INSIGHTS

Lutz Business Insights

Disclosing Cybersecurity Risks

Disclosing Cybersecurity Risks

In the wake of the several high profile data breaches in 2017, the SEC is discussing plans to update its interpretive guidance for public company disclosures about cybersecurity risks. This article explains why the SEC wants to refresh the guidance and plans to lead by example in the effort to improve cybersecurity disclosures…

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Will FASB Provide Relief from Reporting Taxes Under the New Law?

Will FASB Provide Relief from Reporting Taxes Under the New Law?

Companies and their auditors are under pressure to figure out how the new tax law will affect their 2017 financial statements. This article explains the FASB’s recent decision to follow the SEC’s lead and provide timely relief that will help simplify the rules for reporting the effects of the changes — and minimize potentially misleading side effects…

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New Standards Highlight the Importance of Strong Internal Controls

New Standards Highlight the Importance of Strong Internal Controls

Companies need to pay close attention to how the adoption of some of the FASB’s new standards may affect their control systems in 2018 and beyond. This article explains that public companies and their auditors are expected to face a number of challenges with testing internal controls and ensuring that they’re sound. The effect is also likely to affect private companies, though they have a one-year reprieve on implementing the new rules and they’re not regulated by the SEC…

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Nonprofit Accounting is Different: What You Should Know

Nonprofit Accounting is Different: What You Should Know

Your nonprofit organization exists for one purpose: to raise funds that will be distributed to individuals and entities that have a specific set of needs. Because of your tax-exempt status and your mission, you must follow a distinct set of accounting practices…

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5 Benefits of Online Banking

5 Benefits of Online Banking

Online banking has been around for a generation. Still, some small businesses balk at adopting it because of security concerns. Considering the online breaches that have occurred, that’s understandable…

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