NSAC Happenings and Latest News - Page 114
Account Reconciliation
Best Practices: Account Reconciliation Account reconciliation is an underappreciated yet critical control to help ensure an organization's financial integrity. Weaknesses and inefficiencies in the reconciliation process often lead to mistakes on the balance sheet and overall inaccuracies in the financial close. Since the enactment of Sarbanes Oxley (SOX) in 2002 and other rules and regulations that have followed, ensuring the accuracy of ...
Read MoreThe Expanding View of Expense Management
With its origins in paper trails and manual processes, travel and entertainment expense reporting historically has been more of a black box for accounting professionals than a source of financial insight. But by changing the expense management process, companies today are able to gain valuable insight into spend management trends and leverage their data in ways they didn’t necessarily anticipate. The benefits of which can reach ...
Read MoreFinancial Execs Concerned about Internal Controls
Nearly a third of financial reporting executives in a new poll said internal control over financial reporting was their highest concern beyond their financial reporting responsibilities. KPMG surveyed nearly 400 financial executives during the firm’s 25th Annual Accounting & Financial Reporting Symposium and 31 percent cited internal controls as their biggest concern. Approximately 26 percent of the respondents said they were ...
Read MoreFinancial Performance Reporting Among Priorities as FASB Sets Agenda
FASB decided to perform research on six topics for consideration of possible accounting standard setting, according to a news release from the board. Four issues will be added to its research agenda and included in an agenda discussion paper that will be issued to the public in the first half of this year: Financial performance reporting. Pensions and other post-retirement employee benefit plans. Intangible ...
Read MoreFASB Proposes Amendments on Classification of Certain Cash Flows
The FASB issued a proposal that aims to reduce diversity in practice in reporting on the following types of cash flows: Cash payments for debt prepayment or extinguishment costs would be classified as financing cash outflows. Cash payments made to settle a zero-coupon bond attributable to accreted interest would be classified as an operating outflow, and the portion attributable to principal would be ...
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