NSAC Happenings and Latest News - Page 116
FASB Proposes to Streamline Goodwill Impairment Tests
The Financial Accounting Standards Board is proposing to simplify the test for goodwill impairment for public companies and nonprofits similar to recent accommodations it made for private companies. FASB issued an exposure draft of the accounting standards update, asking for comments on the proposal by July 11. FASB amended its standards in 2013 to allow private companies an alternative accounting treatment for subsequently ...
Read MoreFASB Makes Additional Revenue Recognition Clarifications
FASB issued a third round of clarifications to its revenue recognition standard recently, focusing on narrow-scope changes and practical expedients. In coordination with the International Accounting Standards Board (IASB), FASB is responding to preparers’ concerns about implementing the revenue recognition standard the boards issued jointly in May 2014. In some cases, the boards came to different conclusions about issuing ...
Read MoreThree Ways to Improve Your Vendor Management
Most companies hire vendors in the course of doing business. The vendor could be a supplier of goods, a service company, a technology provider, or a building contractor. Senior management and corporate boards justifiably have questions and concerns about how to protect against vendors’ actions that might produce a loss. Examples that could happen to any organization include the following: (1) a software vendor’s employee ...
Read MorePreparing Businesses for the New Overtime Pay Rule
In 2015, the Department of Labor proposed a rule that could have a significant impact on the way employers compensate their employees. This rule proposes changes that would expand the number of workers who are eligible for overtime pay: time and one-half their regular rate of pay for hours worked over 40 in a workweek. Most businesses will be required to comply with the changes once a final rule is released. Here are five workflow ...
Read MoreAnti-fraud controls cut significantly into losses, new report finds
The presence of anti-fraud controls such as management reviews and telephone hotlines can greatly reduce the damage done by fraud schemes. And the use of such controls is slowly on the rise. Those are two of the trends identified in the 2016 Report to the Nations on Occupational Fraud and Abuse, released Wednesday by the Association of Certified Fraud Examiners. The biennial report, which is based on thousands of fraud cases reported ...
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