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Erskine College May Split
from Seminary

In a time where theological schools are consolidating operations, South Carolina-based Erskine College and Theological Seminary is exploring the possibility of separating into two institutions. Reasons behind the potential split are contributed to Erskine’s desire to become more financially stable, ongoing controversy over the institution’s stances on religious matters, and academic freedom. It is unclear what the financial impact would be to Erskine, which was placed on probation two years ago by its accreditor. Read more on the possible split of Erskine College on the Inside Higher Ed website.

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Exposure Draft for Proposed ERM Framework Update Released

The Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) has issued an exposure draft addressing risks that have emerged since the 2004 release of its Enterprise Risk Management – Integrated Framework. Released as Enterprise Risk Management—Aligning Risk With Strategy and Performance (Exposure Draft), the Exposure Draft offers views on the present concepts and applications of enterprise risk management, as well as revises the definitions of risk and enterprise risk management. The Exposure Draft also introduces components and principles reflecting how risk management thinking and practices have evolved. COSO expects the updates to help organizations increase their awareness and oversight of. Read More.

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Safeguarding of Contractor Information Systems Final Rule Issued

The Department of Defense, General Services Administration, and National Aeronautics and Space Administration issued a final rule on the basic safeguarding of contractor information systems that process, store, or transmit Federal contract information (“FCI”). Effective June 15, 2016, Federal Acquisition Regulation (“FAR”) 52.204-21, Basic Safeguarding of Covered Contractor Information Systems, was created and will be included in all solicitations and new contracts. It will apply below the simplified acquisition threshold and will be a required flow down clause. It will not apply to commercial off-the-shelf items, but will apply to commercial items and to services where FCI occurs. FCI is. Read More.

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Cal State at the Forefront of Diverse Campus Leadership

One of the nation’s largest higher education systems is leading a trend toward increased diversity among campus leadership positions. The California State University System has appointed women presidents at 11 of its 23 campuses, nearly twice as many since the end of 2014-15. Cal State has also doubled the number of Asian-American women in campus presidential roles, and has five Latino and three African-American presidents leading its campuses. More on Cal State’s push for diverse leadership at campuses is available on the Inside Higher Ed website.

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Hedge Accounting Proposal Coming Later This Summer

On June 9, the Financial Accounting Standards Board (“FASB”) announced that proposed updates to its hedge accounting guidance will be released in either August or September. FASB research staffers plan to submit the proposal’s latest version at a meeting in July reflecting changes offered during the “fatal flaw” review. Such reviews are commonly held prior to the FASB release of a key proposed or final update. FASB Technical Director Susan Cosper does not expect staff members to present new issues during next month’s meeting, but rather suggest the FASB to revisit the transaction guidance.

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Conclusions from EITF’s June 10th Meeting

The following are the conclusions reached at last week’s Emerging Issues Task Force (“EITF”) meeting: Final Consensus: 15-F, “Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments.” Consensus-for-Exposure: 16-B, “Employee Benefit Plan Master Trust Reporting.” The Financial Accounting Standards Board (“FASB”) will likely discuss these conclusions at a meeting later this month. If the consensus-for-exposure receives FASB approval, it will be issued for comment. If the final consensus receives FASB approval, it will become authoritative upon its inclusion in the FASB Codification. The EITF’s next meeting is scheduled for Thursday, July 21.

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