NSAC Happenings and Latest News - Page 103
AICPA Proposes Standard for Auditing Employee Benefit Plans
The American Institute of CPAs has proposed a new standard for auditing the financial statements of employee benefit plans, after the Department of Labor released a report criticizing the quality of ERISA plan audits. The AICPA’s Auditing Standards Board issued an exposure draft for the proposed Standard. Proposed Statement on Auditing Standards (SAS), Forming an Opinion and Reporting on Financial Statements of Employee Benefit ...
Read MoreRisk Management Costs Dove 5% in 2016
With the insurance industry glutted with capital, corporations were among those benefiting from the oversupply by paying lower prices for property-casualty coverage in 2016, according to the Risk and Insurance Management Society’s annual benchmark study. The main drivers of a 5% overall decline in risk-related expenses were a 12% drop in the cost of covering property exposures; of 6% for workers’ compensation; and of ...
Read MoreNew 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 ...
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