A: Wisconsin uses two different accounting systems — cash modified accrual accounting and Generally Accepted Accounting Principles, or GAAP.
Cash accounting is used for state budgeting purposes for each fiscal year, which runs from July 1 through June 30.
"It's basically the revenue that we take in and the expenditures that we make over a 12-month period," said Bob Lang, director of the nonpartisan Legislative Fiscal Bureau. "It's sort of like doing your checkbook over a one-year period of time — how much comes in and how much goes out."
Not to change the topic here:
UK Moves Closer To Big Four Accountancy Breakup | PYMNTS.com
The Financial Reporting Council (FRC), the U.K.'s audit regulator, announced plans this week to break up the dominance of the largest four accounting firms, Deloitte, EY, KPMG and PwC , according to the Financial Times .
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The plans, if put forth, would constitute a huge shake-up for the accounting industry in the U.K., and would essentially ask for the firms' audit and consulting operations to be separated.
Kingsport Times-News: Sullivan Commission considers change to financial management system
BLOUNTVILLE — The Sullivan County Commission is considering a new system for developing and overseeing the school system’s budget. The proposal is to consolidate all accounting management, rather than continue with the school system operating its own accounting department.
The Sullivan County Board of Education still would submit an annual spending proposal to the commission. But the school system’s accounting personnel could be relocated to the county’s Office of Accounts and Budgets.The school system would no longer be able to develop revenue projections that differ from those developed by Accounts and Budgets.
The VP, Controller & Chief Accounting Officer of Oil States International, Inc.
We’d be surprised if Oil States International, Inc. ( NYSE:OIS ) shareholders haven’t noticed that the VP, Controller & Chief Accounting Officer, Brian Taylor, recently sold US$113k worth of stock at US$7.75 per share. That sale was 25% of their holding, so it does make us raise an eyebrow.
The Executive Vice President of Human Resources & Legal, Lias Steen, made the biggest insider sale in the last 12 months. That single transaction was for US$249k worth of shares at a price of US$16.62 each. While we don’t usually like to see insider selling, it’s more concerning if the sales take place at a lower price. It’s of some comfort that this sale was conducted at a price well above the current share price, which is US$7.91.
Not to change the topic here:
Whistleblowers warned about accouting problems at Mattel, in tech - Business Insider
The biggest accounting firms are doing a poor job of auditing public companies, data from their public regulator indicates.
But while the problems appear to be widespread, few insiders have talked about them publicly. Mauro Botta and Brett Whitaker are exceptions to that rule. Each says he encountered accounting problems at public companies and tried to get them addressed internally. Both say they were ignored and responded to that by trying to draw attention from the outside to the shortcomings they encountered, each in his own way.
KLM Applies R3's Corda Blockchain to Internal Accounting System
KLM, the national airline of the Netherlands, has announced a blockchain project that adds to blockchain's traction in the airline sector. The global airline KLM Royal Dutch Airlines is using blockchain technology in intercompany settlements process with its subsidiaries.
KLM, which is one of the world's biggest airlines, has decided to collaborate with Dutch software startup Unchain.io to study the potential advantages of blockchain technology for its business and internal processes.
Jorge Zu�iga Blanco discusses some of the accounting issues routinely faced by startups |
An extraordinary method to draw in capital is to have a strong field-tested strategy and precise money related records that can be exhibited to potential financial specialists who show an enthusiasm for the organization.
When launching a business, developing solid bookkeeping practices is key to the undertaking�s success. In any case, various new organizations face accounting difficulties that make it progressively difficult for them to get off on the right foot. �Costa Rican businessman and financial expert Jorge Zu�iga offers five of the most basic accounting challenges a startup may go up against and how to oversee them.
MoF Holds Workshop on Federal Government's Transition to Accrual Accounting | Al Bawaba
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