- In this webinar, Baker Tilly and Softrax discuss the challenges companies are facing and the surprises popping up along the road to implementation of the new revenue recognition standard, ASC 606.
- Baker Tilly completed Phase 1 of the revenue recognition assessment for an enterprise software company, provides project-based software in the government contracting and services industries.
- The SEC’s Advisory Committee on Small and Emerging Companies is scheduled to discuss the requirement for auditors to verify management’s internal controls over financial reporting at its upcoming meeting. The advisory panel previously said smaller companies find the requirement costly, and its members support widening the scope of the exemptions to the rule.
- New revenue recognition standards will have specific considerations for software and technology companies.
- The Committee of Sponsoring Organizations of the Treadway Commission (COSO) updated its Enterprise Risk Management—Integrated Framework to reflect the connection between an organization’s risk management and its strategy and performance. The updated Framework discusses enterprise risk management relative to the changes in business arising from developments in the financial markets, the emergence of new technologies and demographic changes.