NSAC Happenings and Latest News - Page 79
Getting Ready for the New Lease Accounting Guidelines
The implementation deadline for the new IFRS 16/ASC 842 lease accounting standards is rapidly approaching. The new standards will require organizations to report and disclose all lease obligations for buildings, office space, motor vehicles and other equipment, and reclassify them as assets and liabilities. Does your organization have an implementation plan and adequate system in place that will meet the new requirements? The new IFRS and ...
Read MoreEITF Reaches Consensus on Accounting for Cloud Computing Costs
The Financial Accounting Standards Board's Emerging Issues Task Force has reached a consensus on how to account for implementation costs in a cloud computing arrangement that's considered a service contract. In March, FASB issued a proposed accounting standards update to clarify the accounting for such implementation costs. It asked for feedback to be submitted by the end of April. At a meeting of FASB's Emerging Issues Task Force last week, ...
Read MoreCOSO Supplements ERM Framework with Industry Examples
The Committee of Sponsoring Organizations of the Treadway Commission, also known as COSO, has added a supplement to its widely used Enterprise Risk Management Framework, including detailed examples of how to use the ERM Framework, written by PwC under the direction of COSO's board. The Compendium of Examples links together the concepts and applications of ERM, illustrating various scenarios based on research, interviews and case studies. COSO ...
Read More7 Lessons From Adopting Rev Rec
Public companies with a December 31 year-end have recently completed months-long (if not years-long) efforts on the adoption of ASC Topic 606, "Revenue from Contracts with Customers" (Topic 606). The adoption of Topic 606 has been one of the most time-consuming accounting projects taken on by most companies since Sarbanes-Oxley Act Section 404 over a decade ago. As Topic 606 effectively replaces all legacy GAAP rules around revenue recognition, ...
Read MoreExpense Fraud Estimated to Cost $1.9B Annually
Business travel expense fraud is estimated to cost U.S. organizations $1.9 billion per year, based on a new survey. The survey, of more than 1,000 business travelers in the U.S., U.K. and Australia by Chrome River Technologies, a provider of expense and supplier invoice processing software, found that travel expense fraud is typically perpetrated by younger employees, with 82.9 percent committed by workers under the age of 44. Managers and ...
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