Accounting Matters: Recent Episodes
Embark
Accounting Matters lives up to its title, covering vital accounting topics that actually matter to professionals in the accounting trenches. We start with a new topic and definition every episode, then highlight and discuss the key areas, from evaluation to reporting. Accounting Matters is hosted by public accounting veterans Adam Olsen & Nicole Harger from advisory firm Embark.
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Pull up a chair, good friend, because Embarker Matt Fisser is back with even more news from the accounting and finance world, including:
- The FASB Board’s recent deliberation on accounting for and disclosing crypto assets, also confirming the scope of the proposed ASU
- The SEC’s Division of Corporate Finance released an illustrative letter with sample comments to guide companies in their use of XBRL and Inline XBRL
For more information on these and related topics:
FASB Project Update: Accounting for and Disclosure of Crypto Assets
SEC: Sample Letter to Companies Regarding Their XBRL Disclosures
Connect with Embark on:
- YouTube
Listen to AM Now on Apple Podcasts, Google Play, and Spotify.
Have a seat for another week of updates from the accounting & finance world, where Embarkers Adam Olsen and Matt Fisser discuss topics like:
- An investor coalition with >$1B assets recently urged the International Sustainability Standards Board (ISSB) to prioritize human capital and human rights in its next round of global reporting standards.
- The FASB‘s recent board meeting, discussing one of its key projects on its technical agenda – improvements to income tax disclosures.
- A new chapter in the FASB’s Conceptual Framework on recognizing and derecognizing items in financial statements.
For more information on these and related topics:
Investors Urge ISSB to Develop Reporting Standard for Human Rights and Human Capital
FASB Tentative Board Decisions 08/30/23: Improvements to Income Tax Disclosures
Conceptual Framework for Financial Reporting, Chapter 5, Recognition and Derecognition
Connect with Embark on:
- YouTube
Listen to AM Now on Apple Podcasts, Google Play, and Spotify.
Guess what? Embarkers Adam Olsen and Nicole Harger are back at it with this week’s goings-on in accounting and finance, including:
- The FASB’s recent Accounting Standards Update 2023-05 aimed at enhancing transparency and consistency in financial reporting for joint ventures.
- New SEC rules and amendments under the Advisers Act designed to provide better safeguards for investors and ensure greater transparency in the private fund sector.
- The SEC’s announcement on reopening the comment period for its "Safeguarding Advisory Client Assets" proposal.
For more information on these and related topics:
FASB: ASU 2023-05, Business Combinations–Joint Venture Formations
SEC Enhances the Regulation of Private Fund Advisers
SEC: Safeguarding Advisory Client Assets; Reopening of Comment Period
Connect with Embark on:
- YouTube
Listen to AM Now on Apple Podcasts, Google Play, and Spotify.
Join AM Now hosts Adam Olsen and Nicole Harger for another dose of what’s happening in accounting and finance these days, including:
- Highlights from the recently released third annual FASB Investor Outreach Report, which sheds light on the Financial Accounting Standards Board's engagement with investors
- Overview of the EU's Carbon Border Adjustment Mechanism (CBAM) and the European Commission’s new reporting rules for importers involved in CBAM
- The future of the SASB Standards amidst the recent advancements by the ISSB’s IFRS S1 and S2
For more information on these and related topics:
The FASB Investor Outreach Report, 2022-2023
Commission adopts detailed reporting rules for the Carbon Border Adjustment Mechanism’s transitional phase
Future of the SASB Standards: What you need to know for 2023 disclosure
Connect with Embark on:
- YouTube
Listen to AM Now on Apple Podcasts, Google Play, and Spotify.
Startups have a lot going on. A lot. But all the growth in the world won’t matter if you aren’t building a solid accounting and reporting foundation. Enter our new Start-Up Company Series of episodes, focusing on financial reporting basics – the balance sheet this go-around. So join Embarkers Adam Olsen, Zac Smith, and Mack Martinez for insights, tips, and best practices specifically for startups. Dig in!
For more information on startup- and reporting-related topics:
6 Ways to Improve the Reporting Side of Your Record to Report Process
Chart of Accounts Examples, Template, and Tips
Managing Growth: 7 Critical Questions CFOs Should Ask
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- YouTube
Listen to Accounting Matters on Apple Podcasts, Google Play, and Spotify.
To state the obvious, rev rec has some teeth. But construction and engineering companies face even more potential potholes than most thanks to a nuanced industry filled to the brim with complex contracts. That's why Embarkers Adam Olsen, Zac Smith, and Donald Thomas devoted an entire Accounting Matters episode on 606 issues for construction and engineering companies. Enjoy!
For more information on ASC 606 and related topics:
Navigating ASC 606 Revenue Recognition: A Comprehensive Guide for CFOs
ASC 606, Revenue from Contracts with Customers
For more information on carbon accounting and related topics:
Carbon Credit Accounting: Considerations for Environmental Credits
Why ESG Is So Important to Your Organization's Future
ESG Reporting Best Practices: Implementation & Beyond
GHG Inventory Development Process and Guidance
Connect with Embark on:
- YouTube
Listen to Accounting Matters on Apple Podcasts, Google Play, and Spotify.
