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Eight 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 MoreNew Auditing Disclosure Requirement Takes Effect June 30
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 ...
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