Courts may not uphold the coverage of phishing incidents under companies' existing cyberrisk policies, writes Peri Mahaley. "Frequently, insurers assert that there is no coverage because the loss did not proximately result from the fraudulent hack, but rather from the intervening actions of duped individuals," Mahaley writes.
Americans may wonder whether paying for a long-term care policy makes sense, as insurance companies have exited the market and rates have increased. Here's a look at the risks involved with this type of insurance and which factors to consider as you determine how to pay for care.
Last week, the Financial Accounting Standards Board released a new standard affecting all not-for-profit entities issuing GAAP-basis financial statements. The standard requires not-for-profits to improve their presentation and disclosures.
On Wednesday, the Internal Revenue Service issued a taxpayer-friendly procedure permitting taxpayers, in certain circumstances, to give an IRA trustee or retirement plan administrator a certification statement to treat a rollover as timely even if the taxpayer failed to complete the rollover within 60 days after a distribution.
The Public Company Accounting Oversight Board will cooperate with the German Auditor Oversight Body in overseeing audit firms that operate under both regulators. A new agreement, announced Wednesday, is consistent with a pact the PCAOB previously had with the German regulator's predecessor organization.
A Treasury Department white paper challenges the legal approach the EU is taking to determine the tax liabilities of US companies. The paper says that the EU is going after "income that (European) Member States have no right to tax under well-established international tax standards."
The Labor Department has reached a $7 million settlement of a collective-action complaint brought in 2006 by a union local alleging that the department's pay practices violated the Fair Labor Standards Act. The department has expanded its internal controls for time keeping and has updated its guidance on overtime eligibility since the initial grievance was filed, a spokesman says.
The new International Financial Reporting Standards lease accounting standard is to become effective in 2019, and concerns are growing that companies will restructure their leases to take advantage of exemptions such as short-term leases and low-value assets, writes Alex Malley of CPA Australia. Other concerns include that companies might avoid leasing arrangements by entering into service contracts instead, he writes.
Many of the lowest-paid workers in the US were left out of the economic recovery, but they're starting to get raises as companies find they have to compete for employees. For full-time workers paid about $13 an hour, weekly wages increased 3.1% in the second quarter compared with Q2 of 2015, the Labor Department said.
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