Once again, AM Now hosts Adam Olsen and Matt Fisser are here to deliver news from the accounting and finance world, including:
- Warnings from the PCAOB and SEC on “assurance” work for crypto companies
- The IASB recently released amendments to IAS 21, the effects of changes in foreign exchange rates
- The IAASB’s unanimous thumbs up to the ISSA 5000 draft, General Requirements for Sustainability Assurance Engagement
- Update on the two key California bills on climate reporting, SB 253 and SB 261
For more information on these and related topics:
SEC: The Potential Pitfalls of Purported Crypto “Assurance” Work
IFRS Project: Lack of Exchangeability (Amendments to IAS 21)
Understanding International Standard on Sustainability Assurance 5000
California Emissions Reporting Bill Would Go Further Than SEC
Connect with Embark on:
- YouTube
Listen to AM Now on Apple Podcasts, Google Play, and Spotify.
Your AM Now hosts Adam Olsen and Matt Fisser are back this week to deliver more news from the accounting & finance world, including:
- The finalization of the European Sustainability Reporting Standards (ESRS)
- ISSB on the importance of interoperability between climate disclosure standards
- UK plans to create Sustainability Disclosure Standards (UK SDS)
- Final rule on cybersecurity from the SEC
- More on the FASB project on the disaggregation of certain income statement expenses
For more information on these and related topics:
The Commission adopts the European Sustainability Reporting Standards
European Commission, EFRAG and ISSB confirm high degree of climate-disclosure alignment
UK Sustainability Disclosure Standards
SEC Adopts Rules on Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure by Public Companies
FASB: Disaggregation—Income Statement Expenses
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- YouTube
Listen to AM Now on Apple Podcasts, Google Play, and Spotify
Building on our recent “GHG 101 – Introduction to Carbon Accounting” episode, Embarkers Adam Olsen, Zac Smith, and Fabian Garavito roll up their sleeves a bit higher this week. Want to know what emission factors involved in GHG (greenhouse gas) accounting and reporting mean for your accounting and reporting functions going forward? You came to the right place…so dig in!
For more information on carbon accounting and related topics:
Carbon Credit Accounting: Considerations for Environmental Credits
Why ESG Is So Important to Your Organization's Future
ESG Reporting Best Practices: Implementation & Beyond
GHG Inventory Development Process and Guidance
Connect with Embark on:
- YouTube
Listen to Accounting Matters on Apple Podcasts, Google Play, and Spotify.
Once again, your AM Now hosts Adam Olsen and Nicole Harger are here to discuss recent accounting news, including:
- Newest update from the FASB, ASU 2023-03
- SEC sample letter on China-related disclosures
- ESMA on sustainability disclosures in prospectuses
- ISSB proposed IFRS sustainability disclosure taxonomy
- IOSCO’s key endorsement of the ISSB’s sustainability-related financial disclosures
For more information on these and related topics:
FASB: Accounting Standards Update No. 2023-03
SEC: Sample Letter to Companies Regarding China-Specific Disclosures
ESMA provides insights into the expected sustainability disclosures in prospectuses
ISSB to publish Proposed IFRS Sustainability Disclosure Taxonomy
IFRS Sustainability Disclosure Standards endorsed by international securities regulators
Connect with Embark on:
- YouTube
Listen to AM Now on Apple Podcasts, Google Play, and Spotify.
As if ASC 606 wasn’t complicated and challenging enough! Software companies face even higher hurdles than most thanks to a nuanced industry filled to the brim with complex arrangements. But have no fear because Embarkers Adam Olsen, Zac Smith, and Donald Thomas have your back in this episode of the Accounting Matters podcast, packed with insights and best practices to ease your rev rec woes.
For more information on ASC 606 and related topics:
Navigating ASC 606 Revenue Recognition: A Comprehensive Guide for CFOs
ASC 606, Revenue from Contracts with Customers
Connect with Embark on:
- YouTube
Listen to Accounting Matters on Apple Podcasts, Google Play, and Spotify.
Ready for some hot accounting topics? Join hosts Adam Olsen and Matt Fisser as they discuss what’s happening in accounting these days, including:
- Recent money market reforms from the SEC
- The SEC’s proposed amendments to broker-dealers
- The GASB’s newly published guide on leases and IT subscriptions
For more information on these and related topics:
SEC Adopts Money Market Fund Reforms and Amendments to Form PF Reporting
SEC Proposes Rule Amendments to the Broker-Dealer Customer Protection Rule
GASB, Implementation Guide No. 2023-1
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- YouTube
Listen to AM Now on Apple Podcasts, Google Play, and Spotify.
AM Now hosts Adam Olsen and Nicole Harger are at it again, delivering yet another round of critical updates from the accounting world, including:
- The FASB’s proposed standard update to improve the accounting for purchased financial assets under ASC 326
- A quick recap of the recent Private Company Council (PCC) meeting held at the end of June
- The IFRS Foundation takes over the monitoring of sustainability reporting progress from the TCFD.
For more information on these and related topics:
Proposed Accounting Standards Update, Financial Instruments—Credit Losses (Topic 326)
PCC Meeting Recap
IFRS to Take Over Responsibilities of the TCFD
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- YouTube
Listen to AM Now on Apple Podcasts, Google Play, and Spotify.
Are you a public entity? And have you acquired – or will acquire – a significant business? Well, then do we have a stout SEC reg for you. Meet S-X Rule 3-05, a key piece of regulation registrants must know to file financial statements for an acquired business. And wouldn’t you know it – Embarkers Adam Olsen and Zac Smith cover that very topic on this episode of Accounting Matters. So pull up a seat and join us!
