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FASB Memos Shed Light on Private Company Revenue Recognition Issues

Two FASB staff memos issued last month provide insight to private company financial statement preparers on how to overcome implementation challenges that some have encountered with the new revenue recognition standard. The memos address concerns raised in a letter sent to FASB in January by the AICPA Technical Issues Committee (TIC). In the letter, TIC requested private company exceptions to certain elements of Accounting Standards Update No. 2014-09, Revenue From Contracts With Customers...

TAX's Refund Fraud Team Stopped More Than $40 Million in Fraudulent Returns in 2017

Just in 2017 alone, the Virginia Department of Taxation (TAX) evaluated approximately 2.8 million individual income tax returns, stopping more than $40 million in fraudulent returns. TAX takes its job of protecting Virginia taxpayers from a variety of threats, including tax refund fraud, very seriously. The agency has a = team of experts — called the Refund Fraud Team — developing cutting-edge technology to stay one step ahead of sophisticated identity theft and tax fraud schemes.

How Human Resources Is Critical In a Best Practices Compliance Program

While many practitioners do not immediately consider HR as a key component of a compliance solution, it can be one of the lynch pins in spreading a company’s commitment to compliance throughout the employee base. HR can also be used to "connect the dots" in many divergent elements of a compliance and ethics program.

Inside Top Employers' Strategy to Keep Talent: Better Benefits, Competitive Compensation

Leading employers are finding ways to invest in their talent pool and help employees, particularly entry-level and low-wage workers, climb the ladder and rise to the top. There are a disproportionately large number of entry-level jobs in the retail sector, says Kathleen McLaughlin, a senior vice president at Walmart. The question is, what happens to them after that? Do they stay at that level forever?

Nonprofit Jobs: Less Stress, Just as Much Work

When speaking with CFOs who are approaching the midpoint or latter stages of their careers, I often hear the desire to find more meaning in their work beyond what they’re getting in their current roles. This sometimes leads to a discussion about the possibility of joining a nonprofit organization, either as a financial leader or CEO.