Construction contractors, professional service firms, specialty manufacturers and other companies that work on large projects often struggle with job costing. Full cost allocations are essential to gauging whether you’re making money on each job. But some companies simply lump indirect job costs into overhead or fail to use meaningful cost drivers, thereby skewing their profit reports. Here’s what you should know to avoid this pitfall and get a clearer picture of your company’s profitability.
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Compliance Newsflash for January 22, 2020 – FINRA Requests Comment on the Effectiveness and Efficiency of Its Reporting Requirements Rule
FINRA is conducting a retrospective review of Rule 4530 (Reporting Requirements) to assess its effectiveness and efficiency. FINRA encourages all interested parties to comment. Comments must be received by March 9, 2020. FINRA believes that it is appropriate, after a reasonable period of time, to look back at its significant rulemaking to determine whether a FINRA rule or rule set is meeting its intended investor-protection objectives by reasonably efficient means. FINRA further believes that a retrospective review should include an assessment not only of the substance and application of a rule or rule set, but also FINRA’s processes to administer the rules. FINRA conducts retrospective rule reviews on an ongoing basis to ensure that its rules remain relevant and appropriately designed to achieve their objectives, particularly in light of regulatory, technological or other environmental changes.
Midway through 2020, investment professionals must comply with the SEC’s much ballyhooed-and criticized-rulemaking package on conduct standards and disclosures. The package includes, among other requirements, Regulation Best Interest (Reg BI). With compliance due in about five months, now is a good time to take a look at the long and winding road that led us to this point, and to take a quick look ahead.