For more information on S-X Rule 3-05 and acquisitions:
Financial Disclosures about Acquired and Disposed Businesses
Purchase Accounting: Adjustments & Accounting for M&As
Accounting for Asset Acquisitions vs. Business Combinations: Sweat the Details
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Listen to Accounting Matters on Apple Podcasts, Google Play, and Spotify.
AM Now hosts Nicole Harger and Matt Fisser break down this week’s news on the accounting front, including:
- The IFRS announced it officially launched its new global sustainability and climate disclosure standards (GSCR).
- The SEC reopened its comment period for its proposed rule on position reporting of large security-based swap positions.
- PCAOB issues a proposal to bring greater clarity to certain auditor responsibilities when using technology-assisted analysis
- A summary of the recent Audit Committee Spotlight issued by the PCAOB
For more information on these and related topics:
IFRS Releases Global Sustainability and Climate Reporting Standards
SEC Reopens Comment Period for Position Reporting of Large Security-Based Swap Positions
PCAOB on improved audit clarity when using technology-assisted analysis
PCAOB: June 2023 Spotlight, Audit Committee Resource
Connect with Embark on:
- YouTube
Listen to AM Now on Apple Podcasts, Google Play, and Spotify.
Accounting for GHG (greenhouse gasses) is exactly how you think it is – unfamiliar and complex. And, like it or not, it’s going to be a requirement for many businesses soon. So join Embarkers Adam Olsen, Zac Smith, and Fabian Garavito for a discussion on carbon accounting, the common frameworks and disclosures in place, and what you need to do to help your business capture and report the right data.
For more information on carbon accounting and related topics:
Carbon Credit Accounting: Considerations for Environmental Credits
Why ESG Is So Important to Your Organization's Future
ESG Reporting Best Practices: Implementation & Beyond
GHG Inventory Development Process and Guidance
Connect with Embark on:
- YouTube
Listen to Accounting Matters on Apple Podcasts, Google Play, and Spotify.
In this episode of AM Now, hosts Adam Olsen and Matt Fisser cover a veritable potpourri of accounting news, including:
- The SEC spring 2023 reg-flex update on the expected timing of the final climate change disclosure rule, ESG investment practices, cyber risk disclosures, and more
- Continued discussions from the EITF on its recently added project, EITF Issue No. 23-A: Induced Conversions of Convertible Debt Instruments.
- The ISSB is working towards issuing its first two sustainability standards IFRS S1 and IFRS S2 by the end of this month
- Recently issued observations from the PCAOB related to public company audits involving crypto assets
For more information on these and related topics:
SEC Spring 2023 Reg-Flex Agenda
Induced Conversions of Convertible Debt Instruments (EITF Issue No. 23-A)
IFRS: General Sustainability-related Disclosures
PCAOB: Inspection Observations Related to Public Company Audits Involving Crypto Assets
Connect with Embark on:
- YouTube
Listen to AM Now on Apple Podcasts, Google Play, and Spotify.
In this episode of AM Now, your hosts Adam Olsen and Nicole Harger dive deep into this week’s accounting news, including:
- The FASB describes a reporting entity in the recently released Chapter 2 of the Conceptual Framework.
- The SEC adopting three rules, two relating to the securities-based swaps markets and another removing and replacing references to credit ratings from existing exceptions in Rule 101 and Rule 102 of Regulation M
- The PCAOB issuing a proposal to increase auditor vigilance against fraud and other forms of noncompliance with laws and regulations
- The new Forum ISSB Preparers Group and the European Commission publishing the draft of the first set of ESRS
For more information on these and related topics:
FASB Issues New Chapter of its Conceptual Framework: The Reporting Entity
SEC Adopts Rules to Prevent Fraud in Connection with Security-Based Swaps Transactions and Prevent Undue Influence over CCOs
SEC Adopts Amendments to Remove References to Credit Ratings From Regulation M
World Economic Forum and ISSB Partner to Compile Learnings on Early Sustainability Reporting Efforts
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- YouTube
Listen to AM Now on Apple Podcasts, Google Play, and Spotify.
Making the switch from cash to accrual accounting is like being called up to the majors – it’s a big deal. To help you with that transition, Embarkers Adam Olsen, Zac Smith, and Mack Martinez take a deep dive into the process in this episode of Accounting Matters. So dig in, because some prime-grade insights and best practices are heading your way.
For more information on accrual accounting and related topics:
Cash to Accrual: How to Convert to GAAP Accounting
Navigating ASC 606 Revenue Recognition: A Comprehensive Guide for CFOs
Connect with Embark on:
- YouTube
Listen to Accounting Matters on Apple Podcasts, Google Play, and Spotify.
As always, you’re trusty AM Now hosts, Adam Olsen and Matt Fisser, are here to discuss this week’s accounting news, including:
- The IASB’s new disclosure requirements to enhance the transparency of supplier finance arrangements, including effects on a company’s liabilities, cash flows, and exposure to liquidity risk.
- The GASB recently adding a new project to its technical agenda, focusing on the accounting for infrastructure assets.
- The SEC dropping the hammer with security law violations on Coinbase as well as Binance and its founder.
For more information on these and related topics:
IASB Increases Transparency of Companies’ Supplier Finance
GASB Adds Project on Infrastructure Assets to Current Technical Agenda
SEC Charges Coinbase for Operating as an Unregistered Securities Exchange, Broker, and Clearing Agency
SEC Files 13 Charges Against Binance Entities and Founder Changpeng Zhao
Connect with Embark on:
- YouTube
Listen to AM Now on Apple Podcasts, Google Play, and Spotify.
