June 2016 Article Archives

Companies Still Behind on Implementing Revenue Recognition Standard

Published on June 23, 2016

The majority of companies admit they are behind on implementing the new revenue recognition standard from the Financial Accounting Standards Board, according to a new survey, despite a delay of the effective date by one year.

FASB and the International Accounting Standards Board released a long-awaited converged revenue recognition standard in May 2014, but later decided to extend the date it takes effect by one year to give companies more time to implement it.

However, according to a new survey by KPMG LLP of 140 companies, 60 percent of respondents indicated that they are running behind schedule in their overall implementation of the standard, which has an effective date as early as Jan. 1, 2018, for many organizations.

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Phishing, Hacked Passwords Are Top Reasons for Data Breaches

Published on June 23, 2016

Phishing, Hacked Passwords Are Top Reasons for Data Breaches
Verizon released its ninth annual Data Breach Investigations Report last month, which reports on the major security breaches and methods used by hackers to compromise businesses and governmental organizations. When it comes to hacking, organized crime syndicates lead the way with phishing email schemes that are culpable in 89 percent of security breaches, followed by “state-affiliated actors,” which accounted for another 9 percent of attacks.

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Recognizing the Unconventional Keys to Your Company's Success

Published on June 23, 2016

If you want to change something in your company, you start with single-minded attention and promotion. The same applies when trying to replicate more of a good thing. Successful companies, in the constant pursuit of well-rounded teams, look for and find the intangibles that help drive performance. 

Here are three unconventional yet important and under-recognized keys to sustained success: 

Thinking and problem solving.
Are you recognizing independent thinking and problem solving? Great companies have an ability to both retain and promote the right people. They put into action a development plan that instills the right qualities they want in all their current and future leaders. Independent thinking and problem solving are sought-after qualities all companies seek in their leadership teams, yet are often under-coached. In fact, in some organizations, top performers rise rapidly through the ranks without any real challenge to their cognitive abilities. 

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Accountants Rescued by the 'Magnificent Seven'

Published on June 23, 2016

Forget about Yul Brynner, Steve McQueen, Charles Bronson, James Coburn, Robert Vaughn, Horst Buchholz and Brad Dexter. Accountants need a “Magnificent Seven” set of attributes to survive in today’s business environment, according to new research from the Association of Chartered Certified Accountants. 

To define what the 2016 finance professional must look like, the ACCA has developed a set of seven Professional Quotients—a mix of technical knowledge, skills and abilities formed with interpersonal behaviors and qualities. 

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