NSAC Happenings and Latest News - Page 100
How to Make a Professional Apology
Professional apologies are necessary—and sometimes complicated. It happens to everyone sooner or later. You forget to return an email. You snap at a co-worker. You are rude to a client. Someday you'll do something that affects a business relationship, and your response could impact your career or your firm. The question is, what will you do about it when the time comes? The most important action is generally to swallow your ...
Read MoreEight Practices That Help Prevent Fraud in Your Agribusiness
Agribusinesses that become victims of employee fraud tend to place unrestricted trust in those they shouldn’t — including the credentialed controller or CFO they hired to help run their business. In fact, sometimes the individual who commits fraud is a long-term employee in a finance role. These individuals have the capability of doing the most damage, so it is important to use financial and operational protocols that remove ...
Read MoreBest Practices: 10 Lessons Learned in Implementing New Rev Rec Guidance
The rules governing revenue recognition for public and private companies worldwide are changing dramatically starting Jan. 1, 2018. And several recent surveys show that most companies are unprepared. If you have not yet completed your implementation of the new standard — either ASC 606 or IFRS 15 — the following 10 lessons we have learned may help you get a jump start and utilize best practices that RGP, a finance and ...
Read MoreCompanies Off to a Slow Start on Lease Accounting Standard
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 ...
Read MoreHow the New Revenue Standard May Affect a Company's Income Tax Accounting
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 ...
Read More