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What's Next for FASB

Published on November 10, 2017

FASB to work on developing accounting rules to address areas of distinguishing liabilities and equity, financial performance reporting, and segment reporting.

In an effort to reassure company finance personnel who are implementing challenging standards for accounting for revenue recognition and leases, FASB Chairman Russell Golden said during a speech last month that some of the projects the board was considering would take a significant number of years to complete.

Meanwhile, FASB voted to remove from its research agenda projects on:

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IRS Updates Special Per-diem Rates for Business Travel

Published on November 10, 2017

Business travelers who incur expenses while traveling away from home have new per-diem rates to use in substantiating certain of those expenses (Notice 2017-54). The new rates will be in effect from Oct. 1, 2017, to Sept. 30, 2018. The IRS on Tuesday provided the 2017-2018 special per-diem rates, including the transportation industry meal and incidental expenses rates, the rate for the incidental-expenses-only deduction, and the rates and list of high-cost localities for purposes of the high-low substantiation method.

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Greetings to all NSAC members from the President!

Published on October 12, 2017

It is hard to believe that the harvest season is here for many of our members! It does not seem that long ago that we were all talking about the wet/dry, hot/cold weather than seemed to stay around for most of March, April and May. The weather sure can vary a lot in just a few miles across the country!

Member Communication

As part of the National Board’s strategic initiatives we are looking to increase member communication. Providing updates throughout the year was something that was suggested to help keep all members informed and the web based Annual Meeting kicked off that effort. This message is a continuation of that effort and we hope you find this a useful part of your NSAC membership.

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COSO Releases Updated Enterprise Risk Management Framework

Published on October 12, 2017

The Committee of Sponsoring Organizations of the Treadway Commission released a long-awaited update Wednesday to its ERM Framework: Enterprise Risk Management–Integrating with Strategy and Performance, the first since 2004. 

The updated framework, developed by PricewaterhouseCoopers under the direction of the COSO board, aims to help organizations improve their approach to managing risk. COSO is also responsible for the recently updated internal control framework used by many auditors, and the ERM framework can also be used by accountants, auditors and consultants. The revamped framework highlights the importance of enterprise risk management in strategic planning, stressing the need to embed ERM throughout an organization to influence both strategy and performance. 

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3 Steps To Protecting Your Business From Workplace Fraud

Published on October 12, 2017

Every few months, a major fraud investigation hits the news. According to a new report titled Keeping Business Clean: A CGMA Guide to Countering Fraud & Corruption by the Association of International Certified Professional Accountants, despite awareness movements and advances in legislation, fraud and corruption continue to plague businesses. 

The World Economic Forum estimates that the typical organization can lose an average of 5 percent of its annual revenue to fraudulent behavior. The risk of fraud is increasing in magnitude in the current e-business environment since technology has enabled the methods of corrupt practices to evolve. 

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Companies shouldn't rush to adopt new hedge accounting standard

Published on October 12, 2017

The Financial Accounting Standards Board released its long-awaited hedge accounting standard this week, but companies may want to be careful about adopting it early, or else they could miss out on some one-time benefits. 

The accounting standards update for hedging takes effect for public companies in 2019 and private companies in 2020. But FASB is also allowing early adoption for companies if they want to begin using it right away. 

“Make sure you don’t rush to early adoption, and that you do actually take full advantage of all the transition elections you may have,” said Jon Howard, senior consultation partner in the accounting services group for financial instruments in Deloitte’s national office. 

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Embezzlement by Employees

Published on October 12, 2017

In the cult film "Office Space", workers at a technology company seek revenge for boring jobs and bad treatment by ripping off their employer via software that skims fractions of pennies with each transaction. Hilarity, guilt and accidental redemption ensue as the main character ultimately prepares to confess. 

Such pennies, in a real-world scenario, can add up more and over longer stretches of time than most employers imagine, according to a study of about 400 employee theft cases reviewed by insurance firm Hiscox. The study, expanded for 2016 to include firms over 500 employees, is based on public data, including from U.S. courts. 

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Companies Off to a Slow Start on Lease Accounting Standard

Published on July 24, 2017

Many companies are lagging behind on preparations for the new lease accounting standard as they are still working on the revenue recognition standard, according to a pair of new surveys.

The first survey, by PricewaterhouseCoopers and CBRE Group, found that 23 percent of companies have yet to begin the initial adoption process of the leasing standard, while 47 percent of organizations that started implementation of the leasing standard reported the effort is bigger than they had expected. 

Many companies see the importance of the leasing standard, with 52 percent of the survey respondents indicating they are currently assessing the impact, and 25 percent have already started the implementation in process, according to PwC.

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How the New Revenue Standard May Affect a Company's Income Tax Accounting

Published on July 24, 2017

As companies prepare to adopt the new revenue recognition standard, they must consider the potential income tax accounting implications. Adoption of the standard may create new temporary differences or require the remeasurement of existing ones. It also may create process and system challenges if multiple “accounting bases” need to be maintained. Tax professionals should be actively involved in implementation discussions to make sure all implications are considered, regardless of whether the company has reached a conclusion on the pretax effects of adoption on financial reporting. 

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New Auditing Disclosure Requirement Takes Effect June 30

Published on July 24, 2017

The Public Company Accounting Oversight Board issued a reminder that the new requirement will be taking effect on June 30. Auditing firms will be required to disclose the names of other participating firms on Form AP, which firms registered with the PCAOB began filing with the PCAOB earlier this year. The initial requirement was for firms to disclose the name of the engagement partner who served on the audit for the most recent period. This week, the new disclosure requirement will begin to take effect, and for audit reports issued on or after June 30, 2017, firms will also need to disclose on Form AP information about other accounting firms that participated in the audit. 

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