Monday, March 9, 2020

Art of Accounting: The middle of the war | Accounting Today

The unreasonable workload compression causes much overtime, some rush work, a harried atmosphere, schedule juggling and switching, loss of sleep, and some poor-nutrition meals. Yet, in some firms, there is an overall upbeat attitude, positive feelings and great camaraderie, while in others, the exact opposite.

I could identify many reasons, including good processes, well-trained staff, coordinated scheduling between the client, preparer and reviewer, efficient use of software and artificial intelligence, effective review processes, a continuous learning atmosphere, and a dozen other best practices. However, there is one element that completely separates the successful firms from those with unhappy partners and staff.

Publisher: Accounting Today
Date: 2020-03-09T16:15:50.505
Author: https www accountingtoday com author edward mendlowitz
Twitter: @AccountingToday
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While you're here, how about this:

FASB makes narrow changes to financial instruments guidance - Journal of Accountancy

FASB issued accounting and financial reporting guidance on Monday that makes narrow-scope changes that are intended to improve the board's standards for financial instruments accounting, including the credit losses standard issued in 2016.

The standard is part of FASB's ongoing project to improve and clarify its Accounting Standards Codification and avoid unintended application. The items addressed are not expected to significantly affect current practice or create a significant administrative cost for most entities.

Publisher: Journal of Accountancy
Date: 2020-03-09T16:08:06.000-04:00
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Wells Fargo chief accounting officer to retire | Article | Compliance Week

Wells Fargo & Co. announced Richard Levy, executive vice president and chief accounting officer, has decided to retire after 18 years with the company.

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Muneera Carr, who joined Wells Fargo in January as executive vice president and controller and reports to Levy, will succeed Levy as chief accounting officer, reporting to CFO John Shrewsberry. Carr will continue to serve as controller, managing corporate tax, accounting and reporting, as well as supporting other activities such as financial controls and oversight policies and processes.

Publisher: Compliance Week
Date: 2020-03-10 04:14:03.639
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Montcalm County hires accounting firm to sort out Drain Commission records

STANTON — Two weeks after the Pierson Township Board filed a lawsuit against Montcalm County regarding Drain Commission records — and the lack thereof — the county has hired an accounting firm to sort through the drain office's financial and drain ledger systems.

Montcalm County Drain Commissioner Todd Sattler told the Montcalm County Board of Commissioners last Monday that he's looking forward to having an accounting firm sort through financial and drain ledger records in the county drain office. — DN Photo | Elisabeth Waldon

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Not to change the topic here:

Bank-centric Accounting Rule Makes Insurers Hike Loss Reserves

Insurance giants like Metlife Inc., American International Group Inc., and Prudential Financial Inc. are about to set aside higher reserves to cover credit losses under new accounting rules they must follow this quarter.

The increases under the new CECL standard—for current expected credit losses—make up a small part of insurers' balance sheets. But the numbers, and how they fluctuate, can shine a light on something investors, analysts, and rating agencies care deeply about: how insurers manage risk.

Twitter: @tax
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Retirement planning: Many workers don't account for this expense

There's a lot to think about as you prepare for retirement. Not only do you have to consider how much you should save by the time you retire, but you'll also need to plan for how you'll spend all your time, how much you'll receive in Social Security benefits and more.

There's one factor many workers don't account for as they plan for their senior years, and it could cost them tens or even hundreds of thousands of dollars.

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Nearly half (48%) of workers say they haven't accounted for health care expenses in their retirement plan, a report from the Transamerica Center for Retirement Studies and the Aegon Center for Longevity and Retirement found. Of those who don't plan for this expense, nearly 30% admit it's because they simply never thought about it before, and 26% say they expect the public health care system to take care of their expenses.

Publisher: USA TODAY
Author: Katie Brockman
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Accounting/Payables Specialist | Maine Public
Date: 2020-03-09
Twitter: @MPBNnews
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More states enacting online sales tax nexus laws after Wayfair decision | Accounting Today

The trend of more counties, districts and cities imposing sales taxes continued in 2019 in the wake of the Supreme Court's 2018 decision in South Dakota v. Wayfair Inc. , according to a new report.

There was only one state sales tax change in 2019. On April 1, Utah increased its rate from 4.700 to 4.850 percent. Over the past decade, the combined number of new and changed sales and use tax rates since 2010 has been 5,733, an average of 521 per year.

Publisher: Accounting Today
Date: 2020-03-09T17:16:00.6
Author: https www accountingtoday com author michael cohn
Twitter: @AccountingToday
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