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Companies Still Behind on Implementing Revenue Recognition Standard
The majority of companies admit they are behind on implementing the new revenue recognition standard from the Financial Accounting Standards Board, according to a new survey, despite a delay of the effective date by one year. FASB and the International Accounting Standards Board released a long-awaited converged revenue recognition standard in May 2014, but later decided to extend the date it takes effect by one year to give companies more time ...
Read MorePhishing, Hacked Passwords Are Top Reasons for Data Breaches
Phishing, Hacked Passwords Are Top Reasons for Data BreachesVerizon released its ninth annual Data Breach Investigations Report last month, which reports on the major security breaches and methods used by hackers to compromise businesses and governmental organizations. When it comes to hacking, organized crime syndicates lead the way with phishing email schemes that are culpable in 89 percent of security breaches, followed by ...
Read MoreRecognizing the Unconventional Keys to Your Company's Success
If you want to change something in your company, you start with single-minded attention and promotion. The same applies when trying to replicate more of a good thing. Successful companies, in the constant pursuit of well-rounded teams, look for and find the intangibles that help drive performance. Here are three unconventional yet important and under-recognized keys to sustained success: Thinking and problem solving.Are you ...
Read MoreAccountants Rescued by the 'Magnificent Seven'
Forget about Yul Brynner, Steve McQueen, Charles Bronson, James Coburn, Robert Vaughn, Horst Buchholz and Brad Dexter. Accountants need a “Magnificent Seven” set of attributes to survive in today’s business environment, according to new research from the Association of Chartered Certified Accountants. To define what the 2016 finance professional must look like, the ACCA has developed a set of seven Professional ...
Read MoreFive Things to Consider Under the New Lease Accounting Standards
The Financial Accounting Standards Board (FASB) released the long-awaited lease accounting standard on Feb. 25. The first exposure draft on the topic was originally released in August 2010 and has undergone several revisions. Although there are several elements of the standard, the most significant is the requirement for lessees to include the future lease payments on the balance sheet as a liability and a related right-of-use ...
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