Category: Compliance

What CFOs need to know about the new leasing standard

One loud giant thud is the sound you’d hear if you printed out all 485 pages of the new lease accounting standard and threw it on your desk. Multiple giant thuds. That’s what we’ll all be hearing when trillions of do…

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Get ready: FASB is dumping some big items on your to-do list

The Financial Accounting Standards Board has a bunch of resolutions that affect many companies. The board is offloading some of their weightier projects that have taken up a lot of time (several years!) on their docket. Fo…

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How fast is your monthly close process? Better take a look at it.

Ask a finance team how quickly they can pull off closing the books, and you’ll likely get some groans in response. Chances are they want to be faster but something—or many things—are clogging up the works. Inefficien…

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View the finance work around the IPO as a marathon, not a sprint

Going public takes endurance. The whole process—from the decision to go IPO, to the S-1 filing and the roadshow, to the first day of trading and then the post-IPO phase—usually takes longer than expected and puts a maj…

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A 6-point internal control checklist for year end (yes, already!)

Many people say life speeds up as you get older. Maybe that’s why the year-end crunch seems to keep getting tighter. The end of Q3 is upon us and year end is right around the corner. While the company’s SOX testing may…

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On the road to IPO? 6 obstacles to avoid at all costs

All eyes are on you when your company goes IPO. Everyone, it seems, wants to know the company’s every move—its past results, its risks, its future projections. Working at a newly public company can make employees feel …

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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…

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Coming 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…

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5 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…

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It 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…

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