Category: Compliance
What to do if you’ve been in denial about the new COSO framework
Regulators are not requiring companies to follow the new COSO framework even though the 1992 version is being retired later this year. While we encourage companies to adopt the new internal control framework and most of th…
See More5 ways every CFO can mitigate cybersecurity risks
It’s time to test your current events knowledge: Which major retailer acknowledged having to spend $88 million related to a mega data breach in its most recent 10-Q, with more costs expected? Target immediately comes to …
See MoreThe new rev rec rules: Making estimates that minimize the likelihood of restatements
Get ready for scrutiny. One of the many challenges presented by the new revenue recognition rules is the need for companies to come up with an estimate of revenue for variable consideration instead of waiting until amounts…
See MoreUnearthing revenue and expense opportunities through SOX
It is easy to see why, after Sarbanes-Oxley became law in the early 2000s and internal-control testers and reviewers became sought-after professionals, that the demand for their talents sometimes went to their heads. From …
See MoreDoes the FASB need to step back and simplify?
Having been involved in accounting for over 30 years, I have seen quite a few changes in accounting requirements, all enthusiastically introduced to “help the reader understand the financial status of a company better.�…
See MoreSOX management testing: The debate over in-house vs. external testers
In its decade-long life, the Sarbanes-Oxley Act has triggered many emotional arguments. One that continues to persist, even all these years later, is whether management testing can be done in-house or should be done solely…
See MoreHow the new revenue recognition standard may affect your company
We’ve been hearing about it for years. Finally, the result of the joint project between the FASB and the IASB to update and consolidate accounting standards for revenue recognition into one global standard is just about …
See MoreNon-GAAP measures: Do they provide helpful insights or hide the “bad stuff”?
Many companies, especially in tech, supplement their income statement produced under generally accepted accounting principles with a non-GAAP income statement. It’s a practice that has proliferated in recent years as com…
See MoreThere’s a new sheriff in town: will you be meeting the SEC at high noon?
When the SEC swore in Mary Jo White as chair in April, it was clear there was a new sheriff in town. White is a former U.S. attorney for the Southern District of New York with decades of experience as a federal prosecutor …
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