The frequency of cyberattacks and information security incidents in today’s market makes information technology controls vital. Many organizations may already have an information security framework that they use or a firm grasp on their activities that carry the highest cyber risk. But even if your cybersecurity “house” is in order, you may be unwittingly opening up your organization to cyber risks through your complex transactions.
Topics: cybersecurity, cyber attacks, Ray Gandy, cyber security, IT Security, information security risks, data privacy, information security
The Financial Accounting Standards Board (FASB) affirmed its decision to delay the effective dates of several complex accounting standards for certain entity types. Decisions reached in the Oct. 16, 2019 meeting will push back the effective date for lease accounting, credit loss impairment, and derivatives and hedging changes for private companies, not-for-profit organizations, and smaller reporting public companies. The board’s decisions will be formalized with the issuance of a written ballot. It is expected that the FASB will release the written ballot next month.
Topics: FASB, Financial Accounting Standards Board, Lease Standards, CECL
A New York U.S. District Court recently dismissed a case that challenged federal limits on state and local tax deductions. Certain high tax states have long taken issue with the tax reform change that placed a $10,000 “cap” on individual taxpayer deductions for state property taxes and state and local income taxes. The opinion issued in late September deals another hit to the effort to overturn the provision. In June, the IRS put an end to state attempts to bypass the cap through workarounds such as state tax credits. It appears that for the time being, the state and local tax (SALT) cap is here to stay.
Topics: State tax, Sales Tax, sales and use tax, state and local tax (SALT), new england state and local tax, SALT cap tax, Ann Brown
