Management, in every type of business, use Key Reports as a basis for making decisions and for financial reporting (not just operational). Key Reports are now being tested due to the need for reliance on the accuracy and completeness of the source data within the reports. Every day businesses rely on the information in these reports, which is why it is so important to validate the accuracy and completeness of the data. Read More “A 3-Step Process to Ensure Key Reports Are Accurate and Complete”
Despite routinely hiring the best and brightest MBAs from top business schools to evaluate (and value) investment and divestiture opportunities, many private equity (PE) firms continue to face questions on fair value measurements from their limited partners (LPs), accounting firms and regulators.
With the recent milestones of my one year anniversary with AC Lordi and my 10-year anniversary of the first time I set foot on the Yellow Footprints that signified the start of my service with the Marine Corps, I can’t help but reflect on some similarities between my two career paths. In particular, how using the military idea of “commander’s intent” can allow us to take ownership while still ensuring we fulfill our specified mission.
In Part 1 of this post, we tried to better define just what Management Review Controls are and looked at some examples. The next step is to develop a process to identify and document your organization’s management review controls (MRCs).
As most are aware by now, the Financial Accounting Standards Board issued ASC 606, Revenue from Contracts with Customers, in May 2014. In August 2015, implementation of the new standard was deferred one year. Generally, what that means is that public companies will have to begin to apply the new standard beginning with the calendar year 2018. Private companies have the election of deferring application until calendar year 2019. While this timing may sound far away to some, most companies should begin the analysis and implementation process now.
After years of debate and several iterations of exposure drafts, the Financial Accounting Standards Board (FASB) finally issued ASU No. 2016-02 in February 2016. This ASU established a new section within the codification as ASC 842 which, when effective, will supersede the previous lease guidance within ASC 840.
Read More “New Standard Alert! Answers to Five Questions on the New Lease Accounting Standard“
The process for identifying and documenting management review controls (MRCs) can be extremely challenging for many companies. It takes significant resources and focus to initially implement. If done properly though, it can return substantial value, helping you to better evaluate the controls within your Sarbanes-Oxley compliance program and serving as an important roadmap in the event of employee turnover. In Part 1 of this post, we will see if we can better define exactly what qualifies as MRCs.
In order to maintain a CPA license, most state boards require accountants to take a specified number of hours of continuing professional education (CPE) training each year. More often than not though, we hear CPAs acknowledge that they are dissatisfied with their continuing professional education training or that they feel they are just going through the motions to get what they need to maintain their license. As training expenses continue to escalate in the form of out-of-pocket dollars and opportunity costs, it’s important that CPAs take full advantage of their CPE. Here are seven ways for CPAs to get the most out of continuing professional education training sessions: