Accounting software providers MYOB and Xero are exploring invoice finance solutions while retaliation ensues in the background regarding products that charge fees to small businesses in exchange for faster access to unpaid accounts.
Many of Australia's largest firms have been questioned regarding their use of "dynamic discounting" supply chain finance, The Sydney Morning Herald reported Sunday (Feb. 2). The practice gives suppliers shorter payment times in exchange for slashing an invoice value.
Many things are taking place:
Progress in natural capital accounting for ecosystems | Science
Reversing the ongoing degradation of the planet's ecosystems requires timely and detailed monitoring of ecosystem change and uses. Yet, the System of National Accounts (SNA), first developed in response to the economic crisis of the 1930s and used by statistical offices worldwide to record economic activity (for example, production, consumption, and asset accumulation), does not make explicit either inputs from the environment to the economy or the cost of environmental degradation ( 1 , 2 ).
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Small businesses have to work lean, which often means employees wear several hats to keep business operations running smoothly. Most of those boutique outlets can't afford to hire a full-time accountant, so someone, usually the entrepreneurs themselves, will have to roll up their sleeves and tackle the books, even if they've never had any practical bookkeeping experience.
Small Businesses' Lease Accounting Pitfalls | PYMNTS.com
New lease accounting standards are in effect for publicly traded companies in the U.S. after the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) introduced changes to the way businesses account for their outstanding leases.
Though the changes are designed to improve visibility for analysts and investors into company finances, accountants and finance teams for public firms struggled to meet the January 2020 deadline after the American Institute of Certified Professional Accountants (AICPA) warned of the “significant and complex” overhauls businesses were forced to endure.
Many things are taking place:
Relevance is critical to the future value of audit | Accounting Today
Audit is losing value in the eyes of our clients. It's becoming a commodity. That decline in value corresponds to a lack of relevance. Business moves fast today, so how relevant is a set of financials for Dec. 31, 2018, that was issued on May 24, 2019? Almost half the year is gone.
To be relevant, audit needs to zero in on the intersection of what you think is important and what your clients are interested in. No surprise, but your clients don't care about the same things you do, and in many instances wouldn't even get an audit if it weren't required by a user like their banker.
Medical center audit highlights billing, accounting issues - KFSK
The medical center is required to do an annual audit of its finances and last year switched accounting firms for that service. Max Mertz, a Juneau based accountant presented his findings to the medical center board at a January meeting.
"You know it's very common that you'll bill Medicare or Medicaid and they'll deny it for some reason, there'll be a paperwork deficiency or something like that,” Mertz said. “Were we following up on the denials? In some cases they weren't. What's the lag time between the time that we provide service and the actual day that we drop the bill and we start working on it? In some cases those were much longer than they should have been."
Great Park audit firm gives up accounting license, charged $550,000 in penalties by state –
An accounting firm Irvine city officials hired to audit contracts related to the Orange County Great Park in 2013 has surrendered its professional license and been given $550,000 in fines and penalties under an agreement with the California Board of Accountancy.
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In a settlement document released Monday, Jan. 27, the state accountancy board said the firm “failed to comply with professional standards, engaged in numerous acts of negligence, and disseminated false and misleadingly information” in performing the Great Park audit.
Spirit AeroSystems replaces finance chiefs after accounting mishap | News | Flight Global
US aerostructures firm Spirit AeroSystems is having to deal with further pressure after it replaced its chief financial officer and a vice-president over an accounting mishap.
Chief financial officer Jose Garcia and vice-president John Gilson, principle accounting officer, have resigned in the wake of the findings, which followed a review of accounting compliance.
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