About that new FASB revenue recognition standard . . .
This morning, I made a short presentation on the new FASB-IASB revenue recognition standard, Revenue From Contracts With Customers, now at FASB Codification Topic 606. The slides appear below this post. At the moment, Topic 606 will be effective for public company year ends beginning on or after January 1, 2017. We’ll see whether this effective date […]
SEC loses laptops. IRS, EPA lose emails. CDC loses Ebola. What next?
What times are these when supposedly uber-competent government agencies lose control of, well, mission-critical stuff like laptops, emails, and deadly viruses? What’s next? The SEC OIG says hundreds of laptops are unaccounted for. The good news is that OIG has disclosed they’re missing. Bad news? While the IRS and EPA “lose” only emails, the SEC loses […]
Which changes in accounting principle are material?
What misstatements or omissions are “material” and which are not? With the recent roll-out of the SEC’s new whistleblower regulations, it is a popular question among companies and prospective whistleblowers. This brief summary offers insights into this important topic as it applies to changes in accounting principle. First, despite recent IFRS rumblings, SEC regulations require […]