We’re only weeks into the GDPR, and already companies all over the country have misinterpreted and misunderstood the legislation, or just simply buried their head in the sand when it comes to getting compliant.
The Financial Executives Research Foundation (FERF)’s Olivia Berkman spoke with Paul McDonald, senior executive director at Robert Half, about the critical business focuses that emerged this year, according to the recent Benchmarking Accounting and Finance Functions: 2018 report.
The OECD has released new guidance on the application of the approach to hard-to-value intangibles and the transactional profit split method, which were both developed as part of its base erosion and profit shifting (BEPS) action plan.
Blockchain technology is not going away, and preparers need to consider its potential disruptive impact, but its growth in corporate reporting is likely to be gradual and restricted to certain use-cases, according to a report from the Financial Reporting Council’s (FRC’s) Financial Reporting Lab.
The governance, risk, and control mindset is really one of the top items that we’ve seen as a lesson learned from our clients when standing up a robotics or digital labor program. We have seen clients that have not had an effective governance, risk and control program in place that they very frequently can’t scale. They stay in a pilot or proof of concept mode. They don’t feel confidence in that they are identifying the right opportunities, that they’re prioritizing the right way, and that they’re doing it with an appropriate risk-managed process.
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.