NSAC Happenings and Latest News - Page 100
New Revenue Recognition Standard Closing in on Manufacturers and Distributors
When it comes to revenue recognition, accounting principles generally accepted in the United States (GAAP) have been industry-specific and rules-based. For most manufacturing and distribution companies, the rules have been fairly simple. But as commerce becomes more global and countries use different standards of their own, revenue recognition has become increasingly disjointed. To remedy this, U.S. and international accounting ...
Read MoreOvertime and Stress Are Common During Month-end Close Processes
Overtime and Stress Are Common During Month-end Close Processes Automation has helped improve the efficiency and accuracy of the month-end close, but finance departments still feel pressure to close the books faster. Two recent surveys by software providers underscore several key issues facing finance professionals 12 times a year: 87% said they worked overtime during the financial close process, according to a survey by Adra.
Read MoreRevenue Recognition Disclosure Requirements: A Challenge That Can't Wait
FASB's revenue recognition standard includes complex disclosure requirements that will take effect sooner than companies think. As companies scramble to implement the FASB's revenue recognition standard, many are primarily focusing on the revenue and measurement requirements, which have the highest profile. Meanwhile, many companies are largely ignoring the new disclosure requirements, treating them as a minor detail that can be quickly and ...
Read MoreIRS Enforcement Activities Dropped in 2016
The IRS reported several large drops in its enforcement activities in fiscal year 2016, including a 16% drop in audits, a 40% drop in levies, and a 9% drop in liens compared to the prior year. These figures were revealed in the IRS's 2016 Data Book, which reports on the agency's activities for the fiscal year beginning Oct. 1, 2015, and ending Sept. 30, 2016. According to the Data Book, the IRS audited just over 1 million individual tax returns ...
Read MoreRules Proposed for Accounting Method Changes to Reflect FASB Revenue Recognition Standards
The IRS is asking for comments on proposed procedures for requesting consent to make accounting method changes to reflect FASB's new revenue recognition standards (Notice 2017-17). The proposed revenue procedure contained in the notice would govern changes in a method of accounting for recognizing income when the change is made for the same tax year for which the taxpayer adopts the new financial accounting revenue recognition standards and the ...
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