Business and industry news from around the web: May 14 – 18, 2018

Written on May 14, 2018

FinREC issues 2 revenue recognition working drafts
Revenue recognition issues in the gaming and telecommunications industries were the focus of working drafts published by the AICPA Financial Reporting Executive Committee. The issues discuss considerations to be made when companies in those industries implement FASB's new revenue recognition standard.

Square root costing: A better method
In today’s complex businesses, massive cross-subsidizations mask the true cost and profit of products, customers, market segments and activities. As a result, it’s not surprising that many executives admit that they don’t truly believe the standard cost and profit figures that their accounting or finance departments provide.

IRS offers automatic method to change accounting for new revenue recognition standard
The IRS has released a new revenue procedure that provides a new automatic way that companies can use when changing their accounting method to conform to FASB’s new revenue recognition standard.

U.S. job growth picks up, unemployment rate falls to 3.9%
U.S. job growth increased less than expected in April and the unemployment rate dropped to near a 17 ½ year low of 3.9% as some out-of-work Americans left the labor force.

Tech Corner - IBM bans removable memory devices from workplace
IBM has banned employees from using removable memory devices, such as USB flash drives, for security reasons. Staffers can move data around via an internal network.

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