The Financial Accounting Standards Board (FASB) met on March 14, 2018 for the first time in 20 months to discuss Topic 832: Disclosures by Business Entities about Government Assistance. Given that so much time has passed between now and the last formal meeting and the Board turnover, the Board decided to make this an educational session where no formal decisions would be made.
5 Technology Tips: Preparing for Disclosures on Tax Credits & Incentives under FASB 832
In conjunction with ACT - the Tax Technology Association, we recently hosted a webinar to discuss the new disclosure requirements under FASB Topic 832 and how to prepare from a technology standpoint. While many have forgotten about this ASU (accounting standards update) due to tax reform and other accounting standards affecting tax, it's set to be finalized by June 30, 2018.
Infographic - FASB Topic 832 Timeline (updated)
Next-Level Innovation for Tax & Finance: A Fresh Perspective
In a digital era where software is eating the world, the vast majority of public companies are struggling to stay current when it comes to deploying new technologies in their tax and finance departments. It’s true that one of the primary duties of the chief financial officer is to de-risk the enterprise, but at what cost when they are losing competitive advantage due to slow adoption of new technology?
2017 FEI CFRI Conference
We'll be attending this year's 2017 Financial Executives International's 36th Annual Current Financial Reporting Issues Conference in New York City on Nov. 13-14. As our first sponsorship of an FEI conference, we're really looking forward to engaging with all the attendees and showcasing our new technology that just won us accolades as a top 100 most innovative RegTech company in the world.
FASB Nears the Finish Line on Materiality
The Financial Accounting Standards Board (FASB) has been working through a project on materiality for the past year-and-a-half, because up to now, there has been no explicit U.S. GAAP accounting standard for the accounting of government assistance.
Materiality is integral to Topic 832, Accounting Standards Update, Government Assistance in terms of defining a threshold for which government incentives will ultimately have to be disclosed.
BIGcontrols Receives Big Ranking
It’s estimated that the United States has over 27 million entrepreneurs. So when Konsus recently released a list of top technology startup pitch decks and ranked BIGcontrols number 23, it says a lot about BIGcontrols and the value behind the mission of our company. Konsus based their listing on our presentation at 500 Startups, a leading technology incubator and investor which attracts the best and brightest technology innovators.
FASB Topic 832 Redeliberations
The Financial Accounting Standards Board (FASB) convened on May 4, 2016 for the first time after the Exposure Draft Comment Period closed on Topic 832 to discuss feedback from staff on the comment letters and other input from various outreach performed by the staff. Overall most stakeholders are supportive of the FASB's efforts to increase transparency in government incentives & address the diversity in practice that exists today in accounting for government assistance.
Infographic - FASB Topic 832 Timeline
99% of Companies Subscribe to this Proverb
According to Wikipedia, the source that popularized this pictorial maxim is a 17th-century carving over a door of the famous Tōshō-gū shrine in Nikkō, Japan. The three wise monkeys symbolize the proverbial principle "see no evil, hear no evil, speak no evil". There are many meanings associated with this proverb and it's often used to describe someone turning a blind eye.
FASB to Redeliberate Disclosures on Government Incentives
The Financial Accounting Standards Board (FASB) has been deliberating its project for a proposed Accounting Standards Update (ASU), Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance since January 29, 2014. BIGcontrols, submitted a comment letter on the FASB's Exposure Draft for Topic 832 on the February 10, 2016 deadline.
The Elephant in the Boardroom
Part 3 of a 3-Part Series
I just returned from the Credits & Incentives Symposium, hosted by IPT (Institute for Professionals in Taxation). One of the consistent themes I heard in many of the sessions I attended was a concern around compliance management of tax credits & incentives - from both industry and government agencies.
The Elephant in the Boardroom
Part 2 of a 3-Part Series
The Financial Standards Accounting Board (FASB) is about to issue an Exposure Draft on its project “Disclosures by Business Entities about Government Assistance”. One of the primary objectives of the FASB’s project on new disclosure requirements for government incentives is to provide transparency where none exists today.