Technology and Health & Life Sciences
Industry-Specific Revenue Standard Implementation Guidance Proposed
On July 3, the American Institute of Certified Public Accountants’ Financial Reporting Executive Committee released four working drafts on the Financial Accounting Standards Board’s revenue recognition standard. The working drafts are tailored to the following four industries: Airlines. Working Draft: Airlines Revenue Recognition Implementation Issue #2-1: Regional Contracts addresses capacity purchase agreements established by major airlines with regional carriers to reach smaller markets. The working draft applies the guidance in Topic 840, Leases, to the aspects of a capacity purchase agreement that are not deemed leases. In addition, the working draft instructs air carriers how Topic 606, Revenue From Contracts With Customers, is to be employed to review the various. Read More.
Topics: AICPA, Airlines, American Institute of Certified Public Accountants "AICPA", FASB, Financial Accounting Standards Board "FASB", Financial Reporting Executive Committee "FinREC", Gaming, Health Care, Proposed Implementation Issues, Revenue from Contracts with Customers (Topic 606), Revenue Recognition, Telecommunications, U.S. GAAP, Working Drafts
Roaring Twenties Nomination Period is Now Open
Do you know a South Carolina-based company that is a catalyst for growth? Nominate them for this year’s South Carolina Roaring Twenties awards, hosted by SC Biz News (“SCBIZ”) and Cherry Bekaert LLP! The annual awards celebrate the success of thriving middle-market companies in South Carolina. Twenty large companies and 20 small companies will be selected and honored at an event on Thursday, October 19, as well as featured in the winter issue of SCBIZ magazine. To nominate a fast-growing company in South Carolina , visit the SC Biz News website. Nominations must be submitted by Friday, April 21. For questions about the Roaring Twenties awards, please. Read More.
Final Overtime Rule on Hold
A November 22 preliminary injunction has blocked the Final Overtime Rule scheduled to become effective Thursday. Last week’s ruling by Federal Judge Amos Mazzant determined that the Department of Labor overstepped its authority by amending the salary threshold for employees exempt from overtime pay. The overtime rule would have increased the salary level for exempt white collar employees to $913 per week. Nearly two dozen governors and attorneys general challenged the overtime rule. Judge Mazzant sided with the plaintiffs, saying that the Department of Labor could not create a distinct standard for overtime eligibility. The Department of Labor is likely. Read More.
Finance Executives: The New Overseers of Innovation
To help their companies thrive in a fiercely competitive economy, finance executives need to do more than just support innovation. They must model it. How they can successfully do so—and why it’s a necessity—is the focus of a new study conducted by CFO Research, in collaboration with CPA firm Cherry Bekaert. The survey, based on data from 161 finance executives at middle-market companies (defined as having revenues of up to $1 billion), details the finance function’s changing role in the innovation process: what’s fueling its growth, how the focus on innovation is rapidly reshaping their companies and which skills finance. Read More.
How Finance Executives Earned Supporting Roles in Innovation
It’s now part of the CFO’s responsibilities to monitor and assess the state of the company’s innovation efforts, making sure that it can access the resources it needs, whether in-house or through a strategic partnership. In an atmosphere that requires a creative mindset throughout the business, CFOs need to help scrutinize ideas, looking for the most valuable and potentially profitable nuggets. The CFO’s rapidly emerging role in corporate innovation is revealed in a new survey conducted by CFO Research, in collaboration with CPA firm Cherry Bekaert. The study, based on data from 161 finance executives at middle-market companies (defined as. Read More.
Survey of Finance Executives: Innovation, too, Takes a Village
On their way to earning the label of “disruptive,” breakthrough innovations may look like they lack the potential to earn big profits. But what’s critical, say finance executives at middle-market companies, is to start with, and follow, customer needs. Such insights are among the revelations contained in a recent survey conducted by CFO Research, in collaboration with CPA firm Cherry Bekaert. The study, which is based on data from 161 finance executives at companies with revenues of up to $1 billion, found that even with the ascendancy of Big Data, half of respondents believe that developing new products and services. Read More.