The laundry list of things that can go bump in the financial night for businesses is long and terrifying. That’s why your company needs to understand how to proceed when everything seems upside down. So join Embarkers Adam Olsen, Zac Smith, and Lou Port for an in-depth discussion on what a company might face on the accounting front when the unthinkable happens.
For more information on accounting for natural disasters and related topics:
Accounting for the Impairment of Long Lived Assets: Testing, Examples & More
Goodwill Impairment Testing Guide, Examples, & Accounting Tips
Enterprise Risk Management Framework: Insights & Tips From the ERM Frontlines
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Bitcoin, Ethereum, NFTs, Blockchain – accounting for today’s world of digital assets is a migraine waiting to happen. That is, unless you have the right experts leading the way. Enter Adam Olsen, Zac Smith, and Matt Fiser, three Embarkers who just happen to possess that very expertise. So join us for this incredibly informative episode as we cover basic definitions and concepts, what the SEC and GAAP have to say on the topic, and so much more!
For more information on accounting for digital assets:
ASC 350 Intangibles—Goodwill and Other
It’s Time to Talk About Cryptocurrency and Digital Asset Accounting
Cryptocurrency and Digital Asset Accounting
Blockchain and Digital Assets (AICPA)
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Listen to Accounting Matters on Apple Podcasts, Google Play, and Spotify.
You didn’t think we were done with fair value after our “Fair & Square – Accounting for Fair Value Measurements” episode, did you? Au Contraire, Mon Frere. Now, Embarkers Adam Olsen, Zac Smith, and Matt Schwartz are cranking it up to 11 by bringing ASC 825 and accounting for fair value options into the mix. So get comfy because some primo insights and best practices are heading your way.
For more information on fair value and related topics:
ASC 825–Financial Instruments
ASC 820–Fair Value Measurement
Accounting for Convertible Instruments: New Convertible Debt Standard & More
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- YouTube
Listen to Accounting Matters on Apple Podcasts, Google Play, and Spotify.
Wrapping up our two-part discussion on ASC 480 and debt vs. equity capitalization, Embarkers Adam Olsen, Zac Smith, and Nicole Harger roll up their sleeves for an in-depth conversation on the three distinct instrument classes in the guidance. Have questions about redeemable financial instruments, repurchase obligations, or obligations to issue a variable number of shares? Then you came to the right place! So dig in!
For more information on ASC 480 and related topics:
ASC 480–Distinguishing Liabilities from Equity
SPAC Warrants: What the SEC Statement Means for Accounting and Reporting
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Join Embarkers Adam Olsen, Zac Smith, and Julie Avellanet for a peek into the complicated, often error-prone world of ASC 480 and reporting on debt vs. equity capitalization. We’ll break down the many moving parts involved, what the guidance specifically addresses, and discuss ASC 480’s general requirements. Whether you’re a go-getter startup or a grizzled veteran of an organization, ASC 480 is relevant, essential, and complex. So pull up a seat and join in on the convo!
For more information on ASC 480 and related topics:
ASC 480–Distinguishing Liabilities from Equity
SPAC Warrants: What the SEC Statement Means for Accounting and Reporting
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Listen to Accounting Matters on Apple Podcasts, Google Play, and Spotify.
Join Embarkers Adam Olsen, Will Carroll, and John Erickson as they dive into ASC 805 and all things business combinations. Want to learn how business combos differ from asset transactions? Or are you looking for some useful insights and tips on points like consideration, allocation, reconciliation, and implications to stay aware of? Then find a quiet spot and turn up the volume because they’re heading your way!
For more information on valuation, business combinations, and related topics:
ASC 805–Business Combinations
Accounting for Asset Acquisitions vs. Business Combinations: Sweat the Details
When to Engage with a Valuation Services Provider
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Listen to Accounting Matters on Apple Podcasts, Google Play, and Spotify.
Join Embarkers Adam Olsen and Matt Schwartz for a discussion on fair value measurements in this episode of Accounting Matters. Sure, it doesn’t often make headlines, but fair value is oh-so important to the balance sheet, financial reporting as a whole, and the accurate, transparent information investors need. If you’re looking for insights, maybe even some best practices, on accounting for fair value measurements, you’ve come to the right place.
For more information on accounting for fair value measurements and related topics:
ASC 820–Fair Value Measurement
Purchase Accounting: Adjustments & Accounting for M&As
Accounting for Asset Acquisitions vs. Business Combinations: Sweat the Details
Connect with Embark on:
- YouTube
Listen to Accounting Matters on Apple Podcasts, Google Play, and Spotify.
Join Embarkers Adam Olsen, Zac Smith, and Nicole Harger for this second episode of the Accounting Matters podcast on accounting for profit interest awards. This go around, we take a look at the differences between the relevant guidance – ASC 710 and 718 – where and when each might apply, as well as a few best practices for good measure.
For more information on accounting for profit interest awards and compensation:
Best Practices for Choosing & Maintaining a Stock Comp Plan
ASC 710 Compensation–General
ASC 718 Compensation–Stock Compensation
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Listen to Accounting Matters on Apple Podcasts, Google Play, and Spotify.
