Audit committees have a lot to consider as 2018 concludes with adoption of game-changing accounting standards in full swing at many companies.
Financial accounting and reporting
Here are some things that company finance departments may wish to keep in mind as the lease accounting standard takes effect at the beginning of next year for public companies.
The standard starts to take effect next year.
A new Center for Audit Quality tool is designed to help audit committees with oversight of this difficult adoption process.
Organizations need to consider several factors as they implement new FASB rules — and it’s smart to start that work promptly.
These best practices make it easier to complete this critical task effectively.
The SEC approved a new rule requiring U.S. public companies to disclose the ratio between their CEO’s compensation and that of their median employee.
The SEC is evaluating whether audit committee disclosure requirements provide investors with the information they are seeking.
A recent KPMG survey shows that 64% of U.S. companies are uncertain about the path they’ll take to adopt the new, converged revenue recognition standard. Also, regulation is cited as the top compliance concern for 51% of corporate finance executives.
New questions and answers developed by the AICPA Conflict Minerals Task Force provide nonauthoritative guidance to practitioners performing independent private-sector audit engagements of conflict minerals reports.
Updating systems and policies and revising contracts with customers were cited by U.S. public company board members as the top challenges to implementing revenue recognition, according to a survey by accounting and consulting firm BDO.
Here are six ways companies can adopt integrated thinking and decision-making processes that are fundamental to the creation of an integrated report.
Carol Kenner, CPA, CGMA, knew her company’s financial statements backward and forward. Every number on every page made sense to her. But not everyone at Solix Inc., the New Jersey company where Kenner is CFO, knew what the numbers meant.
How critical access hospitals might choose to recognize revenue from meaningful-use incentive payments
In the absence of authoritative GAAP on the subject, a diversity in practice has been observed with respect to how critical access hospitals (CAHs) recognize revenue from meaningful-use incentive payments. Various viewpoints exist on how to account for the economic substance of these arrangements. This article describes three of them—although
In the white paper Measurement of Fair Value for Certain Transactions of Not-For-Profit Entities, the AICPA’s Financial Reporting Executive Committee (FinREC) provides guidance to not-for-profits on considering risk when determining the fair value of a donor’s unconditional promise to give. Considerations may include: Assess the donor’s ability to pay. Check
Once considered financing of last resort, asset-based lending and factoring have become popular choices for companies that do not have the credit rating or track record to qualify for more traditional types of financing. In general terms, asset-based lending is any kind of borrowing secured by an asset of the
FASB issued an Accounting Standards Update (ASU) containing amendments that require health care entities to change the presentation of their statement of operations by reclassifying the provision for bad debts associated with patient service revenue from an operating expense to a deduction from patient service revenue (net of contractual allowances