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Materiality is a concept underpinning the very foundation of financial reporting and transversely the transparency needed to support efficient capital markets. Finance leadership, their auditors, courts and numerous regulatory bodies all depend on the concept of materiality each day. Not surprisingly, with so much depending on the concept…
This week we have guest blogger, Raj Pillai, CPA, Senior Manager of Business Development for Brilliant Management Resources, and former Big 4 hiring manager who specialized in U.S. GAAP, SEC regulations, and audits for SEC clients, taking over for A Brilliant Blog – Check In With Jim to discuss the challenges associated with SEC and Financial Reporting.
As of Jan. 1, 2018, all private companies (Jan. 1, 2017 for public companies) will face a new revenue recognition standard put forth by the FASB and IASB, in efforts to remove inconsistencies between the two boards and to force companies to more efficiently report revenue.
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