Recently, BDO Alliance USA released their 2015 Technology Outlook Survey of 100 chief financial officers at U.S. technology companies. This survey found that last year, the technology industry experienced a robust deal environment and a high volume of investments flowing into companies. This positive environment has caused has caused CFOs to remain optimistic about the year ahead. Although CFOs are optimistic, they are cognizant of the factors that could inhibit business growth for 2015.

The AICPA has released guidance regarding use of the recently released, updated mortality tables in computing benefit liabilities for EBPs. This guidance is in the Technical Question and Answer (Technical Q&A) under Section 3700, Pension Obligations, Section 3700.01, Effect of New Mortality Tables on Nongovernmental Employee Benefit Plans (EBPs) and Nongovernmental Entities That Sponsor EBPs (Technical Q&A 3700.01).
On December 16, 2014, the President signed into law the Multiemployer Pension Reform Act of 2014 (MPRA), which was part of the Consolidated and Further Continuing Appropriations Act of 2015. MPRA reflects many of the recommendations that had been specifically suggested by joint business and labor leaders via the National Coordinating Committee for Multiemployer Plans(NCCMP). The MPRA makes sweeping changes to current law governing multiemployer pension plans.
Social Security numbers (SSNs) in employee benefit plans (EBP) are a topic of growing concern for multiple reasons. Employee benefit plans are faced with SSNs that belong to individuals who are deceased, that belong to other individuals, and some that are invalid altogether. In the September 11, 2014 session on Retirement Hot Topics, Internal Revenue Service (IRS) representatives indicated that with over 200 million SSNs issued, approximately 40 million of those numbers are erroneously connected to more than one person.
If your company has achieved success and you are weighing the decision to go public, you’ll need to weigh the pros and cons to determine what is best for your business.
If you are considering going public, you’ll need to first carefully weigh both the advantages and drawbacks of this process. Let’s start by taking a look at six advantages.
If your company is successful and poised for continuous growth, you may be considering taking it public. Every founder of a privately owned business has individual preferences and goals which motivated the original investment of time, money, and energy in the enterprise. However, your business and personal objectives can change, and capital to expand the business and personal liquidity may now be among your top priorities.
The key argument for proposing to remove the exception for intra-entity transfer of assets is the purported complexity when intangible assets are transferred or sold in intra-entity transactions. For example, intra-entity transfer of indefinite-lived intangible assets and goodwill may trigger a net tax effect to be deferred on the balance sheet and amortized into income tax expense over the remaining amortization period (if any) or economic useful life.
On Jan. 22, 2015, the Financial Accounting Standards Board (FASB, or “Board”) issued an Exposure Draft (ED) to solicit public comments on two proposed changes to ASC 740, Income Taxes: (1) remove the intra-entity asset transfer exception, and (2) remove the “current” classification of deferred taxes. The Board also decided on a transition method, transition disclosure, and an effective date. The Board is seeking comments on the ED by May 29, 2015.
Cloud computing has rapidly grown in acceptance as one of the most efficient and flexible ways for organizations to better manage their complex IT needs. From improving organizational flexibility and decreasing the need for a complex internal IT infrastructure, there’s no doubt that the cloud offers significant advantages. However, like any new technology, it comes with its own set of legal and regulatory risks that must be investigated by conducting an internal audit. Here are the top 5 internal audit considerations to keep in mind before making the shift to the cloud.