- Baker Tilly’s financial services specialists examined the increased regulatory scrutiny on evaluation of third party service providers, options available for vendors to provide independent third party assurance reporting, and the tenets of an effective vendor management program including: risk assessment, vendor due diligence, contracting and onboarding, and ongoing monitoring.
- In 2014, the Financial Accounting Standards Board (FASB) issued eighteen Accounting Standards Updates (ASUs). There are several major areas expected to be updated in 2015, including leases, disclosure framework, and accounting for financial instruments. To help you review the most recent updates, links are provided to the detailed FASB information for each of the 2014 ASUs.
- In Internal Revenue Bulletin 2014-47, the Internal Revenue Service published Rev. Proc. 2014-59 (loss payment patterns and discount factors) and Rev. Proc. 2014-60 (salvage discount factors) for 2014.
- A round-up of some of the more meaningful developments in unclaimed property in 2014.
- NAIC adopted Statement of Statutory Accounting Principles No. 107, Accounting for the Risk-Sharing Provisions of the Affordable Care Act (SSAP No. 107), as previously exposed.
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