News Articles

<< Older Articles
Newer Articles >>

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.

Read More >>

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. 

Read More >>

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. 

Read More >>

Five Things to Consider Under the New Lease Accounting Standards

Published on May 24, 2016

The Financial Accounting Standards Board (FASB) released the long-awaited lease accounting standard on Feb. 25. The first exposure draft on the topic was originally released in August 2010 and has undergone several revisions. 

Although there are several elements of the standard, the most significant is the requirement for lessees to include the future lease payments on the balance sheet as a liability and a related right-of-use asset. Leases with terms less than one year are excluded from recognition. 

Read More >>

The Raw Nerve of Materiality

Published on May 24, 2016

FASB’s plan to use only the U.S. Supreme Court’s definition of materiality draws fire.

Last year, when the Financial Accounting Standards Board first proposed jettisoning existing accounting lingo in favor of a legal definition of the word “material,” the board members may have thought they were making a confusing issue clear, according to former FASB chairman Robert Herz. 

Instead, the board’s issuance of a proposed accounting standards update last September that would shed previous descriptions of materiality in favor of the U.S. Supreme Court definition “touched a raw nerve,” he observed in an interview with CFO earlier this year. 

Read More >>

New Product or Different Presentation?

Published on May 24, 2016

Courts and the IRS differ over a key qualification for the domestic production activities deduction.

Since its inception, the Sec. 199 domestic production activities deduction (DPAD) has caused great confusion to many taxpayers trying to comply with its provisions. Though its intent was simple—to provide relief to U.S. manufacturers—its implementation has spawned a labyrinth of litigation, administrative rules, and procedures. 

The IRS recently published proposed regulations (REG-136459-09) to better define and provide guidance on various DPAD provisions. Though the proposed regulations have implications for a wide range of the deduction's aspects, this article focuses on a key but often problematic provision—that qualifying production property (QPP) eligible for the DPAD must have been manufactured, produced, grown, or extracted by the taxpayer in whole or in significant part within the United States (Sec. 199(c)(4)(A)(i)(I)). 

Read More >>

FASB Proposes to Streamline Goodwill Impairment Tests

Published on May 24, 2016

The Financial Accounting Standards Board is proposing to simplify the test for goodwill impairment for public companies and nonprofits similar to recent accommodations it made for private companies. 

FASB issued an exposure draft of the accounting standards update, asking for comments on the proposal by July 11. FASB amended its standards in 2013 to allow private companies an alternative accounting treatment for subsequently measuring goodwill in response to input from its sister organization, the Private Company. 

Read More >>

FASB Makes Additional Revenue Recognition Clarifications

Published on May 24, 2016

FASB issued a third round of clarifications to its revenue recognition standard recently, focusing on narrow-scope changes and practical expedients. 

In coordination with the International Accounting Standards Board (IASB), FASB is responding to preparers’ concerns about implementing the revenue recognition standard the boards issued jointly in May 2014. In some cases, the boards came to different conclusions about issuing clarifications. 

The IASB issued its changes last month in Clarifications to IFRS 15. FASB has taken a piecemeal approach to the changes, and issued Accounting Standards Update (ASU) No. 2016-12Revenue From Contracts With Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients

Read More >>

Three Ways to Improve Your Vendor Management

Published on May 03, 2016

Most companies hire vendors in the course of doing business. The vendor could be a supplier of goods, a service company, a technology provider, or a building contractor. Senior management and corporate boards justifiably have questions and concerns about how to protect against vendors’ actions that might produce a loss. 

Examples that could happen to any organization include the following: (1) a software vendor’s employee sabotages the hiring company’s records because of personal animus; (2) a vendor hired for window washing has an accident at the hiring company’s building, suffering a crash that injures the vendor’s employees and passersby; or (3) a vendor hired by a doctor to handle medical records leaves files on the train by accident, exposing patients’ confidential personal information. 

Read More >>

Preparing Businesses for the New Overtime Pay Rule

Published on May 03, 2016

In 2015, the Department of Labor proposed a rule that could have a significant impact on the way employers compensate their employees.

This rule proposes changes that would expand the number of workers who are eligible for overtime pay: time and one-half their regular rate of pay for hours worked over 40 in a workweek. Most businesses will be required to comply with the changes once a final rule is released. 

Here are five workflow recommendations that may be critical to your company’s success and compliance with the new overtime pay regulations: 

Read More >>
<< Older Articles
Newer Articles >>