- 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 Financial Accounting Standards Board (FASB) issued its long awaited Accounting Standard Update on accounting for Leases. This marks the completion of one of the last convergence projects the FASB took up with the International Accounting Standards Board (IASB).
- U.S. companies are bracing for requirements related to the new EU-U.S. “Privacy Shield”, which establishes a new framework for data transfers that underpin the world’s largest trading relationship between the EU and the U.S. Get a head start on compliance by understanding the agreement’s data transfer protocol requirements, oversight, and compliance implications for affected U.S. companies.
- Actions the FASB takes can have a significant effect on your financial statements and the impression they leave with users of such statements. Here are areas the FASB is likely to focus on in 2016.
- The proposed Cybersecurity Disclosure Act of 2015 has provoked discussion about the role of the Board of Directors in cybersecurity oversight and board member knowledge and awareness of an organization’s cybersecurity management program. Baker Tilly outlines the potential impacts to boards and what’s important to know now.
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