Industry News & Updates

Stay current on the latest in the industry

Industry News & Updates

Stay current on the latest in the industry

Idle Facility/Capacity Update – Increased Government Focus

Jul 31, 2024 | Government Contract Regulatory Compliance

Over the last few years many government contractors have been evaluating and adjusting their office footprint as a result of increased remote work. During this time many have been wondering when the Defense Contract Audit Agency (“DCAA”) would shift their focus to idle facilities and how they would evaluate the allowability of facilities costs under applicable regulations. During and after COVID, DCAA was generally not focused on this area; however, now they are taking a closer look at facility costs as contractors are beginning to receive questions and document requests.

Important IFRS Update on Income Statement Presentation (with GAAP Comparison)

May 20, 2024 | Complex Accounting and Risk Management

The International Accounting Standards Board (IASB) has introduced a new standard, IFRS 18, Presentation and Disclosure in Financial Statements, which is set to redefine financial performance reporting by improving the usefulness of information presented and disclosed in financial statements to enable better investment decisions. IFRS 18 introduces new requirements to improve companies’ reporting of financial performance and provide investors a better basis for analyzing and comparing companies’ statements through improved comparability in the income statement, enhanced transparency of management-defined performance measures, and more useful grouping of information in the financial statements.

The Changes to Rule 702 From a Damages Expert’s Perspective

Feb 27, 2024 | Disputes and Investigations

Since its enactment in 1975, Rule 702 of the Federal Rules of Evidence has sought to redirect standards for the admission of expert testimony from a focus on “general acceptance in the profession” to one that places a greater emphasis on whether it is “scientifically valid and properly…applied to the facts at issue.” Amendments enacted in 2000 and 2011 have sought to clarify how judges are to assess the reliability of proffered testimony, either through the addition of factors to be considered (e.g., the Daubert standard, which also charged judges to serve as gatekeepers to exclude unreliable expert testimony) or by making the rule more easily understood and consistently applied.

Post-Implementation Review of Topic 606 Roundtable Observations

Feb 6, 2024 | Complex Accounting and Risk Management

The FASB post implementation review (“PIR”) of ASC 606 is a process that evaluates the effectiveness of the revenue recognition standard that was issued in 2014 and became effective for most entities between 2018 and 2020. The PIR aims to assess whether the standard meets its objectives of providing useful information about the nature, amount, timing, and uncertainty of revenue from contracts with customers, and whether it improves comparability across entities and industries. The PIR also considers the costs and benefits of applying the standard, and whether there are any unintended consequences or areas of difficulty in implementation.