In this episode of Accounting Matters, Embarkers Adam Olsen, Zac Smith, and Nicole Harger discuss accounting for profit interest awards, what GAAP has to say about them, and why they’re gaining in popularity these days. Done right and profit interest awards can be a win-win. Done wrong and they’re an accounting standards migraine waiting to happen…so listen closely!
For more information on accounting for profit interest awards and compensation:
Best Practices for Choosing & Maintaining a Stock Comp Plan
ASC 710 Compensation–General
ASC 718 Compensation–Stock Compensation
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- YouTube
Listen to Accounting Matters on Apple Podcasts, Google Play, and Spotify.
Join us for a demystifying episode of the Accounting Matters podcast as Embarkers Adam Olsen, Zac Smith, and Julie Avellanet take a closer look at accounting for stock warrants. Yes, warrants can be a bit confusing at first glance, even for veteran accountants. But as you’ll find out, their bark is usually worse than their bite.
For more information on warrants and equity accounting:
ASC 718: Compensation–Stock Compensation
Equity Accounting Transaction Considerations and Other Complexities
ASU 2020-06 and You: Simplifying Accounting for Convertible Instruments
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Listen to Accounting Matters on Apple Podcasts, Google Play, and Spotify.
Manual processes are every finance organization’s kryptonite – slow, tedious, susceptible to errors and inaccuracies. But as Embarkers Adam Olsen, Zac Smith, and Hayden McHan discuss in this episode of Accounting Matters, Alteryx puts those issues to rest with automated efficiencies that your people, stakeholders, and auditors will all love.
For more information on Alteryx and automation:
- Alteryx for Accounting: The Future of the Finance Organization
- Enhancing Your Accounting Function through Data Analytics and Automation
- The Business Intelligence Revolution: The Road to Data-Driven Decision Making
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- YouTube
Listen to Accounting Matters on Apple Podcasts, Google Play, and Spotify.
The S&G sides of ESG – social & governance – might not get the same headlines as that E, but wield just as mighty a sword as their environmental cousin. So join Embarkers Adam Olsen, Sarah Cage Richter, Robby Sundberg, Fabian Garavito, and Caroline Willet for a closer look at these less-heralded but oh-so-important parts of your organization’s ESG strategy.
For more information on ESG:
- Why ESG Is So Important to Your Organization's Future
- SEC: Modernization of Regulation S-K Items 101, 103, and 105
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- YouTube
Listen to Accounting Matters on Apple Podcasts, Google Play, and Spotify.
Join Embarkers Adam Olsen, Sarah Cage Richter, Chase Anderson, and Jana Gregory for a look at the current SPAC market, where it’s been trending lately, and how the proposed disclosure requirements from the SEC would impact reporting at the IPO and de-SPAC stages.
For more information on SPACs:
- SPACs: What's a Special Purpose Acquisition Company?
- Proposed SEC SPAC Disclosure Rules
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- YouTube
Listen to Accounting Matters on Apple Podcasts, Google Play, and Spotify.
Join Embarkers Adam Olsen, Sarah Cage Richter, Caroline Willet, and Robby Sundberg for a deeper dive into the SEC’s proposed rules regarding ESG, existing reporting frameworks and guidelines, and a look at non-emission related ESG reporting matters as well.
For more information on ESG:
- Why ESG Is So Important to Your Organization's Future
- SEC Response to Climate and ESG Risks and Opportunities
- Proposed SEC ESG Rule
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- YouTube
Listen to Accounting Matters on Apple Podcasts, Google Play, and Spotify.
Join Embarkers Adam Olsen, Sarah Cage Richter, Caroline Willet, and Fabian Garavito for a dive into the “E” in ESG – environmental. It’s a new reality for organizations, one where metrics on greenhouse gas emissions and sustainability initiatives step into the reporting spotlight, making this episode a must-listen for companies strategizing their ESG future.
For more information on ESG:
- Why ESG Is So Important to Your Organization's Future
- SEC Response to Climate and ESG Risks and Opportunities
- Proposed SEC ESG Rule
Connect with Embark on:
- YouTube
Listen to Accounting Matters on Apple Podcasts, Google Play, and Spotify.
In this bonus episode of our Accounting Matters podcast, Embarkers Adam Olsen, Sarah Cage Richter, and Nicole Harger shine a spotlight on ASU 2020-06, discussing how and why it’s less complex than the previous guidance, as well as some adoption best practices for public and private companies.
For more information on accounting for convertible instruments:
- ASU 2020-06: Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity
- Accounting for Convertible Instruments: New Convertible Debt Standard & More
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- YouTube
Listen to Accounting Matters on Apple Podcasts, Google Play, and Spotify.
In this first episode of our podcast series on all things ESG, Embarkers Adam Olsen, Sarah Cage Richter, Robby Sundberg, and Fabian Garavito define the much-discussed acronym and, more importantly, why it’s going to be such a critical part of operations and reporting going forward.
For more information on ESG:
- Why ESG Is So Important to Your Organization's Future
- SEC Response to Climate and ESG Risks and Opportunities
- Proposed SEC ESG Rule
Connect with Embark on:
- YouTube
Listen to Accounting Matters on Apple Podcasts, Google Play, and Spotify.
In this fifth and final episode of our IPO series, Embarkers Adam Olsen, Sarah Cage Richter, and Chase Anderson shine a spotlight on an aspect of going public that too many companies take for granted – life after your IPO. Remember, the IPO process comes and goes, but public entity status is forever – in most cases. So join our team as we discuss critical post-IPO topics like:
- Periodic reporting requirements for PBEs
- Filer types and deadlines
- 8-K requirements
- Earnings guidance
- SOX compliance
- Ongoing ESG developments from the SEC
- And more!
