After much deliberation, the FASB and IASB are set to release a final global revenue recognition standard in the coming months that will do away with current industry-specific accounting and instead apply a single set of principles to all revenue transactions. Changes to practices, processes and systems could ripple through your business. 10Minutes on revenue recognition provides information about the standard as well as insight into ways in which some companies are preparing for the broader impact.
Data protection and privacy is an urgent issue for both consumers and businesses. As customers increasingly worry whether their personal information is secure and used appropriately, companies are also concerned about protecting data and their brand. This 10Minutes highlights the importance of viewing consumer privacy from more than just a compliance lens and developing a strategy and action plan that will help businesses lead on data privacy by building customer trust and enhancing their brand.
Businesses depend on service providers to handle confidential data, run essential business processes, and manage critical technology. This can leave businesses vulnerable to service provider breakdowns. The result can be the providers’ clients violating regulations and even losing customer trust. Yet many businesses may know less than they realize about their service providers’ controls. This 10Minutes discusses how SOC 2 and SOC 3 reports can give businesses the picture they need to have solid confidence in their service providers.
It’s an opportunity hidden in plain sight. In 10Minutes on transforming the tax function, we discuss how the tax function is often overlooked as an area for improvement, unlike more obvious choices such as supply chain or business services. However, shining a light on the tax group can reveal untapped opportunities where changes in technology, process, people, and data can lead to benefits for the broader business.
New research shows that high-performing supply chains can achieve sales and revenue growth while managing costs. That sounds like a tall order, but there are things you can do now to manage your supply chain as a strategic asset to boost performance and profitability. This 10Minutes highlights how the supply chain can move your business strategy forward and set you apart from the competition.
Pharmaceutical companies stand ready to be tested in a world where a drug’s success is more closely tied to its performance. The challenges mount with competition from generics and growing pressure to reduce costs. Now, insurers and integrated providers are driven by models that reward health outcomes and cost savings. For success, drug makers are exploring real-world evidence, new payment models, and the right partnerships.
Whistleblower reform is having significant impact. The SEC’s Office of the Whistleblower has one full year of operation under its belt, and with it 3,001 tips and two awards to date. Leading companies are looking closely at the Office’s first-year report and drawing lessons for building stronger ethics and compliance programs. They’re also considering what it takes to create a highly ethical culture. This 10Minutes highlights the importance of having an ethical culture at the workplace.
Eco-efficiency can reduce costs for your company. And there are broader benefits, too: a stronger brand, greater productivity, and mitigated risk. Still, opportunities to save money while reducing your company’s use of energy, transportation fuel, waste, water, forest products or chemicals are often short-changed. Why? It’s most likely due to overlooked-but-valuable information.
After three years of outreach and deliberation, the IASB and FASB recently issued a revised proposal to overhaul the rules on accounting for leases, a move that could significantly boost US companies' reported debt.
10Minutes on conflict minerals provides insight into the strategic benefits and risks companies will want to focus on as they comply with the SEC's conflict minerals rule. The rule is effective for 2013 calendar year operations, so regardless of whether companies view conflict minerals as a supply chain opportunity, risk to their brand or another regulatory to-do, they should act now to prepare.
Consumer-packaged goods (CPG) companies, retailers, and their business partners often tout the ways they put customers at the center of their strategies. But while many companies do a good job of understanding their customers, perhaps not as many create demand by coordinating across marketing, sales, and innovation—functions and activities that now encompass the demand chain. This 10Minutes explores ways companies can capitalize on knowing their customer with demand functions pulling in the same direction.
China recently introduced its 12th Five-Year Plan, which reinforces the government's commitment to easing ownership requirements. This 10Minutes discusses opportunities that private and foreign providers, payers, and investors can adopt to build a presence in China's growing healthcare market.
For non-financial services companies, regulations introduced by the Dodd-Frank Wall Street Reform and Consumer Protection Act and Basel III will result in significant changes to the derivatives market. Every aspect of a corporation using derivative to manage risk will ultimately be affected—from risk strategies and corporate funding to operations and accounting. This 10Minutes provides insight on the impacts of new regulation on corporate entities and what those entities need to do now in order to meet impending reform deadlines and ensure they're well equipped to manage increased costs and compliance responsibilities.