Imagine if all public government information were to become transformed into standardized, open data? The Data Coalition not only envisions this, they are the world’s only trade association that is completely dedicated to making this happen. Their sister organization, the Data Foundation, seeks to define an open future for our data for a better government and society through research, education, and programming.
When Big 4 staple Deloitte comes out with a list of the top RegTech companies, it’s a sure sign that this emerging tech sector has arrived.
We may be wary of another tech buzzword given how much hype, and at times hyperbole, past buzzwords have received. But how many fads have been based on a topic so practical and operationally based like RegTech?
The Financial Accounting Standards Board (FASB) has been working through a project on materiality for the past year-and-a-half, because up to now, there has been no explicit U.S. GAAP accounting standard for the accounting of government assistance.
Materiality is integral to Topic 832, Accounting Standards Update, Government Assistance in terms of defining a threshold for which government incentives will ultimately have to be disclosed.
The client on the phone had a desperate tone in his voice as he said he needed help. He said the CEO was breathing down his neck. His company had not seen a dime on two of their government incentives for the last few years. On the other end of the phone, Scott Nelson, a Big Six government incentives consultant, had an “aha moment”.
It’s estimated that the United States has over 27 million entrepreneurs. So when Konsus recently released a list of top technology startup pitch decks and ranked BIGcontrols number 23, it says a lot about BIGcontrols and the value behind the mission of our company. Konsus based their listing on our presentation at 500 Startups, a leading technology incubator and investor which attracts the best and brightest technology innovators.
If anyone thinks the states of our country are not united, the New York Times has coined a term that suggests otherwise: “ The United States of Subsidy” . The Times is referring to the subsidies, often referred to as government incentives, that are currently being offered by all levels of government to companies across the nation in order to attract business to their jurisdiction and to stimulate investment.
With every new president, there always comes some uncertainty to how the new regime will affect policy. However, with the presidential inauguration of Donald Trump now behind us, there is a heightened level of anticipation for what might happen in the coming months. Even without the wildcard that is President Trump, a Republican controlled House and Senate will ensure that many changes will be coming that will greatly impact compliance in regulated industries in 2017.
The Financial Accounting Standards Board (FASB) convened on May 4, 2016 for the first time after the Exposure Draft Comment Period closed on Topic 832 to discuss feedback from staff on the comment letters and other input from various outreach performed by the staff. Overall most stakeholders are supportive of the FASB's efforts to increase transparency in government incentives & address the diversity in practice that exists today in accounting for government assistance.
The objective of FASB Topic 832 is to develop disclosure requirements about government assistance, also known as tax credits & incentives - this Infographic depicts a timeline of where this project originated as well as its projected completion date.