FASB’s Statement No. 123(R) Deemed Necessary
Using input from investors and various financial statement users, a Post-Implementation Review (“PIR”) team recently shared conclusions from its assessment of Financial Accounting Standards Board Statement No. 123(R), Share-Based Payment. Based on its review, the PIR team concluded not only does the standard meets its purpose and offers useful information, but Statement No. 123(R) also: tackled concerns that companies were not acknowledging the cost of employee services obtained in return for share-based payment awards; improved comparability and streamlined accounting for share-based payment transactions by removing alternative accounting methods that were previously allowed; and united accounting methods for share-based payment transactions. Read More.
Consultant Asks Nonprofits to be Wary of Strategic Planning
In a blog post this week, nonprofit consultant Erik Anderson expressed his thoughts on the drawbacks of strategic planning. Referencing a white paper issued by The Nonprofit Center at La Salle University’s School of Business, Anderson suggested when nonprofits should not utilize strategic planning. Such situations include the onset of a financial crisis, when a nonprofit’s board believes the executive director isn’t right for the organization, ongoing tension and a persistent “we don’t do it that way” attitude. In response, Anderson advised those considering strategic planning to incorporate top stakeholders in discussions, research about different planning models and hire an. Read More.
Another Delay for SAM?
System for Award Management (SAM) is a federal government database that will eventually combine the data from multiple databases or systems to provide a single portal for contractors, grantees, and federal agencies. In July 2011, eight systems were projected to be included in SAM by the end of 2014. Currently, only four systems, Central Contractor Registration (CCR), Online Representation and Certifications Application (ORCA), Excluded Parties List System (EPLS) and Federal Agency Registration (FedReg) have been combined. On July 31, 2014, the president issued an Executive Order (Order): Fair Pay and Safe Workplaces . It requires federal contractors submitting an offer for a contract of goods. Read More.
Topics: Administrator of General Services Administration "GSA", Central Contractor Registration "CCR", Data Collection, Director of Office Management and Budget "OMB", Excluded Parties List System "EPLS", Fair Pay, Federal Acquisition Regulation "FAR", Federal Agencies, Federal Agency Registration "FedReg", Federal Awardee Performance Integrity Information System "FAPIIS", Federal Government, Government Contractors, Online Representation and Certifications App;ication "ORCA", Secretary of Labor, System for Award Management "SAM", U.S. Department of Labor, Workplace Safety
SEC Announces Initiative to Evaluate Municipal Advisors
In a press release Tuesday, the Securities and Exchange Commission (“SEC”) announced the start of its Office of Compliance Inspections and Examinations’ (“the Office”) exam initiative for newly regulated municipal advisors. As part of the initiative, the Office will review municipal advisors in areas like compliance with fiduciary duty to municipal entity clients, books and recordkeeping responsibilities, fair dealing and disclosure. The examinations are planned to take place over the next two years. To view the press release , visit the SEC website. Also discover how Cherry Bekaert can assist with SEC Audit services .
AICPA Grows to 400,000 Members
In a landmark achievement, the American Institute of Certified Public Accountants (“AICPA”) has announced it now has over 400,000 members. Attributed to this milestone is the AICPA gaining over 70,000 new members internationally in the past nine years. Reflecting on the membership success and its impact on AIPCA members, President and CEO Barry Melancon shared his thoughts in a short video on the organization’s website.
The Economist Examines Use of Grading Curves
While reviewing Ivy League schools’ academic trends over a 45-year period, an article by The Economist examined the effect of using a grading curve. Per the reported data, each Ivy League school had experienced significant increases in their median grade. Conversely, the article explored Wellesley College’s anti-inflation initiative of not using a curve. Presented in 2004, the policy applied to Wellesley’s introductory and intermediate courses, and mandated that the average grade must be capped at a B-plus. As a result, students in departments that previously graded more generously were less likely to receive an A. For the full story , visit The. Read More.