- Recent changes from the US Office of Management and Budget (OMB), entitled “Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards” (Uniform Guidance) will impact subrecipient monitoring. These changes will impact new federal awards and changes to funding increments with changed terms and conditions issued after Dec. 26, 2014. If your organization does not yet understand these changes, now is the time to act.
- Baker Tilly’s employee benefit plan specialists overviewed of the findings from the Department of Labor’s (DOL) assessment of audit quality of employee benefit plans and discussed what organizations should be aware of.
- Boards and management need tools like a SOC report review template to assist them in ensuring they are aware of any risks posed by, and the internal controls around, third party vendors.
- On July 9, 2015, the Internal Revenue Service (IRS) issued Notice 2015-49, Use of Lump Sum Payments to Replace Lifetime Income Being Received By Retirees Under Defined Benefit Pension Plans, amending the required minimum distribution regulations under section 401(a)(9) of the Internal Revenue Code (IRC). The regulation, as amended, no longer permits qualified defined benefit plans to replace any joint and survivor, single life, or other annuity currently being paid with a lump sum payment or other accelerated form of distribution.
- On July 9, 2015, the FASB approved its April 2015 proposal to defer the effective date of ASU No. 2014-09, Revenue from Contracts with Customers, for all entities for one year. Entities will, however, be allowed to apply the new standard as of the original effective dates set out in the standard. This article examines the revenue recognition standard and explains why the FASB granted an extension.
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