KPMG: Intelligence engine helps companies meet FASB deadline


KPMG Spectrum’s “Leasing Tool” embeds the firm’s accounting expertise into innovative digital compliance platform

A deadline is looming for companies to comply with new Lease Accounting Standards. The changes introduced by the Financial Accounting Standards Board will require companies to account for most operating leases on their balance sheets as early as January 1, 2019.  The new rules will have a significant impact on any business that has commercial leases.  Yet, findings from a KPMG survey suggest that companies are vastly underprepared. Of the companies surveyed, 92 percent say they will need to implement a new IT system but 81 percent say they haven’t started.

Businesses are running out of time, but KPMG has created an innovative solution. The KPMG Leasing Tool for IBM TRIRIGA (KPMG Leasing Tool) helps organizations efficiently prepare for and adopt a longstanding system to comply with the new leases standards…

[Admin: This post is related to the 08.12.15 post about the KPMG Leasing Tool for IBM TRIRIGA.]

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IV82436: Cross-site request forgery (CSRF)


A CSRF attack forces an authenticated victim’s browser to send an unauthenticated request to a vulnerable web application, which then performs an unauthorized action on behalf of the attacker. This issue has been identified in various places throughout the application. Here’s one example of many that shows this issue:

  • URL: xxx/html/en/default/reportTemplate/viewPageReport.jsp

Steps to replicate:

  • 1. Login to the application.
  • 2. Navigate to Configure > People > Employees.
  • 3. Select any existing employee.
  • 4. Click on the Delete button.

Using an external tool, one can then forge the form with the following HTTP post:

<html>
<body>
<form action=”https:// demokpmgleasingtool.us.kpmg.com/ html/en/default/reportTemplate/viewPageReport.jsp” method=”POST”>
<input type=”hidden” name=”reportTemplId” value=”2956″ />
<input type=”hidden” name=”qryaction” value=”systemDelete” />
<input type=”hidden” name=”tempSpecId” value=”111111111111111111″ />
<input type=”hidden” name=”sNo” value=”15699764″ />
<input type=”submit” value=”Submit request” />
</form>
</body>
</html>

We resolved an issue where a user could be tricked into clicking a link on an external site, and where an attacker would attempt to trick the user into a Cross Site Request Forgery attack. To resolve this, a new property KNOWN_REFERRER_LIST can be added to TRIRIGAWEB.properties. If this property is left blank or not included, the platform will behave as before, and not check referrers. If the property exists, the values would comprise of a comma-separated list intended to restrict the allowable referrers of links that interact with TRIRIGA when no security token exists on the request.

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New lease accounting standard brings compliance concerns


The plot thickens for public companies learning the ins and outs of the brand new accounting standard that brings leases on to corporate balance sheets, as they now face a long list of implementation decisions and business implications.

Accounting experts say they don’t expect any significant pushback on the requirements of the standard or the effective date, which is 2019 for public companies, so they are urging companies to move forward with preparing for the standard. “There’s a fair amount of both challenge and opportunity with this standard,” says Anastasia Economos, a partner with EY…

The Big 4 accounting firms PwC, KPMG, Deloitte, and EY want companies to take advantage of their lease accounting resources…

KPMG:

PwC:

Deloitte:

  • Join Deloitte for a 90-minute Dbriefs webcast on Tuesday, March 15, 2016, at 2:00 p.m. Eastern to learn about FASB’s new lease accounting guidance and the associated implementation challenges. Earn up to 1.5 Intermediate CPE credits for attending. Learn more and register now.
  • Read Deloitte’s Heads Up publication for a comprehensive summary.

EY:

[Admin: This post is related to the 08.12.15 post about the KPMG Leasing Tool for IBM TRIRIGA.]

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KPMG Leasing Tool for IBM TRIRIGA


KPMG has leveraged the IBM TRIRIGA real estate management module to build the KPMG Leasing Tool, a cloud-based, pre-packaged KPMG technology solution designed to assist clients in meeting the requirements under the proposed leasing standards while facilitating the project management of such an endeavor…

The KPMG Leasing Tool for IBM TRIRIGA [see site | see video] helps companies prepare and ultimately have the capacity to adopt new leasing standards. This tool is designed to rapidly deliver a single system to assist in managing the lease accounting needs of a company to help drive operational, financial, and business performance.

With this web-based technology based in our private cloud, allowing KPMG to deliver improvements as the accounting standards evolve and maintain the overall application for a company’s use. Our application and team provides clients with a more efficient and flexible means to managing data storage, processing, and security.

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Webinar: IBM TRIRIGA lease accounting discussion with Jackson Cross and KPMG


Webinar: Tuesday, July 28, 2015, 12:00-1:00 PM Eastern Time

The newly proposed FASB rules have the potential to create a substantial burden on any business with a significant number of leases, as those leases move onto the balance sheet. Join this webinar to hear from two valued partners, Jackson Cross and KPMG, as they share strategies on how to be best prepared for the upcoming lease accounting changes…

Jackson Cross Partners will share their advice and experiences helping corporations prepare for the upcoming changes. The timeline needed to locate documents, install a system, and abstract leases can vary widely depending on available internal and external resources; current systems; and cross-functional cooperation.

KPMG will discuss strategies on how companies can begin to take the proper steps to be ready to adopt the new rules and be prepared to understand the impact of any new leases. These new accounting rules will also have a substantial impact on how companies approach their leasing process from an accounting and reporting, people and change and business intelligence perspective.

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