Like many businesses, you may have put off implementing the necessary changes required to align your business with the new revenue recognition accounting standards. These standards, set by the Financial Accounting Standards Board (FASB), became effective this year for annual reporting periods, and in 2020 for interim periods.
ASC 606, the long awaited and much debated new accounting standard for revenue recognition in the United States has now become reality for most public companies. Adoption of this new standard was required for calendar-year public companies effective January 1, 2018, and the results of adoption have now become public with the earnings releases and 10-Q filings for the first quarter ending March 31, 2018.
The recent statistics on employee theft is shocking. According to one US source, 75% of employees admit to having stolen at least once from their employer—and employee theft costs a company on average 7% of their annual revenues each year.
Bennett Thrasher LLP is pleased to announce the creation of a new Risk Advisory Services Group. The move highlights the firm’s continued strategic growth and efforts to innovate and add new services that will assist clients in the complex interrelationships of technology, operations and finance.
In 2009, the Financial Accounting Standards Board (FASB) established an advisory committee to help with the not for profit (NFP) sector known as the Not-For-Profit Advisory Committee (NAC).
The Private Company Council (PCC), established by the Financial Accounting Foundation (FAF) in May 2012, is working in conjunction with the Financial Accounting Standards Board (FASB) to determine whether and when to modify existing US Generally Accepted Accounting Principles (US GAAP) in order to simplify the process and reduce the cost of preparing private company financial statements and improve the relevance of the financial statements to users. Those efforts are now paying off.