Exploring three key takeaways from PwC and FERF’s 2016 Revenue Recognition survey, this post will help you assess where your company stands as the implementation deadline looms nearer.
It’s not often that the worlds of professional sports and equity compensation intersect. True, I have a Google alert set up for “stock options” that sometimes returns articles about how the stock of football players impacts their career options (as in “Joe Schmo played really well in the last game; his stock is really rising”), but that’s not what I’m referring to. I’m talking about domestic mobility. While we are struggling with how compensation is taxed when employees travel from one state to another, this is an issue that professional sports has been dealing with for a long time now.
Revenue recognition has been one of the hottest topics in the financial reporting and compliance industry for over two years. Now, with 14 months left to implement, a new study shows that 83% of public companies have not started preparing. The time to act is now, and the place to start is here, in this 3-part blog series on the basics of the rev rec standard and tips and tricks for implementation.
Earlier this year, the FASB issued an update to ASC 718 as part of its Simplification Initiative – ASU 2016-09. In part 1 of our blog series, ASC 2016-09: Simple But Complex, we explored the changes to accounting for income taxes and the elimination of the APIC pool. In the second part, we discussed accounting for forfeitures. The third, and final, part of our blog series will focus on minimum statutory tax withholding requirements (to avoid liability accounting treatment).
In order to stay compliant and maintain efficiency, public companies need to continually evaluate and improve their external reporting processes. Many times there are workflow changes that can make all the difference like scheduling a post-mortem of your recent filing or automating the flow of data to mitigate risk and improve quality. Other times, companies might see a need to re-assess their vendor relationships, software functionality, and level of service. Shopping for a new vendor can be tricky, but there are three things we suggest you do to make sure you head in the right direction.
The modern finance organization is constantly being challenged to increase stakeholder transparency and visibility, provide information faster and more reliably, and decrease risk – all while cutting down on the time it takes to distribute disclosure documents that complete the financial close process. Peak defined! Key to this process? Data. Lots of data. Here are just a few reasons why the current process is fraught with peril.
Preparing financial disclosures is a hectic process, and one of the best ways to make sure you stay on track is to incorporate XBRL milestones into your filing schedule and use the resources that are available to you. In this blog, we provide some general guidelines for your XBRL timeline and valuable resources to help keep you on track and compliant.
Quality and data accuracy is everything when dealing with financial disclosures. The pressure of looming deadlines can sometimes lead to compromised quality for some public companies, but it doesn’t have to. In this blog, Jen Stretch, manager of compliance services at Certent, provides guidance around proper quality control procedures and critical quality reviews.
The SEC added a new frequently asked question to their Staff Interpretations and FAQs Related to Interactive Data Disclosure webpage. This online resource provides a bank of answers to frequently asked questions around interactive data disclosures and communicates best practices to financial reporting professionals as they pertain to XBRL.
Applying XBRL tags to your company’s financials is a time-consuming and complex exercise. But there are a few ways to ease the pain. In this blog, Jen Stretch, manager of compliance services at Certent, provides insight into effective time management and the importance of incorporating compares into your XBRL process.