- The Financial Accounting Standards Board (FASB) recently issued guidance clarifying the applicability to nonpublic entities of a certain disclosure requirement regarding the fair value of assets and liabilities. The guidance, found in Accounting Standards Update (ASU) No. 2013-03, Financial Instruments (Topic 825): Clarifying the Scope and Applicability of a Particular Disclosure to Nonpublic Entities, takes effect immediately. It directly affects private companies that have total assets of $100 million or more — or one or more derivative instruments — and the preparation of their 2012 financial statements.
- Proposed federal legislation, as well as a recent presidential executive order, could alter the level of cooperation between government and financial institutions when it comes to fighting cyber-security threats.
- The Committee of Sponsoring Organizations of the Treadway Commission (COSO) released the Internal Control-Integrated Framework on May 14, 2013.
- Learn how to decompose change orders to expose the underlying pricing strategies and the financial risk associated with each change order.
- The US IRS has released a revised 2013 edition of Publication 515 (Withholding of Tax on Non-resident Aliens and Foreign Entities).
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