- This report presents results from a recent research study in which we surveyed business leaders about their top of mind growth initiatives, proficiency gaps, challenges and key trends.
- The first step in applying ASC 842 is determining whether or not a contract, which is defined as an agreement between two parties which creates enforceable rights and obligations, contains a lease. Basically the contract contains a lease if it conveys the right to control the use of identified property or equipment for a period of time.
- This is the last year FBARs are due in June; next year, the FBAR filing deadline moves to April.
- It’s no longer enough for banks and other financial institutions to simply have good working relationships with the third parties that provide IT and other services. New, stricter standards and increased scrutiny by the Office of the Comptroller of the Currency (OCC) and the Consumer Financial Protection Bureau (CFPB), as well as the Federal Deposit Insurance Corporation (FDIC) and the Federal Financial Institutions Examination Council (FFIEC), mean financial institutions now have the same responsibilities for in-house and out-of-house services.
- The first step in applying Accounting Standards Codification (ASC) 606 is to identify the contract(s) with the customer.
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