Wednesday, February 26, 2020

Accrual accounting on the rise among governments worldwide | Accounting Today

The number of countries reporting their financial positions on an accrual basis is expected to increase from 37 to 98 by 2023, jumping from 25 percent to 65 percent, according to a new report.

Nevertheless, there is something to be said for why so many governments continue to use the cash basis of accounting. The report points out that cash accounting and budgeting are the simplest basis, although they provide the least decision-useful information. Accrual accounting combined with cash budgeting offer the most complex basis, but they generate information that facilitates public scrutiny and supports better decision-making.

Publisher: Accounting Today
Date: 2020-02-26T20:15:09.201
Author: https www accountingtoday com author michael cohn
Twitter: @AccountingToday
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Many things are taking place:

Haulier Eddie Stobart takes 170 mln pound charge after accounting row | Nasdaq

UK haulier Eddie Stobart took a 169 million pounds charge in its half-year results on Wednesday and racked up operating and pre-tax losses as it took its first steps to move past a damaging accounting scandal.

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The company, whose green and red trucks are a fixture on British motorways, had delayed its interim results for months causing shares to be suspended last August following the uncovering of mistakes in its 2018 accounts.

Date: 1582704856
Author: https us east 1 oauth2 lift acquia com authorize
Twitter: @Nasdaq
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​Tyson Foods chief accounting officer steps down | Article | Compliance Week

Tyson Foods announced in a regulatory filing that Stephen Gibbs notified the company of his intention to step down as chief accounting officer to pursue another opportunity, effective as of Feb. 21.

Tyson Foods said Gibbs' resignation "is not the result of any disagreement with the company regarding its operations, policies or practices."

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Trane Technologies, a global climate innovator that will soon spin off from Ingersoll Rand, named Heather Howlett as its future vice president and chief accounting officer.

Publisher: Compliance Week
Date: 2020-02-27 00:56:53.451
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In the blogs: Youth movements | Accounting Today

Fraud and execs; IRS tries to net non-filers; marketing media; and other highlights from our favorite tax bloggers.

Publisher: Accounting Today
Date: 2020-02-26T21:42:14.098
Author: https www accountingtoday com author jeff stimpson 1641
Twitter: @AccountingToday
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Check out this next:

Nutanix Appoints Aaron Boynton as Chief Accounting Officer

During his time at Nutanix, Boynton has helped the company complete multiple private financing rounds, its IPO, and also played a critical role in the company's early adoption of US GAAP's revenue recognition standard, ASC 606, in 2017.

Navigating a business model transition is particularly challenging for those in the finance function who must determine, realign and report on a new set of financial and business metrics. Boynton has played a critical role in the company's successful shift due to his ability to analyze and compare against new financial milestones while supporting the back office team and educating on Nutanix's progress both internally and externally.

Date: A9862C0E6E1BE95BCE0BF3D0298FD58B
Twitter: @YahooFinance
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Lenoir Community College Accounting 120/121 class participates in canned food drive — Neuse

Pictured left to right are Ahmad Bizzell of LaGrange, Kobe Mohammed of Kinston, Business Administration Program Chair Kristy Grady, Luke Thigpen of Deep Run and Reese Jones of Kinston. All donations will be given to Mary's Soup Kitchen. Submitted photo.

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The Lenoir Community College Accounting 120/121 class participated in the college-wide canned food drive sponsored by the Student Government Association.

Publisher: Neuse News
Date: 2020-02-24T05:00:00-0500
Author: Richy Huneycutt
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Getting payments under control: AP recovery audits | Accounting Today

Quite simply, it is a review of a company's accounts payable historical data for the purpose of identifying and recovering funds paid to vendors and suppliers resulting from overpayments and under-deductions.

The reasons for these erroneous payments are numerous, and areas of recovery can include duplicate or wrong payments, open/unapplied supplier credits, unrecorded accruals/rebates/allowances, contract/purchase order terms compliance, pricing errors, missed discounts, unaccounted returns, transportation overcharges and escheatment avoidance, among other areas.

Publisher: Accounting Today
Date: 2020-02-26T14:30:43.571
Author: https www accountingtoday com author bob carlino
Twitter: @AccountingToday
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New study: Nonprofit Accounting Software Market Astonishing Growth, Technology and Top key

The Nonprofit Accounting Software market report is a detailed summary of the present market scenario and how it is likely to shape up in the forecast years. The 'Nonprofit Accounting Software market' is evaluated on the basis of two segments i.e., by type and by application, encompassing the essential statistics and details for present-day and future market scenarios. The report includes relevant data concerning the drivers and restraints which are derived through SWOT and S.T.E.E.P.L.E.

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