- Recently, project sponsors have combined New Markets Tax Credits with EB-5 financing in order to strengthen the overall financing structure of the projects. While significant benefits can be achieved, several structuring challenges need to be overcome.
- The Accounting and Review Services Committee (ARSC) has issued three exposure drafts of Proposed SSARS, 1) Preparation of Financial Statements, 2) Compilation Engagements and 3) Association with Financial Statements on October 23, 2013. The proposed SSARS would be effective on or after December 15, 2015 with early implementation permitted.
- After many years of discussion, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) issued the long awaited and converged revenue recognition standard on May 28. This standard has the potential to be one of the biggest changes ever in financial reporting because it impacts virtually every financial statement issued in the world.
- In February 2014, the NIST Cybersecurity Framework was introduced as a response to Executive Order 16363, ordered by President Obama in 2013. The Executive Order was a White House initiative to improve cybersecurity of critical infrastructure by developing a framework which incorporates a consensus of industry standards and best practices.
- De-risking strategies in pension plans are currently much discussed by corporate management and pension plan fiduciaries. These strategies may include adopting a liability driven investment (LDI) strategy or purchasing participating annuity contracts (buy-in contracts) on the asset side to decrease volatility and manage cash flow.
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