- ASC 606 will present significant challenges to existing ICFR systems. Changes to accounting under the new standard will require scrutiny from companies and their auditors.
- Cybersecurity is one of the most urgent topics in business today. It seems that every week, there is a new story about a company’s data being breached with millions of customer records, payment card data, or lost trade secrets. The best-prepared companies are shifting their cybersecurity strategies from prevention, to implementing techniques that quickly detect breaches and limit the damage once a breach has been confirmed. What are the effective components of a modern cybersecurity management program? We consider five main components to improve cybersecurity effectiveness.
- Understand the nuances of internal controls over financial reporting (ICFR) for ASC 606 (revenue recognition), including transition methods discussed in this Financial Executives International (FEI) presentation.
- The FASB issued nineteen ASUs in 2016, including updates on leases and the revenue recognition standard, Topic 606.
- Baker Tilly's assurance professionals discuss ASC 606, revenue recognition, transition methods available to organizations and the effective dates for the new standard.
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