Compliance has always ranked top of mind for accounting firms and remains a major concern today, but things are changing fast. Just as paper and pencil gave way to desktops and laptops — and now automation and machine learning — the profession stands ready to leap from a compliance emphasis to one of insight and strategy.
The Monitoring Group is to push ahead with proposals for reform of the way in which audit standards are set globally, including steps to make the process independent of the audit profession, saying feedback to its consultation has revealed widespread support for some, but not all, of its proposals.
Forty-two percent of public companies are either still assessing the impact of the new lease accounting rules or have not even gotten that far.
Companies’ level of readiness for complying with the new revenue recognition standard was a popular topic throughout 2017, leading up to the rule’s effective date for public companies.
As pressure to develop more effective corporate cybersecurity programs continues to mount, 62.7 percent of C-suite and other executives in a recent Deloitte poll expect board of director requests for reporting on cybersecurity program effectiveness to increase in the next 12 months. A slightly lower 57.3 percent of executives expect increased cybersecurity regulatory scrutiny during the same period.
To effectively navigate the challenges associated with lease accounting compliance and meet the looming deadline, there are three critical steps every public company should take.
Time is quickly running out for public companies that have not achieved compliance with the new ASC 842 and IFRS 16 lease accounting guidance. After December 15, 2018, practically all real estate and equipment lease obligations must be added to the balance sheet as assets and liabilities for financial reporting.
Among the tangible benefits of the Tax Cuts and Jobs Act, including lower unemployment, higher job figures and rising wages, are excess cash available to corporations, according to Jamie Fowler, national managing partner of tax services at Grant Thornton.
Given the two-year lead time, few would have guessed that the best way some organisations would comply with the European Union’s stringent new data rules would be to simply cut access to services.
The Internal Revenue Service said Monday it is waiving some of the late-payment penalties pertaining to the section 965 transition tax on foreign earnings in the new tax law.
The IRS also offered more information for individuals who are subject to the section 965 transition tax regarding the due date for relevant elections.
UAE’s Federal Tax Authority, FTA, said that the new Cabinet Decision issued to regulate value-added tax (VAT) incurred by gold and diamond dealers improves their cash flow and reduces their tax burden.
Understand the key requirements behind the GDPR and how the legislation has the potential to serve as a healthy, scalable and exportable regime that could become an international benchmark.