working Capital
November 17, 2022

FASB Has Issued New Disclosure Rules for Supply Chain Finance. What Do They Mean for Corporates?

The FASB’s disclosure rules will bring transparency to SCF programs but don’t require reclassification of trade payables. The world of supply chain finance (SCF) is facing a major change. Starting in 2023, corporations that extend payment terms with their suppliers and set up SCF programs so those vendors can be paid early by a bank or other third-party finance provider will have to disclose the terms and size of the SCF programs in financial statement footnotes. “It’s one of the…
Accounting & DisclosureCrypto
October 20, 2022

Valuing Crypto with Fair Value Accounting: Game Changer?

How will FASB’s decision to require companies to report gains and losses in value influence corporate crypto plans? The FASB’s decision in mid-October to require companies to use fair-value accounting for certain crypto assets (i.e., not NFTs) produced a generally favorable response from corporates that follow developments affecting crypto accounting and regulation. Whether it changes how other corporates consider crypto use cases is another question. Until the FASB’s tentative board decision, companies treated crypto held on balance sheets as indefinite-lived intangible assets that…
Accounting & DisclosureTalking Shop
June 2, 2022

Talking Shop: FBAR Annual Reporting Requirements

Editor’s note: NeuGroup’s online communities provide members a forum to pose questions and give answers. Talking Shop shares valuable insights from these exchanges, anonymously. Send us your responses: [email protected]. Member question: “Do you know if companies need to report all ‘signers’ of foreign bank accounts or all ‘payment approvers’ to the IRS each year for FBAR (Report of Foreign Bank and Financial Accounts) purposes?” Peer answer 1: “We interpret the FBAR authorized individual to be any employee known to the bank that can direct the…
Accounting & DisclosureTalking Shop
April 22, 2021

Talking Shop: SOX Entity-Level Control for Shared Service Centers?

Editor’s note: The NeuGroup Process brings members together to solve problems and answer each other’s questions in a variety of forums, including online communities for specific groups—one of many benefits of membership. Talking Shop shares valuable insights from these members-only exchanges, anonymously. We welcome your responses—and any questions you want answered: [email protected]. Member question: “Does your company have a finance/accounting shared service center? “If yes, do you have a SOX entity-level control (ELC) related to monitoring the shared services center activities, e.g., error rates,…
Accounting & DisclosureLibor SOFRRisk Management
January 26, 2021

Libor Transition Puzzle: FASB Provides Clarity, Relief to Corporates

Guidance from FASB clarifies accounting for all hedges impacted by the discounting transition.The Financial Accounting Standards Board (FASB) started 2021 by clarifying accounting guidance aimed at facilitating the transition of corporate floating-rate transactions away from the Libor reference rate. The standard setter is also expected to resume progress this year on issues it had set aside to address the Libor transition. Background. On Jan. 7, FASB issued ASU 2021-01, an accounting standards update that clarifies issues stemming from Topic 848, titled…
Accounting & DisclosureRisk ManagementTalking Shop
October 13, 2020

Talking Shop: How Well Does Quantum Manage Interest Rate Swap Accounting?

Member question: “For those who use Quantum as their TMS, do you also leverage Quantum for hedge accounting, and if you do, does Quantum (in your opinion) manage interest rate swap accounting well? “We have been using Reval for a while, but just wanted to know if people have been able to leverage Quantum V6+ for hedge accounting, including interest rate swaps.” Peer answer 1: “When we put our interest rate forward starting swaps in place a few years back, Quantum…
Accounting & DisclosureESG
September 29, 2020

SOX-Like Framework Needed for ESG/Sustainability Disclosures

Moving ESG/sustainability information from the web to the 10-K warrants attention.By Joseph NeuMembers of our group for treasurers at mega-cap companies recently heard a partner from the law firm White & Case share the findings of the firm’s latest annual survey of ESG disclosures in SEC filings by the top 50 companies by revenue in the Fortune 100. The presentation built on a topic raised by the head of ESG at a member company in a NeuGroup session last month. …
Accounting & DisclosureFX
September 15, 2020

Talking Shop: Disclosing Option Premium Expenses in Revenues

Context: In 2017, the FASB issued ASU 2017-12, which simplified and expanded the eligible hedging strategies for financial and nonfinancial risks. The update goes into effect for all corporates this year, and some NeuGroup Members recently collaborated to share their approach to updated guidance on disclosing option premium expenses in their revenues. Question: “Does anyone disclose option premium expense in their revenues due to ASU 2017-12?” “As a consequence of the revised accounting for hedge costs under ASU 2017-12, our company is reviewing our typical…