New disclosures, new judgments, new frameworks to make judgments all are coming soon as FASBs new revenue recognition standard hurtles into reality by 2017. Accounting departments looking to start implementation soonwhich is anyone planning retrospective reporting of financialshave some big, crucial decisions to make about IT systems, vendors, and business strategy overall. Our rundown of whats to come in the next six months is inside.

Source: mobile.complianceweek.com

While it is true that the new revenue recognition rules are more judgment based, the article overstates the lack of structure.  Clearly audit committee members need to learn these new standards soon.  See also my prior discussion at  http://tatetalk.com/2014/05/29/fasb-iasb-release-historic-revenue-recognition-standard/

Dave Tate

The real estate investment trust Ventas has dismissed Ernst & Young as its auditor after E&Y determined that it lacked independence because of an inappropriate personal relationship between an E&Y partner and Ventas s former chief accounting officer and controller.

Source: www.accountingtoday.com

A tough decision requiring a new independent audit for the years in question. I would want to see a review of the processes for evaluating auditor independence by the audit committee, the company’s executive management, and EY. Dave Tate

Source: www.ethicalcorp.com

In the ‘70s classic movie, “Duel,” a seemingly driverless tanker truck terrorizes an innocent salesperson driving to his next call along a remote stretch of highway. Could a driverless big rig – minus the stalkerish behavior – be part of our future? Daimler Trucks thinks so. In fact, it’s betting big on it and showed its ante with the introduction of its Future Truck 2025 earlier today in Germany. Using the truckmaker’s Highway Pilot system, the prototype semi-truck is capable of driving itself while hauling a full load at speeds exceeding 50 mph, according to the company.

Source: autos.yahoo.com

Cybersecurity as a D&O Liability Issue: I have noted in prior posts on this site (refer for example here) that cybersecurity represents, among other th

Source: www.dandodiary.com

Updated risk and uncertainty management processes guidelines, Risk & Uncertainty Management – Processes & Oversight Dave Tate Esq 07052014. In addition to guidelines and papers, and there a…

Source: tatetalk.com

A report on executive attitudes concludes there is a significant risk of fraud, a number of executives may be willing to engage in unethical conduct and

Source: www.secactions.com

In the face of growing threats, financial services firms must employ

Source: www.insurancethoughtleadership.com

San Diego plans to purify up to 83 million gallons of wastewater per day.

Source: www.utsandiego.com

By Rachel Dovey. On  June 17, Oakland became the latest West Coast city to oppose crude oil transport by train. The city council’s unanimous vote had the ring of mere formality; the federal Department of Transportation is supposed to regulate railways. But with dozens of accidents in the last year alone and little enforcement by DOT, municipal …

Source: www.publicceo.com