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Many companies who have suffered damages to their property have experienced business interruptions for some time. Most of those companies have insurance policies covering damages to property and interruptions caused by these natural disasters. Accounting for insurance recoveries depends in the nature of the claim.

Many private and public companies are struggling to implement the ASC 606 revenue recognition standard. Progress is slow, while the deadline — at least for public companies — is approaching quickly. The new standard will be effective in the first quarter of 2018 for calendar-year public companies and in 2019 for nonpublic entities.

A new report issued by the United States Government Accountability Office (GAO) examined trends in small business contracting and the use of SBA programs in Puerto Rico from fiscal years (FY) 2006 through 2016.

The current populist groundswell signals a belief that economic systems aren’t serving the right groups, and scarce resources and attention are going elsewhere. Resentment directed at business already has implications in policy. Tax and regulatory reforms are on the legislative table, and momentum for trade restrictions is building.

President Trump met with a group of community bankers in March 2017, and stressed the need to reduce the regulatory burden on financial institutions and indicated a desire to tailor regulations more to the size of banks.

Businesses today need to become proactive rather than reactive to cybersecurity attacks. It starts by understanding what is important for the business to grow and thrive. Those that fail to enact a strategic approach like, defining roles, valuing assets, identifying internal and external attacks or adapting to new technologies, will continue to be stuck at cybersecurity.

The AICPA introduced a new cybersecurity risk management reporting framework, which will create a common language that can be used to communicate about, and report on, cybersecurity risk management efforts.

At companies, the development of a strong and pervasive working capital culture lays the groundwork for a more efficient organization that generates higher growth and improved profitability.

With the SEC heightening its scrutiny of organizations’ cybersecurity processes and new technologies also creating new channels for cyberattacks, the need is greater than ever for audit committees to be a more integral part of cybersecurity management efforts.

Learn the advantages of having a well-developed business plan for your business.