Hot Topics Article Archives - Page 59
Do You Know Where Your Leases Are?
Complying with the new lease accounting standard will require collecting data from lease contracts across numerous locations and geographies. The clock is ticking to fulfill the requirements of impending changes to lease accounting standards, which are creating a handful of organizational challenges for corporations. One of the more complicated of these challenges is finding lease rights and obligations from numerous (sometimes thousands)
Read MoreFASB Plans to Ease Lease Accounting Requirements
The Financial Accounting Standards Board decided to ease some of the implementation burdens and possible costs of the new lease accounting standard by making several adjustments and offering some practical expedients. In the area of land easements, FASB decided to proceed with issuing a final accounting standards update that offers a more practical expedient as an optional transition to the new standard. If elected, the option ...
Read MoreIRS Could Bring ACA Penalties to Many Employers
The IRS is assessing penalties based on employers’ 2015 Affordable Care Act (ACA) filings on Forms 1094-C and 1095-C. Penalties are triggered by: Not offering coverage to enough full-time employees, or Not offering affordable coverage to one or more full-time employees These penalties could potentially affect any employer required to comply with ACA for the year 2015. Understanding your ...
Read MoreFASB Combines Guidance for Income Statement, Comprehensive Income into One Topic
In an effort to simplify its Accounting Standards Codification, FASB has combined its guidance for income statements and comprehensive income into one topic. Previously, FASB’s guidance on these subjects has been located in Topic 225, Income Statement, and Topic 220, Comprehensive Income. Under the changes, all guidance on both subjects will be contained in Topic 220. FASB did not make any substantive changes to the actual guidance on ...
Read MoreAdvice for Mitigating Cybersecurity Threats
Finance leaders’ involvement in cybersecurity is growing. Responses to cyberattacks include increased spending, according to a global survey. Nearly three-fourths of company finance leaders have become more involved in cybersecurity in the wake of increases in phishing scams and credit card and database breaches, according to a new global survey. Forty-nine per cent of respondents said their business had fallen victim to a ...
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