NSAC Happenings and Latest News - Page 101
Revenue Recognition Path Forward
This compilation of recent articles from the editors of Bloomberg BNA’s Accounting Policy & Practice Report provides valuable insights into the new FASB and IASB standards on recognizing revenue. https://assets.sourcemedia.com/b2/2c/0ac536a4402ab313d4856c4b867f/rev-rec-special-report-nov-2016.pdf (Source: AccountingToday - Tax Practice - January 31, 2017)
Read MoreNew Form I-9 for all U.S. Employers
As of 1/22/2017, employers are required to use the new version of Form I-9 to verify identity and employment eligibility of employees. See the new form (11/14/2016 N version) at https://www.uscis.gov/i-9. Form I-9 found at other sites may not be the correct version. All prior versions are obsolete. Form I-9 is required for all new employees (hired after Nov. 6, 1986) or for the reverification of expiring employment authorization of ...
Read MoreDisaster Recovery
Too many companies aren’t prepared to handle a disaster or business continuity event. Rather than putting it off indefinitely, companies need to make an effort to get a disaster recovery plan in place. The list below offers a series of steps that can be taken to reinforce the ability to bounce back from anything that may become a disaster – whether it’s a broken water pipe or a full-blown natural disaster. 1. Protect ...
Read MoreCompanies not ready to automate fixed assets accounting
Relatively few companies are using dedicated fixed assets accounting software, according to a new survey, and are instead relying on homegrown spreadsheets and databases. The survey, by Bloomberg BNA, which markets its own fixed assets software, found that only about a third, or 37.6 percent, of the 100 U.S. finance executives it polled are using dedicated fixed assets systems. Nearly half of them (or 46.8 percent) said their fixed assets ...
Read MoreProposal Would Simplify How Entities Determine the Balance Sheet Classification of Debt
The FASB proposed replacing today’s rules-based guidance for determining whether to classify debt as current or noncurrent on the balance sheet with a principles-based approach. Debt would be classified as noncurrent only when it is contractually due to be settled more than one year (or operating cycle, if longer) after the balance sheet date or when the entity has a contractual right to defer settlement for at least one year (or operating ...
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