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COSO 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 ...
Read MoreIRS Provides Info on Tax Reform Changes to Moving, Mileage and Travel Expenses
The Internal Revenue Service offered information about changes from the Tax Cuts and Jobs Act on the rules for moving expenses, vehicle expenses and unreimbursed employee expenses, along with higher depreciation limits for some vehicles. The TCJA, the tax overhaul that Congress passed last December, suspends the deduction for moving expenses for tax years beginning after Dec. 31, 2017, until Jan. 1, 2026. During that suspension period, the IRS ...
Read MoreLeases: A portfolio approach
Shifting application from an individual lease to a portfolio level offers practicality and cost minimization for companies adopting FASB’s new lease accounting standard. Here are tips for applying a portfolio approach: Assess the lease population. Materiality and volume are key characteristics of a lease population. Material individual leases are often specifically identifiable and have established data collection and ...
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