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An agile, incremental path to finance function value for financial services companies.

As discussed on our first issue, Act No. 60 of 2019 (known as the Incentives Code, referred to as the “Act”) codifies all the incentives granted throughout decades with the objective of adopting a comprehensive tool of economic development. The Act revokes the Puerto Rico Tourism Development Act of 2010, (i.e. Act 74-2010) as amended, while simultaneously adopting a similar set of incentives, with some changes we discuss below.

The new Puerto Rico Incentives Code, referred to as the “Act”, codifies all the incentives granted throughout decades with the objective of adopting a comprehensive tool of economic development. The Act revokes Acts 20 and 22 of January 17, 2012, as amended, while simultaneously adopting a similar set of incentives, with some changes we discuss below.

On July 1, 2019, the Governor of Puerto Rico converted House Bill 1635 into Act 60-2019, known as the Incentives Code of Puerto Rico (the “Act”). The Act codifies incentives granted for diverse purposes throughout decades with the aim to foster economic development more effectively. The Act adopts a legal and administrative framework for the application, evaluation, and grant or denial of incentives by the Government of Puerto Rico. Some incentives remain unchanged, while others were eliminated or altered to increase the return on public investment.

Organizations should have robust internal control procedures to limit the risk of fraud, and internal audit’s role is to assess these controls.

It is the duty of every employer to insure his/her employees against all work-related injuries, illnesses or death with the Workmen's Compensation Insurance Fund (CFSE).

The Puerto Rico Treasury Department has negotiated with the US Treasury Department to extend the deadline to file the request of the benefit.

5 tips to manage enterprise risk in businesses driven by innovation

Some publications have hinted that blockchain technology might eliminate the need for a financial statement audit by a CPA auditor altogether. If all transactions are captured in an immutable blockchain, then what is left for a CPA auditor to audit?

A study reveals three components of a superior growth strategy and underscores their interdependency.

In this issue we review the role of audit and management in the financial reporting chain.

Innovation strives when faced with no other choice. What can businesses do to overcome economic downturns?

FASB proposes an accounting standard update for Business Combinations.

The Department of the Treasury has established the filing requirements for the Quarterly Return of Tax Withheld on Payments for Service Rendered.

Use CECL user testing to move from compliance to value.

The Puerto Rico Department of Treasury has released Circular Letter 19-08 establishing the filing deadlines for certain corporation income tax returns.