• 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.
  • De-risking strategies in pension plans

    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.
  • Manage mobile device risks holistically

    Mobile devices transform the way your organization serves customers and generates business, as well as communicates with your employees and stakeholders. These same devices bring new and increased risks to your organization’s data, competitive advantage/intellectual property, and reputation. Managing these risks requires a holistic approach, which goes beyond just securing the software on a device.
  • New accounting guidance likely to change your revenue recognition practices

    The bodies that establish US and international accounting standards have released new guidance on the timing of companies’ revenue recognition. The new guidance from FASB and the IASB have been in development for more than a decade and are intended to enhance comparability of revenue recognition practices across companies, industries, jurisdictions, and capital markets. FASB’s version of the guidance was published in ASU No. 2014-09, Revenue from Contracts with Customers. This article provides an overview of the converged guidance, along with a brief look at the potential impact on certain industries.