20 revenue recognition working drafts issued by FinREC | Companies are learning to balance public, private workspaces | How technology is changing the economy
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October 18, 2017
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Accounting and Reporting Update
Business planning should focus on the big picture
Traditional financial planning and analysis can lead to a short-term mindset that encourages leaders to hit quarterly targets while creating long-term problems. For this reason, companies should consider embracing business planning and analysis, which takes a big-picture approach, according to a KPMG report.
CFO (9/28) 
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20 revenue recognition working drafts issued by FinREC
The AICPA Financial Reporting Executive Committee has issued 20 working drafts on issues related to implementation of the new revenue recognition standard. After public comments are considered, the drafts will be included in an implementation guide.
Journal of Accountancy online (10/2) 
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Nonprofit Audit 101: Guide to the Fundamentals
Nonprofit Audit 101 is a quick guide for nonprofit finance leaders and executive leaders, providing key fundamentals and know-how, first class best practices, and insight into how to optimize the nonprofit audit process at your organization. Download the Nonprofit Audit 101 Guide today!
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Emerging Trends
Companies are learning to balance public, private workspaces
Private offices aren't necessarily back in vogue, but companies such as Microsoft are learning the limits of open-plan offices and looking to create a mix of collaborative and private spaces -- and save money.
The New York Times (free-article access for SmartBrief readers) (10/6) 
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How technology is changing the economy
The emergence of new technology has ushered in an era of "external intelligence" in which algorithms and machines are responsible for many tasks that were once handled by human workers. Some companies may apply this technology to current products and services, while others may create entirely new business models.
McKinsey (10/2017) 
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The Future of the Finance Function 2017 Survey
What are the most critical challenges that today’s accounting and finance leaders are facing? The Future of Finance report is your guide to dealing with changing business models and digital disruption. Read the report to learn how to stay competitive in today’s business environment.
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Tax Corner
IRS updates special per diem rates for business travel
The Internal Revenue Service has issued an annual update of per diem rates for use in substantiating expenses when traveling away from home on or after Oct. 1. The notice includes the rates and list of high-cost localities for purposes of the high-low substantiation method.
Journal of Accountancy online (9/26) 
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Gross-receipts definition in R&D credit may limit its benefit to startups
Recent Internal Revenue Service guidance adopts an unusually broad definition of gross receipts as including investment income, undermining intent to make the research-and-development credit more available for startups.
The Tax Adviser (10/2017) 
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Essential tools for management accountants
Download this collection to help define and manage your organisation's strategy, resources, customers and costs. Discover which tools will truly help drive performance and growth.
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Leadership Lessons and Tips
Don't overlook the internal aspects of leadership
Leaders are often judged on external factors, such as their ability to deliver product innovations and make revenue numbers, but it's important to recognize the internal factors that lead to superior performance. Here is a look at eight mastery areas that compose an inside-out approach to leadership.
Forbes (10/8) 
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Top business teams focus on managing tension
Build stronger teams by embracing conflicting priorities and managing the resulting tension. For example, leaders need to strike a balance between directing innovation from the top and gathering insight from frontline employees who can share their unique insights.
Harvard Business Review online (tiered subscription model) (9/18) 
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Other News
Tech Topics
How companies are embracing digital transformation
Leaders at major companies are seeking to improve efficiency and boost revenue by launching digital initiatives. Here's a look at 13 real-world examples of digital transformation.
CIO (10/6) 
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The competitive advantage of AI
Artificial intelligence can empower businesses as they strive to move quickly and make decisions based on timely, accurate data. Looking forward, companies may apply AI to business functions such as auditing, risk management and accounting.
CFO (9/27) 
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Other News
Regulatory Developments
SEC provides leeway in pay-ratio disclosures
The Securities and Exchange Commission has issued new guidance on how companies calculate the ratio of executive pay to the median income of their employees. The SEC said it would not require a specific method, instead "allowing each registrant to determine the method that best suits its own facts and circumstances."
Reuters (9/21) 
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AICPA News
Free webcast: Driving business agility
Learn how to leverage technology and talent to make your business more adaptable. Attendees can earn one free CPE credit. Register here.
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CGMA Rebroadcast on "Enterprise Risk Management -- The Real Value Proposition" -- Oct. 30 at 11 a.m. ET
Because of popular demand, the webcast on the Enterprise Risk Management (ERM) program will be replayed. Don't miss this opportunity to learn key insights and perspectives for making an Enterprise Risk Management program successful. CGMA designation holders receive a 20% discount. Register here.
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AICPA Doing Business in North America Conference -- Nov. 8-10
Global complexities, policy ramifications -- and the proactive measures you can take -- will come together during this fall's Doing Business in North America Conference. Join us for this groundbreaking event that drills into US, Canadian and Mexican market needs, plus implications for all of North America and beyond. Huge discounts are available to members. Register here.
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AICPA Women's Global Leadership Summit -- Nov. 8-10
This summit will provide women leaders with a unique opportunity to gain new insights and to learn directly from other successful professional women. The sessions and workshops offer a full scope of perspectives -- from women finance leaders in firms, business and industry, not for profits, academia and government. Register here.
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About the AICPA
The American Institute of CPAs (AICPA) is the world’s largest member association representing the CPA profession, with more than 418,000 members in 143 countries, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting. The AICPA sets ethical standards for the profession and U.S. auditing standards for private companies, not-for-profit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination and offers credentials for a number of specialized areas. With The Chartered Institute of Management Accountants (CIMA), it offers the Chartered Global Management Accountant (CGMA) designation, which sets the global benchmark for quality and recognition in management accounting.
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