Technology and Health & Life Sciences
AICPA Task Force Releases White Paper on Technology & Auditing
In its efforts to create a conceptual framework and guidance on how technology impacts internal and external reporting, the American Institute of Certified Public Accountants’ (“the Institute”) Assurance Services Executive Committee Emerging Assurance Technologies Task Force has released, Re-imagining Auditing in a Wired World. Published as a white paper document, the guidance offers insight on the future of reporting and auditing systems, as well as the benefits of technology related to auditing processes. For a copy of Re-imagining Auditing in a Wired World , visit the Institute’s website. Cherry Bekaert offers Assurance services that go beyond checking the boxes, and our Technology & Life Sciences industry. Read More.
Ray Quintin featured in Tampa Bay Business Journal
In today’s “One Question, One Minute” segment on the Tampa Bay Business Journal website, Cherry Bekaert’s Ray Quintin was highlighted as the guest participant. Quintin, an Audit Partner in the Firm, recently moved to Cherry Bekaert’s Tampa office. Aside from his video appearance, Quintin’s transition and interest in biotech companies will be featured in the weekly magazine’s June 13th edition. To see Quintin’s appearance, click here .
IASB and FASB Announce Joint Revenue Standard
Issued today, the International Accounting Standards Board (“IASB”) and Financial Accounting Standards Board (“FASB”) have released a joint standard on revenue recognition from contracts with customers. This is a major accomplishment of the work to converge a key area of financial accounting between International Financial Reporting Standards and U.S. GAAP. Accounting Standards Update (“ASU”) 2014-09 provides enhancements to the quality and consistency of how revenue is reported. The IASB and FASB’s new standard will require the recognition of revenue as goods or services are transferred to customers in amounts that reflect payment the company expects to receive in exchange. In addition. Read More.
Public Technology Companies Show Increased Market Performance
Positive news came to the technology industry, as performance of various sectors within the industry reveals growth performance, according to Hyde Park Capital. In a recent report on Technology M&A, all sectors of the technology industry experienced a positive public stock market performance. Of the largest gains, Internet was up 45 percent, Software-as-a-service (SaaS) grew 33 percent, and IT Services were up by 22 percent. This performance gain for technology companies might signal future M&A growth activities to come. Read more on the trends and activities in the technology industry by clicking here .
Permanent Tax Extender Bills to Lower Federal Revenues
Earlier this week, The Committee on Ways and Means approved six bills that are expected to lower federal revenues by $310 billion over the next ten years. Referred to as ‘tax extenders’, the bills permanently extend several expired business tax provisions and specifically address the following: Research and experimentation tax credit (H.R. 4438); ‘Look-through’ treatment for controlled foreign corporations (H.R. 4464); Subpart F exceptions for active financing income (H.R. 4429); Increased Section 179 ‘small business’ expensing limits (H.R. 4457); A reduced recognition period for S corporation built-in gains (H.R. 4453); and Basis adjustments to stock of S corporations that provide. Read More.
AICPA-Supported Act Passes the House
With support from the American Institute of CPAs (“AICPA”), the U.S. House of Representatives unanimously passed the Digital Accountability and Transparency Act (“DATA Act”) on Monday. With its passing, the DATA Act creates the groundwork to publish federal spending information and places into law key elements of President Barack Obama’s Open Data Policy. The DATA Act also makes technology like Extensible Business Reporting Language and XBRL more available for financial reporting. “This is a good-government bill that will provide taxpayers and policy makers alike with more transparent access to information about how federal agencies spend taxpayer dollars. We are especially. Read More.