NSAC Happenings and Latest News - Page 94
Private-Company Relief From Accounting Consolidations Coming
FASB in July will propose steps to make it easier for private companies to determine if they must consolidate onto their balance sheets a variable interest that they have in another entity that is under common control. Under current rules, variable interest entities (VIEs) are types of capitalized businesses established in some cases to maintain financial assets, or provide an investment with financing. Companies use VIEs to avoid putting ...
Read MoreDon't Be Held For Ransomware
Five fundamental steps your company can follow to curb its chances of falling victim to a ransomware attack. If there’s a positive spin that can be placed on last month’s ransomware attacks, it’s that the topic of cybersecurity has finally emerged from the shadows and into the public eye. When 200,000 systems began to be infected across more than 150 countries on May 12, security became not just a matter for a few ...
Read MoreLease Accounting Standard Leaves Companies With Questions
As companies get ready for the new lease accounting standard, they’re coming across a variety of complications and questions before the standard takes effect in the next few years. Deloitte recently issued a publication with answers to some of the frequently asked questions its clients have encountered. It noted that companies are exploring system solutions to help with the standard, including upgrades and entirely new ...
Read MoreCompanies Making Slow Progress on Revenue Recognition Standard
Many businesses are slow-walking to implementing the revenue recognition standard, even as the effective date approaches next year. KPMG polled a group of financial executives during a webcast in April asking them about their progress on adopting the revenue recognition standard. Their responses are highlighted below: Just over half of the financial executives polled by KPMG (52 percent) said they feel their company has ...
Read MoreHedging May Get Easier Under New FASB Accounting Standard
A new standard for hedge accounting that FASB expects to approve soon is designed to provide better information to investors and eliminate accounting obstacles that prevented some organizations from using hedge accounting. All seven FASB members said during a public meeting that they plan to support the standard when the final ballot draft is issued in a few weeks. After FASB approves the standard on the written ballot, it is expected to be ...
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