- FASB has released a new accounting standard that provides much-needed guidance on management’s responsibility in evaluating and disclosing adverse conditions or events that raise substantial doubt about a company’s ability to continue as a “going concern.” The guidance, published in ASU 2014-15, Presentation of Financial Statements — Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, applies to all companies that prepare their financial statements in accordance with US Generally Accepted Accounting Principles (GAAP). This article details the new guidance.
- Baker Tilly's financial services industry specialists review internal controls best practices in the Internal Controls 2014 webinar.
- During this webinar you will hear about both public and private companies that have been affected and receive both a process and legal point of view.
- A SOC 2 report is an independent examination of a service organization’s controls over its system’s security, availability, processing integrity, confidentiality, and privacy.
- After many years of discussion, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) issued the long awaited and converged revenue recognition standard on May 28. This standard has the potential to be one of the biggest changes ever in financial reporting because it impacts virtually every financial statement issued in the world.
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