- The SEC recommends organizations should evaluate cyber frameworks and business processes to address cyber-related fraud risk and related controls
- The FASB unanimously agreed to clarify an aspect of the board’s credit loss standard to ensure that community banks and credit unions have enough time to apply it properly. The accounting board wants to publish by the end of the year an amendment to U.S. GAAP that will align the implementation date for nonpublic entities’ annual financial statements with the implementation date for their interim financial statements.
- The FASB updated U.S. GAAP to add a new interest rate from the market for U.S. Treasury repurchase contracts to the list of accepted benchmark rates for hedge accounting. The update follows a decision by a panel sponsored by the Federal Reserve and the Treasury Department to introduce the Secured Overnight Financing Rate Overnight Index Swap Rate as an alternative to the London Interbank Offered Rate, which had historically been the most widely used benchmark interest rate in global capital markets until a price-fixing scandal was exposed in 2012.
- On the eve of when private companies must adopt the FASB’s new revenue recognition accounting standard, the board plans to host a webcast to answer last-minute questions and offer implementation advice. Private companies must comply with the new revenue standard in 2019.
- In this on-demand webinar, Baker Tilly SOC specialists discuss some of the most significant changes to the criteria since the development of the SOC 2® report.