Weekly News Round Up: FASB Issues Final Standard on Revenue Recognition; Middle Market M&A Surges; and Maryland Vs. Wynne Case
June 2, 2014
Welcome to the Weekly News Round Up from the SC&H blog. Each week, we showcase a series of news stories that span everything from government contracting to personal finance to state and local tax issues.
This week, we have compiled stories about the FASB and IASB issuing a final standard on the recognition of revenue from contracts with customers. In addition, government contractors are feeling more confident about FY 2015, and more about the Maryland vs. Wynne case.
Standard Setters Issue Final Revenue Recognition Rule
After more than a decade of deliberation, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) issued a final standard on the recognition of revenue from contracts with customers.
Government Contractors Buoyant About Fiscal 2015
Federal government contractors are expecting a 14 percent uptick in revenue, according to respondents to the latest Clarity GovCon industry survey from Deltek.
Middle Market M&A Is Surging; Are Company Owners Prepared?
Forbes ran this piece about how middle market M&As are beginning to surge, which is catching some business owners ill-prepared for offers.
How Sustainability Can Boost M&A Profits
Companies can leverage sustainability competencies to improve their deal processes, according to this recent CFO Magazine article.
Survey: Inspections Trump Framework for Control Fixes
Inundated with internal control changes falling out of regulatory inspection results, public companies are taking their time getting a new internal control framework into place before the old one expires later this year, according to a recent study.
The Perils of Silos in Risk Management
In extreme cases, silos can become miniature ecosystems, each with its own risk culture and practices, which can lead to significant challenges.
Wynne – U.S. Supreme Court Agrees To Hear This Maryland Case
In last week’s orders, the U.S. Supreme Court issued its grant of certiorari in the Comptroller of Maryland v. Wynne case. The case considers Maryland’s taxation of residents’ non-Maryland interstate commerce income via the provision that does not grant credit against a portion of the Maryland tax for the income taxes paid to other states on the interstate business income.