The Financial Accounting Standards Board's – or FASB's – current ruling and guidance on revenue recognition - ASC 606 - may be important from both accounting and legal contract management standpoints. The legislation applies to organizations required to report revenue as per FASB standards, organizations that have earned revenue over time, and organizations that have earned revenue when goods and services are delivered or performed. Discover how leading contract management software – which assists many legal and accounting professionals - can help organizations remain compliant according to the FASB's Accounting Standards Codification (ASC).
As Coronavirus (COVID-19) is now a global pandemic - with the United States presenting the most significant number of cases - I am reminded of current and past experiences implementing contract management software to help organizations with clinical trials and drug development tracking. Organizations in the medical field, healthcare, pharmaceuticals, biopharmaceuticals, and other related industries need to effectively manage drug development contracts and obligations, clinical trials, manufacturing of medicine, and key opinion leaders globally. CobbleStone’s leading enterprise contract lifecycle management software provides the solution to these challenges.
Managing contracts takes a lot of time and effort, especially with the economy booming as we lead in to the year 2020. With this increased workload, contract managers need smarter ways to manage their contracts better. Legal professionals carefully review contracts with a sharp eye for details, excellent reading skills, deep comprehension, business acumen, and sufficient time management skills, but their process can be improved even more with new advancements in contract lifecycle management.
Are you aware that the GDPR (General Data Protection Regulation) was enacted by the European Union to help protect consumer information? Yes, the GDPR is a good step forward in safeguarding the data of individuals. In the United States, there have been comparable attempts by both the federal government and states to protect data of consumers including (but not limited to) healthcare privacy data protection (such as HIPAA), the Children’s Online Privacy Protection Act, Family Education Rights and Privacy Act (FERPA) and various similar state-enacted consumer protection laws (to name a few).
The federal and state governments are indeed taking noteworthy steps in the interest of protecting consumer data. However, California has notably stepped up the game with the California Consumer Privacy Act. The California Consumer Privacy Act (CCPA for short) creates new consumer rights related to the access, management, and deletion of personal data that is collected by a business.