Limited Proposal Coming for Payments in Collaborative Arrangements
The Financial Accounting Standards Board (“FASB”) plans to issue for public comment a limited proposal that clarifies when to account for payments in collaborative arrangements as revenue. The proposed amendment to Topic 808, Collaborative Arrangements, would state that certain transactions between collaborative partners that are separate from third-party sales can create revenue that is accounted for consistent with Topic 606, Revenue From Contracts With Customers. FASB members unanimously approved releasing the proposal after reviewing feedback from its December workshops with auditors and companies. Members rejected calls for more specific guidance, stating that it would be tough to establish such guidance for. Read More.
Cherry Bekaert Managing Director Moderates NC TECH Talk Panel
Earlier this month at NC TECH TALK LIVE in Cary, North Carolina, Jonathan Kraftchick, CPA, moderated the “Ethics in Artificial Intelligence” panel discussion. Kraftchick, Managing Director of Training and Development for Cherry Bekaert’s Assurance & Accounting Services, shared his thoughts on the challenges and questions artificial intelligence raises in the technology sector. A recap of the panel discussion is available on the NC TECH website.
Lawsuit Reveals High Price for College Consulting Services
A recent lawsuit has revealed the price some college consulting companies will charge to help students get into the school of their dreams. According to the lawsuit, New York-based private college counseling firm Ivy Coach charged a woman $1.5 million to help her daughter apply to 22 prestigious colleges and seven boarding schools she eyed for high school before applying to college. While the daughter was granted early admission to an Ivy League school, the lawsuit says the mother still owes half of the fee. Ivy Coach argues that due to the remaining balance, it has lost opportunities to engage. Read More.
AICPA Board Could Revise Benefit Plan Audit Proposal
The American Institute of Certified Public Accountants’ Auditing Standards Board could revise a proposal for audits of benefit plans under the Employee Retirement Income Security Act of 1974 (“ERISA”). At a meeting last month in New Orleans, the board discussed possible changes after reviewing comment letters on Proposed Statement on Auditing Standards: Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA. The proposed standard aims to help auditors understand their role and provide interested parties additional information on auditors’ responsibilities, especially in circumstances when the audit’s scope is limited. After previous talks on submitted. Read More.
7th Annual Local Government Benchmarking Survey
What new regulatory issues are most impactful to your entity? How is your entity addressing baby boomer retirement and staffing needs? Is your entity concerned about cybersecurity? Tell us about these issues and more! Speak your mind and let us know what is going on in your local government. The survey should take approximately 15 minutes to complete. Five (5) survey respondents will be randomly selected to win a free week of meals from Blue Apron ! Offer expires March 13, 2018. Recipients will be contacted by email 4 to 6 weeks after the survey closes.
Paul Sobel Named COSO Chairman
The Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) has appointed Paul Sobel as the organization’s new chairman. Knowledgeable on matters such as governance, enterprise risk management, and internal control, Sobel was selected due to his distinguished background in corporate spaces and professional services. He will serve a three-year term effective February 2018. Currently the vice president and chief audit executive at Georgia-Pacific, Sobel manages the company’s internal audit function and provides oversight and guidance regarding risk management and compliance programs. Sobel was on the Advisory Council for the recently updated COSO Enterprise Risk Management Framework. His background also. Read More.