The Financial Accounting Foundation names new members to a major advisory board, Connecticut firms turn out for a big annual food drive, and other news from across the profession.
While you're here, how about this:
The accountant as educator | Accounting Today
Accountants spend much of their time educating clients on why a particular approach was taken, and what the results actually mean. You may not have signed on as an educator, but it often comes with the job.
It's been a long time since I was in practice, but I still remember all of the times I had to explain the approach accounting takes to examining and analyzing financial transactions, or why I took a particular way of recording or reporting a transaction. I had one very successful client in particular who just had trouble wrapping his head around the concept of income versus cash-in-bank. "Why are you showing that I made $100,000 last month and I have only $25,000 in my bank account?
2020 Top 100 People extra: Preparing for the future | Accounting Today
As part of this year's Top 100 Most Influential People survey, Accounting Today asked, "What one thing would you recommend accountants do to prepare for the future?"
Embrace digital transformation and new ways of collaborating with your clients and colleagues in a digital world. Your clients are already expecting this and if you're left catching up it may already be too late.
* * *
If anything, this year has proven that the future is uncertain. I recommend accountants adopt a flexible, agile and innovative mindset to pursuing their long-term goals and vision, as this will enable our profession to remain strategic while building the ability to pivot quickly in response to changing circumstances.
At RSM, we started 2020 with a plan. While we've remained focused on our long-term goals, we had to shift many things during the course of the year.
FASB: Don't make big changes to the lease standard | Accounting Today
As we wrap up an unpredictable year, let's explore the Financial Standards Accounting Board's recent roundtable discussions, new guidance on lease implementation for public and nonpublic organizations, and what we can expect for non-public implementation next year.
Public companies understand the new lease standard now that they have completed their implementations. For the most part, the guidance works as intended, and the standard is a more transparent way for organizations to account for their leases.
Not to change the topic here:
Evolving trends in China's accounting landscape - FM
Its activities range from short-term courses for senior accounting and finance executives and online seminars for accounting practitioners to full-fledged postgraduate programmes in accounting. Its Belt and Road Financial Development Research Center is researching accounting practice and standards to lay the tracks for Chinese companies' continued expansion overseas.
Liu Qin, professor and vice-president of SNAI, spoke to FM magazine recently on the results of SNAI's 2020 survey (in Chinese) on top technologies impacting accounting practitioners in China, his thoughts on evergreen skills for accountants, and the possible effects of China's central bank digital currency on finance teams.
Accounting Rules May Spark Next Wave Of Bankruptcy Suits - Law360
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German accounting in support for White Helmets in Syria not transparent -Foreign Ministry -
Previously, the Foreign Office announced that it allocated 5 million euro aid for the organization.
According to Zakharova, it is easy to get lost in the accounting of Germany’s sponsorship of the White Helmet.
The spokeswoman also pointed out that the German Foreign Office seeks to present the White Helmets to the Syrians as a symbol of hope.
"The German Foreign Ministry, apparently, completely tossed away all hesitation and more and more acts as the primary promoter and sponsor of the White Helmets," she concluded.
The intersection of COVID-19 and mental health | Accounting Today
The COVID-19 pandemic has acted as a significant catalyst for mental health care, with the crisis sparking concern for the emotional wellbeing of entire populations. Around the world, many people are trying to manage symptoms of stress and anxiety stemming from new ways of working, a fear of contracting the virus and unexpected financial challenges.
In terms of destigmatizing the topic of mental health, this change in behavior is good news and bodes well for the "new normal" that we are all working toward. That said, there is still much work to do and it is the responsibility of employers and employees alike to make sure we normalize mental wellness, as we do with physical wellness.
Happening on Twitter
Will British people and businesses be able to do more on 1 Jan than they can on 31 Dec? The answer is no. In fact… https://t.co/eZFPHgN1oJ coyleneil (from Southwark, London) Thu Dec 24 16:59:41 +0000 2020
2/ "On the other, many of their firms have put Americans out of work and used their profits to increase the wealth… https://t.co/gNdNybxVo3 NancySinatra (from Los Angeles) Wed Dec 16 22:04:49 +0000 2020
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