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Companies shouldn't rush to adopt new hedge accounting standard
The Financial Accounting Standards Board released its long-awaited hedge accounting standard this week, but companies may want to be careful about adopting it early, or else they could miss out on some one-time benefits. The accounting standards update for hedging takes effect for public companies in 2019 and private companies in 2020. But FASB is also allowing early adoption for companies if they want to begin using it right ...
Read MoreEmbezzlement by Employees
In the cult film "Office Space", workers at a technology company seek revenge for boring jobs and bad treatment by ripping off their employer via software that skims fractions of pennies with each transaction. Hilarity, guilt and accidental redemption ensue as the main character ultimately prepares to confess. Such pennies, in a real-world scenario, can add up more and over longer stretches of time than most employers imagine, according ...
Read MoreCompanies Off to a Slow Start on Lease Accounting Standard
Many companies are lagging behind on preparations for the new lease accounting standard as they are still working on the revenue recognition standard, according to a pair of new surveys. The first survey, by PricewaterhouseCoopers and CBRE Group, found that 23 percent of companies have yet to begin the initial adoption process of the leasing standard, while 47 percent of organizations that started implementation of the leasing standard ...
Read MoreHow the New Revenue Standard May Affect a Company's Income Tax Accounting
As companies prepare to adopt the new revenue recognition standard, they must consider the potential income tax accounting implications. Adoption of the standard may create new temporary differences or require the remeasurement of existing ones. It also may create process and system challenges if multiple “accounting bases” need to be maintained. Tax professionals should be actively involved in implementation discussions to make sure ...
Read MoreNew Auditing Disclosure Requirement Takes Effect June 30
The Public Company Accounting Oversight Board issued a reminder that the new requirement will be taking effect on June 30. Auditing firms will be required to disclose the names of other participating firms on Form AP, which firms registered with the PCAOB began filing with the PCAOB earlier this year. The initial requirement was for firms to disclose the name of the engagement partner who served on the audit for the most recent period. This ...
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