• Tax allocation agreement revision required by Oct. 31

    In June 2014, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation issued an addendum to the “Interagency Policy Statement on Income Tax Allocation in a Holding Company Structure”.
  • Revenue recognition standards will have major impact on financial statements

    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.
  • New NIST Cybersecurity Framework

    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.