For more information on post-IPO requirements and related topics:
- The Post-IPO Accounting and Finance To-Do List
- SOX Compliance in a Post-COVID World
- IPO Readiness: Accounting Challenges You May Face When Going Public
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Listen to Accounting Matters on Apple Podcasts, Google Play, and Spotify.
There’s a whole other set of SEC requirements beyond your financial statements when going public, and they can be a real doozy if you’re not well-prepared going in. That’s why Embarkers Adam Olsen, Sarah Cage Richter, and Tyler Stage focused their attention on everything registration statement-related in this 4th episode of our IPO series, discussing critical topics like:
- What a registration statement entails
- Drafting and filing your registration statement
- The SEC review and comment letter process
- Common disclosure requirements, including MD&A, non-GAAP measures & pro formas
- Smaller Reporting Company (SRC) registration statement relief
- And more!
For more information on IPO financial reporting requirements and related topics:
- SEC Disclosure Updates & Simplifications: What You Need To Know
- IPO Readiness: Accounting Challenges You May Face When Going Public
- Your First SEC Filing: Get to Know the S-1
- The Ultimate Pre-IPO Handbook For Accounting & Finance
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Listen to Accounting Matters on Apple Podcasts, Google Play, and Spotify.
There’s a reason financial statement requirements are one of the most challenging undertakings on the road to an IPO – there’s a lot to them. A LOT. But have no fear because in this third part of our IPO series, Embarkers Adam Olsen, Sarah Cage Richter, and Jana Gregory roll up their sleeves for an in-depth conversation on the who, what, where, when, and why behind IPO financial statement requirements, including:
- Determining your financial statement requirements
- Defining and identifying registrants and predecessor companies
- Carve-out financial statements
- Audit requirements
- SEC and US GAAP requirements
- And more!
For more information on IPO financial reporting requirements and related topics:
- IPO Readiness: Accounting Challenges You May Face When Going Public
- The Lowdown on Carve-Out Financial Statements
- Your First SEC Filing: Get to Know the S-1
- The Ultimate Pre-IPO Handbook For Accounting & Finance
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- YouTube
Listen to Accounting Matters on Apple Podcasts, Google Play, and Spotify.
Preparing for an IPO goes miles past ‘dotting every i and crossing every t.’ Or at least it should. Because the road to IPOville is full of twists, turns, potholes, and detours, a notion we discuss at length in this second episode of our IPO series. So join Embarkers Adam Olsen, Sarah Cage Richter, and Jason Larkin for a discussion on all things IPO readiness and ensuring your organization is ready for those bright public entity lights.
For more information on IPO readiness and related topics:
- The Ultimate Pre-IPO Handbook For Accounting & Finance
- IPO Readiness: Accounting Challenges You May Face When Going Public
- Assembling the Teams & Advisors You Need When Preparing for an IPO
- SPACs: What's a Special Purpose Acquisition Company?
- What is SOX Compliance? Requirements, Controls, Audits, & More
Connect with Embark on:
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Listen to Accounting Matters on Apple Podcasts, Google Play, and Spotify.
The IPO is one of the biggest, brightest, brashest stars in the financial galaxy, the fodder for countless movies, books, op-ed pieces, and confused grimaces. It’s that last one we’re targeting with this first of five episodes in our IPO series, where Embarkers Adam Olsen, Sarah Cage Richter, Jason Larkin, Chase Anderson, and Jana Gregory walk you through an IPO overview, discussing the basics every business must know before setting sail on the public entity seas.
- What is an IPO? Why do companies go public?
- The regulatory environment – The 1933 and 1934 Acts, SOX, and JOBS
- Today’s IPO market – statistics, trends, ‘traditional’ vs. ‘alternative’ IPO paths
- The different types of issuers and filers
For more information on the IPO process and related topics:
- IPO Readiness: Accounting Challenges You May Face When Going Public
- Assembling the Teams & Advisors You Need When Preparing for an IPO
- SPACs: What's a Special Purpose Acquisition Company?
- What is SOX Compliance? Requirements, Controls, Audits, & More
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Show notes: Usually overshadowed by its financial statement siblings – and often misunderstood – the cash flow statement serves as an essential bridge between your balance sheet and income statement. But it can also be an incredibly useful tool in gauging your company’s financial well-being and capital needs. So join Embarkers Adam Olsen, Sarah Cage-Richter, and Julie Avellanet as they walk you through the cash flow statement, the guidance in ASC 230, and some preparation best practices.
For more information on the cash flow statement and cash flow in general:
- ASC 230, Statement of Cash Flows
- Cash Flow Worksheet Template
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It’s great that your company bought a bunch of new tech that’s going to drive your business forward. Accounting for the tech costs isn’t always great, though. Or fun. So to save you some headaches, join us for this episode of the Accounting Matters podcast as Embarkers Adam Olsen, Sarah Cage-Richter, and Julie Avellanet walk you through the sometimes labyrinth-like guidance around this important topic.
