Better search and visualization capabilities, more discussion of company strategy, and ranking of risk factors would make corporate financial reporting more useful to investors, according to a report released Thursday. Prepared with the help of a broad spectrum of experts, the report provides recommendations for improving the effectiveness of corporate
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Management accounting
Are social media posts protected? What all employers need to know about the NLRB and social media
The following strategies can help reduce the likelihood of a lawsuit or regulatory action due to a violation of Section 7 of the NLRA associated with employee use of social media.
Motivation and preparation can pave the path to CFO
CPAs in business and industry face intense competition to land a coveted CFO job. Learn how to best prepare yourself for the role.
Not-for-profits delve into risk management
Six factors are critical for organizations in implementing and maintaining ERM.
Global Management Accounting Principles seek to guide better benchmarking, decision-making
Effective management accounting practices can improve decision-making in organizations, which need sound fundamentals but also speed when trying to decide which strategic paths to follow. In short, organizations need principles that can be applied to help produce favorable outcomes. The Global Management Accounting Principles, released Wednesday, represent the first set
COSO’s ERM framework to undergo update
A well-known framework for risk management is scheduled for another update. The Committee of Sponsoring Organizations of the Treadway Commission (COSO) announced Tuesday that it is undertaking a project to update its Enterprise Risk Management—Integrated Framework, which debuted in 2004. Organizations use the framework to help them manage uncertainty, consider
How to deliver successful diversity and inclusion results and benchmark your progress
As leaders in the accounting profession come to understand the business case for diversity and inclusion, they often have a similar quandary. “The next natural question is, ‘So what do I do about it?’ ” said Kenneth Bouyer, CPA, chairman of the AICPA National Commission on Diversity & Inclusion and
Examine clichés in approach to innovation
Spot-and-react strategies are better than no strategies at all, but organizations should have a “rebellious instinct for change” in approaching innovation, entrepreneurship expert Luke Williams said. Williams, speaking Monday at the AICPA’s fall Council meeting in Boston, said entities should challenge their common practices in order to be leaders in
Expanded role requires expanded skills
CFOs say that by developing the right skills, finance professionals can drive their organizations to conquer the growing complexity and deliver growth.
How NFPs should allocate joint costs
Not-for-profit management and auditors have the responsibility to make sure that costs are properly allocated for activities that serve their mission and also include fundraising opportunities. Learn how consistent application of accounting rules results in a fair depiction of these costs in not-for-profit financials.
Board members keenly focused on risk
Corporate board members of U.S. public companies are keenly focused on risk, but many are not comfortable with their understanding of which risks the companies are willing to take, according to new PwC survey results released Tuesday. In the interest of reducing fraud risk, an increasing percentage of board members
U.S. accountants’ optimism returns to pre-recession levels
Not since 2007 have U.S. accountants in industry felt as optimistic about the future of their companies and the state of the domestic economy as they do now. While concerns about regulatory requirements linger, and some companies remain hesitant to deploy cash or hire, those potential obstacles can’t stem the
Nine ways to improve data security
Many businesses continue to underestimate cyberthreats. An urgent change of mindset is called for, says Florian Stahl, lead information security consultant at MSG Systems in Germany. He offers nine tips to bolster thinking around data security.
ERISA: 40 years later
The 40th anniversary of ERISA’s enactment is a good time to look back at the problems with pensions that the legislation was intended to solve, and the problems that face today’s and tomorrow’s retirees, who increasingly must provide for their own retirement.
COSO transition getting a close look from auditors
The early stages of implementation are over for many companies using the updated internal control framework of the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In 2013, the framework—which had been in use since 1992—was updated to reflect changes in the business environment. U.S. public companies have been
Proposed new guidance outlines 12 principles for internal auditing
Proposed changes to guidance followed by internal auditors include a new mission statement and a set of 12 core principles that highlight what effective internal auditing looks like in practice. The Institute of Internal Auditors (IIA) on Monday announced the proposed changes to the International Professional Practices Framework, which is
Nimble thinking takes the lead
Finance must, in certain cases, spend less time focusing on the past and more time seeking better predictions about the future.
A pipeline for diversity
A professionwide effort to grow the ranks of underrepresented minorities in accounting has been developed by the Howard University School of Business Center for Accounting Education’s Pipeline Working Group, supported by the AICPA. The initiative is focusing on reaching out to high school and community college students in an effort to create a pipeline of talent to the profession.
Technology plays a role in board members’ top two concerns
In a business environment where a damaging Twitter post can have disastrous effects on a company’s financials, reputational risk remains the top nonfinancial concern for corporate directors, according to a new survey report. Another risk rooted in technology—cybersecurity and information technology risk—is rising quickly among directors’ concerns, according to the
Six ways not-for-profits can get value from risk management
Many not-for-profits lack the resources to implement a holistic approach to risk across the enterprise. So it’s no surprise that they often lag behind public companies in implementing enterprise risk management (ERM). Indeed, just 13% of not-for-profits responding to a recently released survey said they have complete formal enterprise-wide risk
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How to find the right CAS clients
The key to success with CAS is selecting the best clients. Tools like ideal client profiles (ICPs), buyer personas, and even artificial intelligence can help identify the businesses that best fit each CAS practice.
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