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 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”.
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.
According to Wikipedia, the source that popularized this pictorial maxim is a 17th-century carving over a door of the famous Tōshō-gū shrine in Nikkō, Japan. The three wise monkeys symbolize the proverbial principle "see no evil, hear no evil, speak no evil". There are many meanings associated with this proverb and it's often used to describe someone turning a blind eye.
The Financial Accounting Standards Board (FASB) has been deliberating its project for a proposed Accounting Standards Update (ASU), Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance since January 29, 2014. BIGcontrols, submitted a comment letter on the FASB's Exposure Draft for Topic 832 on the February 10, 2016 deadline.