Tags: Internal Controls, best-practice, internal audit, Hong Kong, deficiencies, future trading, SFC, China, Fined, compliance, Compliance in China, accounting, securities and futures commission, short sales, internal controls failures
The Financial Accounting Standards Board (FASB) and International Account Standards Board (IASB) have proposed that largely all leases be reported on a company's financial statements. The proposal requires that leases be reported on the balance sheet. In the income statement, leases would be recognized under a dual model as either a financing or ratably over the lease term.
Social media has previously not been an issue when it came to your SEC or other public filings, but that may be changing...
Accounting Tip of the Day!
External Network Access Tip:
At times, external users may need to access your secure network (think onsite auditors who may need to use a printer or the like). This presents a Sarbanes-Oxley COBIT compliance problem as well as introducing your network to the potential hazards of a virus or a computer without a firewall. Since it can be very difficult to keep track of internal vs. external devices on your network on a day-to-day basis, we at Vibato and AccountingTemplates.com have come up with a nice solution to help mitigate the risk while providing a solution for companies with limited staff to help manage this problem.