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How to tackle implementation of multiple high-profile accounting standards
A wave of significant accounting standard setting has created heavy compliance burdens that many company finance departments are struggling to handle. Just 37% of more than 140 companies surveyed by KPMG LLP said they are on the right track in their implementation of the new revenue recognition standard issued by FASB and the International Accounting Standards Board (IASB), which takes effect at the beginning of 2018 for public ...
Read MoreQuestions You Should Ask Your Cloud Provider
When it comes to picking a cloud provider, you should ask some tough questions. 1. Where will my data be located? Everyone’s a cloud provider these days, and you don’t want your data in someone’s garage. Ideally, your information will be stored in a safe part of the country that’s remote from your own location, so it’s not subject to the same regional risks. 2. What can go wrong during installation or migration?
Read MoreInventory Internal Controls
A company's investment in inventory is usually a large one, and it may be comprised of a large number of merchandise items that can be readily stolen and resold. If the inventory contains mostly raw materials, keeping track of it is essential for ensuring that the production processes using it will not run short of materials. This means that you need to implement an array of controls, either to prevent theft or to ensure that the manufacturing ...
Read MoreCompanies Still Behind on Implementing Revenue Recognition Standard
The majority of companies admit they are behind on implementing the new revenue recognition standard from the Financial Accounting Standards Board, according to a new survey, despite a delay of the effective date by one year. FASB and the International Accounting Standards Board released a long-awaited converged revenue recognition standard in May 2014, but later decided to extend the date it takes effect by one year to give companies more time ...
Read MorePhishing, Hacked Passwords Are Top Reasons for Data Breaches
Phishing, Hacked Passwords Are Top Reasons for Data BreachesVerizon released its ninth annual Data Breach Investigations Report last month, which reports on the major security breaches and methods used by hackers to compromise businesses and governmental organizations. When it comes to hacking, organized crime syndicates lead the way with phishing email schemes that are culpable in 89 percent of security breaches, followed by ...
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