In this episode, John Scott, Senior Technical Accounting Adviser at Bramasol, shares insights of ASC 842 that applies to private companies and key issues that need to be addressed in order to succeed.
Julio Dalla Costa, Director of Technical Accounting at Bramasol, provides an overview of the Five Ps of Compliance and explains how they relate to each other and mesh together to enable leveraging compliance as a competitive advantage.
According to the Big 4, over 50% of companies experienced a delay in compliance with ASC 606 and 842 due to accounting issues. Those same companies struggled to produce their disclosures and reporting. Underlying this are the technical accounting expertise and disciplines needed for success.
Compliance is critical to treasury, and having a compliance-oriented mindset in the leadership of the treasury organization is especially important. Treasury departments handle a very substantial portion of the balance sheet. They’re managing the liquidity of the company, dealing with business units in many countries around the world.
Whether you’re a CFO or a financial controller, you know how much time and effort you and your team spend deep in concentration to get your monthly accounting figures to balance. Your accounts payable and accounts receivable work doesn’t get much attention unless things go wrong, but all the time you need to stay on top of your tasks to keep things running smoothly.