For more information on accounting for software costs, cloud computing, and website costs:
- ASC 350-40, Internal-Use Software
- ASC 350-50, Website Development Costs
- ASC 985, Software
- ASC 730, Research and Development
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We’re in a holiday shopping groove right now, so there’s no better topic than accounting for assets held for sale. So join Embarkers Adam Olsen, Sarah Cage-Richter, and Nicole Harger for a look at what GAAP has to say about your accounting when you're having a red-tag sale on an asset or disposal group.
For more information on accounting for assets held for sale:
- ASC 360
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Vesting schedules, expense recognition, financial reporting, software solutions, and so much more – there are a lot of nooks and crannies in stock comp accounting. That’s why Embark’s team of specialists – Adam Olsen, Sarah Cage Richter, and James Durrenburger – continue the conversation with a closer look at the finer details of this perpetually essential topic with a blockbuster sequel episode.
For more information on lease modifications and remeasurements under stock-based compensation:
- Best Practices for Choosing & Maintaining a Stock Comp Plan
- How to Choose the Right Stock Comp Accounting Software
- Comparing The Best Stock Compensation Software Solutions
- ASC 718, Compensation–Stock Compensation
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We all know why companies use stock-based compensation – to supercharge their talent strategy and incentivize performance and loyalty. But as Embarkers Adam Olsen, Sarah Cage Richter, and James Durrenburger discuss in this first episode of a two-part series, there are a few areas that can make accounting for them pretty tricky, including:
- Which stock-based arrangements fall under the scope of the guidance in ASC 718?
- Measuring the awards using the fair-value based method
- Vesting considerations and conditions
- Classifying awards on the balance sheet
For more information on lease modifications and remeasurements under stock-based compensation:
- Best Practices for Choosing & Maintaining a Stock Comp Plan
- How to Choose the Right Stock Comp Accounting Software
- Comparing The Best Stock Compensation Software Solutions
- ASC 718, Compensation–Stock Compensation
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Ready to bid good riddance to ASC 842 after adoption? Not so fast, our friend. With possibly never-ending – literally – lease modifications and remeasurements, 842 is in no way a ‘set it and forget it’ standard. So join Embarkers Adam Olsen, Sarah Cage Richter, and Nicole Harger for a closer look at what post-adoption ASC 842 compliance might look like for your company and team.
For more information on lease modifications and remeasurements under ASC 842:
Insights & Best Practices for Restructuring Accounting
COVID 19, Lease Accounting, & the Impact of the Coronavirus Pandemic
ASC 842, Leases
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Whether you’re following a traditional path or an alternative one like a SPAC, the IPO road is filled with twists, turns, and new responsibilities, especially around accounting and reporting. So join hosts Adam Olsen, Sarah Cage Richter, and Embark’s Dallas Market President Jason Larkin for an overview of some of the more complex and challenging areas you should prepare for, including:
- Segment reporting
- Earnings per share (EPS)
- Non-GAAP measures
- Management discussion and analysis (MD&A)
- Business combinations & pro forma information
- Stock-based compensation and “cheap stock”
- Comment letter process
For more information on IPO accounting and reporting considerations:
- Going Public: The Pre-IPO Timeline
- IPO Readiness: Accounting Challenges You May Face When Going Public
- Assembling the Teams & Advisors You Need When Preparing for an IPO
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When buyers and sellers don’t completely see eye-to-eye about future performance – and the purchase price – at closing, contingent consideration can save the day. However, accounting for it is another matter. So join hosts Adam Olsen, Sarah Cage Richter, and Embark resident guru Nicole Harger for a discussion on earnouts, where they cover areas like:
- What is contingent consideration?
- Common types of contingent consideration
- Advantages and disadvantages of earn-outs for buyers and sellers
- Tips and insights on constructing earn-out arrangements
- Classifying and subsequently accounting for earn-outs
For more information on contingent consideration:
- ASC 480, Distinguishing Liabilities from Equity
- ASC 815, Derivatives and Hedging
- ASC 805, Business Combinations
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Lessors have feelings, too. It’s hard to tell, though, at least with all of the attention lessees receive in the ASC 842 fervor. But we’re bucking trends in this episode of Accounting Matters, where co-hosts Adam Olsen and Sarah Cage Richter are joined by Embark’s National Quality Senior Manager Julie Avellanet for a hearty discussion on lessor considerations under the new lease accounting standard, covering topics like:
- Lease classification tests and areas where prior classification outcomes may differ
- Contract consideration allocations and applying the available expedient
- Variable lease payments in sales-type leases and recently issued ASU 2021-05
- Collectibility matters and impacts to income recognition
- Increased lessor disclosure requirements
For more information on lessor accounting:
- A Lessor’s Quick Guide to the New Lease Standard ASC 842
- ASC 842, Leases
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What exactly is goodwill? Depends on who you ask. US GAAP certainly has an opinion on goodwill and accounting for its impairment, one that continues to evolve. Given how relevant the topic is these days, we figured it’d be best for our Accounting Matters hosts, Adam Olsen and Sarah Cage Richter, to sit down with one of Embark’s resident gurus, Jason Larkin, to take a closer look at goodwill impairment, hitting on areas like:
- What exactly is goodwill
- Performing the qualitative or quantitative goodwill test
- Insights on accounting for goodwill impairment
- Recent GAAP changes and where the FASB might be heading next
For more information on accounting for goodwill impairment:
- Goodwill Impairment Testing Guide, Examples, & Accounting Tips
- ASU 2017-04, Intangibles—Goodwill and Other
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PPE, right-of-use assets, intangibles, goodwill – we could go on but you get the idea. The vocabulary behind non-financial asset impairments is almost as expansive as the topic itself. So where do you even begin accounting for all it? And how? That’s the focus of this episode of Accounting Matters, where hosts Adam Olsen and Sarah Cage Richter are once again joined by fellow Embarker Jason Larkin to answer critical questions like:
- What is a non-financial asset?
