NSAC Happenings and Latest News - Page 116
Internal Audit Increasingly Proves Its Value
The internal audit function is increasingly providing significant value, according to a new report by PricewaterhouseCoopers. PwC surveyed more than 1,600 chief audit executives, senior management and board members. Fifty-four percent of the respondents indicated internal audit is contributing significant value, up six points from a similar PwC survey last year. In addition, 62 percent of the respondents said they expect more value from internal ...
Read MoreFASB Removes Effective Dates for Private Company Accounting Alternatives
The Financial Accounting Standards Board has issued an accounting standards update for private companies that opt to apply private company accounting alternatives, removing the effective dates for four of the alternatives. They include: ASU No. 2014-02, Intangibles—Goodwill and Other (Topic 350) ASU No. 2014-03, Derivatives and Hedging (Topic 815) ASU No. 2014-07, Consolidation (Topic 810): Applying Variable ...
Read MoreNew FASB Leases Standard Brings Transparency to Lessee Balance Sheets
Lessees will be required to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases with terms of more than 12 months under a new financial reporting standard issued by FASB Accounting Standards Update (ASU) No. 2016-02, Leases, will apply to both types of leases—capital (or finance) leases and operating leases. Previously, GAAP has required only capital leases to be recognized ...
Read MoreNew Leasing Standard Could Benefit Companies
The Financial Accounting Standards Board’s new lease accounting standard could have some positive payoffs for companies if they take a careful approach to implementing it. FASB released the long-awaited standard after a decade of work with the International Accounting Standards Board as one of their major convergence projects. The standard will add operating leases to the balance sheet for the first time for many companies, and they will ...
Read MoreFASB Streamlines Move to Equity Method of Accounting
The Financial Accounting Standards Board has issued an accounting standards update making it easier for companies to transition to the equity method of accounting. Stakeholders told FASB that the requirement to retroactively adopt the equity method of accounting is costly and time consuming when an investment qualifies for use of the equity method as a result of an increase in the level of ownership interest or degree of influence.
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