Category: Compliance
Putting the E in “revenue”: A big challenge of the new rev rec standard
Accounting professionals who have been involved with revenue for many years can recite the four criteria for revenue recognition as quickly as they can their children’s names—it just becomes second nature. For people l…
See MoreComing up with a game plan for revenue recognition
Consider taking the new revenue recognition rules out for a spin. It could be a short test drive, with just a sample of current contracts sitting in the passenger seat so you can see how the changes feel and how drastic th…
See More5 tips for audit prep: Set yourself up right and ace it
Getting your year-end audit completed can be an uphill slog or a fairly smooth process. Much of the outcome depends on the work you can put in ahead of the auditor’s visit. This may seem like an obvious point, but time a…
See MoreIt was high time the FASB eliminated ‘extraordinary items,’ and they finally did
Companies will no longer have to call out extraordinary items on the income statement following the Financial Accounting Standards Board’s recent issuance of an accounting standards update. This change, which affects tra…
See MoreHot topics for finance departments in 2015
There’s a tension for finance organizations that go public. Throughout the year, they are faced with new rules from accounting standard-setters, new guidance from accounting firms and new direction by regulators that cou…
See More4 things no one’s telling you about SOX compliance
The JOBS Act granted some relief from the burdens of SOX for emerging growth companies, and while any relief was most welcome, the changes brought on some confusion. And it hasn’t abated even three years later. There’s…
See MoreNew discontinued operations guidance de-clutters reporting
While large valuation acquisitions of entire companies (for example, Facebook acquiring WhatsApp for $19 billion) grab the headlines, the majority of the acquisitions are for just a division or segment of a business, and t…
See MoreMaster these 6 things after your IPO and you’ll have a well-oiled public company
Talk about hype. There’s so much hoopla surrounding the decisions and details that go into the initial public offering and day of the offering itself. Just consider how much we all heard about Chinese e-commerce company …
See MoreRevenue recognition: Are you in denial?
After more than a decade in the making, the FASB and the IASB finally issued new revenue recognition rules. Now if the boards needed that kind of a runway, how hard will it be for companies to implement? This is what manag…
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