- Which impairment models do you use? And when?
- What’s a triggering event or a recoverability test?
- How do you account for non-financial asset impairments?
For more information on non-financial asset impairments:
- Accounting for Long-Lived Asset Impairment: Testing, Examples & More
- ASC 350, Intangibles—Goodwill and Other
- ASC 360, Property, Plant, and Equipment
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If you’re looking for insights – or even a definition – on carve-out financial statements, don’t look to US GAAP because it’s slim pickings. That’s why there’s so much head scratching around carve-outs, which probably isn’t great if you have a transaction on the horizon. So join us as we welcome Embarker extraordinaire Chase Anderson for a deeper look into this oft-misunderstood but oh-so important accounting topic, discussing areas like:
What are carve-outs and what are they used for?
- Exit strategies prompting the need for carve-outs
- Common methodologies used for preparing carve-out financials
- Insider tips on materiality considerations, audit documentation, team preparation, and more
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Private companies are getting closer and closer (2022!) to the adoption deadline for the new lease accounting standard, ASC 842. That’s why we sat down with one of Embark’s lease accounting gurus, Ty Cotter, to discuss embedded leases in this episode of Accounting Matters, hitting on topics like:
- Why embedded leases matter under the new leasing standard
- Common contract types that may contain lease components
- The definition of a lease under ASC 842
- Accounting for lease and non-lease components in contracts
For more information on embedded leases:
- The Most Common Lease Accounting Pain Points Under ASC 842
- ASC 842, Leases
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Segment reporting is an inevitable accounting hurdle all companies must clear before going public, not to mention an ongoing maintenance and evaluation requirement for post-IPO organizations. That’s why we sat down with special Embarker guest Jason Larkin for a high-level discussion on this perpetually relevant subject, covering topics like:
- The who, what, where, when, and why of segment reporting
- Identification of operating segments and determination of reportable segments
- Required segment reporting disclosures
- Recurring SEC comments on segment reporting
For more information on Segment Reporting:
- ASC 280, Segment Reporting
- FASB Project Update
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Business combinations and asset acquisitions aren’t a tomayto-tomahto situation. This week, we expand on our previous episode on Business Combinations by sitting down with fellow Embarkers Mack Martinez and Krista Holland to discuss the critical differences between the transaction types, including:
- Applying the “screen” test and definition of a business
- Recognizing and measuring asset acquisitions under the cost accumulation model
- Identifying key areas where accounting differences exist
- Highlighting ongoing FASB developments in the space
For more information on Business Combinations and Asset Acquisitions:
- What You Need to Know About the Updates in ASC 805 (Business Combinations)
- How Accounting Should Support an Acquisition or Merger
- ASC 805
- ASU 2017-01
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Even though SPACs seem to be everywhere these days, there’s still a lot of confusion over certain aspects of accounting for them. That’s why we sat down with fellow Embarker Sam Sorenson for a discussion on what SPACs require from accounting teams, including:
- SPACs 101: History and the recent hype
- Overview of the SPAC lifecycle
- Common accounting and financial reporting issues for the target business
- Target business audit considerations
- Ongoing SEC requirements
- And more!
For more information on SPACs:
- SPACs: What's a Special Purpose Acquisition Company?
- SPACs may bring accounting risks
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The changes to the accounting for credit losses are some of the most significant we’ve seen in decades. In this episode, Accounting Matters discusses what the Current Expected Credit Loss (CECL) model involves and the high-level areas you need to stay aware of if you haven’t adopted the standard yet (we’re talking to you, private companies), including:
- Who is impacted by CECL
- What the CECL model might mean for your company
And be sure to stick around for a conversation with our special guests, Embark consultants Robby Sundberg and Caroline Willet, on what movie CECL would be and why. You won’t find that in the FASB standards.
For more information on CECL:
- Preparing for the Current Expected Credit Loss (CECL) Model
- ASU 2016-13: Financial Instruments―Credit Losses
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The accounting standard on Business Combinations, ASC 805, is one of the most complex and wide-ranging. This episode of Accounting Matters takes a look at this guidance and discusses the most important takeaways, including:
- What is considered a business
- Determining who acquired who and when
- Mechanics of the purchase price allocation
- Contingent consideration arrangements
- And more!
For more information on Business Combinations:
- What You Need to Know About the Updates in ASC 805 (Business Combinations)
- How Accounting Should Support an Acquisition or Merger
- ASC 805, Business Combinations
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Going concern is at the forefront of the accounting and finance worlds these days – and for good reason. This week, Accounting Matters covers the basics of going concern, why it’s so relevant today, and walks through key areas, including:
- Management assessments
- Substantial doubt
- Going concern disclosures
- Auditor’s considerations
For more information on going concern:
https://www.fasb.org/resources/ccurl/599/128/ASU%202014-15.pdf
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What matters most to accountants and financial leadership these days? That’s Accounting Matters – a weekly discussion on today’s most significant accounting topics. So get to know our hosts, Adam Olsen and Sarah Cage Richter from advisory firm Embark, and what you can expect from this weekly plunge into a new, essential accounting topic.
Embark's website
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