"Are you in an ACG 2021 Financial Accounting course? If so, this workshop is for you! Offered every Monday from 6-7 p.m. (Except Memorial Day)
Each week, we will cover Financial Accounting questions based on what attendees wish to see.
Need help telling a Debit from a credit? What about Cash accounting vs. Accrual based accounting? Wonder what FIFO and LIFO stand for, and how they differ? Feel free to ask any and all questions you may have about Financial Accounting here.
Private companies still unprepared for leases standard | Accounting Today
A sizable chunk of private companies still aren't ready to implement the new lease accounting standard before the end of the year, despite postponements in the deadline due to the pandemic.
FASB has repeatedly delayed the leases standard for private companies, most recently because of the outbreak of the COVID-19 pandemic last year, when it also moved to postpone the effective dates for several of its other major standards. However, publicly traded companies were already expected to begin implementing the standard before the pandemic began spreading across the country. The deadline is approaching soon for privately held businesses too.
Best Accounting Software for Small Business
Accounting software is a critical tool for businesses that want to track and report on finances with accurate, up-to-date data. Especially for small businesses, accounting software can make the difference between a good month and a great month. There are many tools that can handle your bookkeeping needs, and our comparison will help you narrow your search.
Quickbooks Online is one of the biggest names in accounting software, and that might be because of how easy it is to scale as your business grows. The Simple Start option provides all the basic functionalities for new businesses or very small teams, and you can easily move to the Essentials, Plus, or Advanced editions to access more tools and customizations. Many users love how easy Quickbooks is to learn and that it integrates with a wide variety of third-party platforms.
Auditors leverage technology lessons from pandemic | Accounting Today
Auditors are taking advantage of the remote auditing capabilities they used during the pandemic to do more types of audits and expand priorities like fraud detection and cybersecurity.
The COVID-19 pandemic has forced many audit firms and internal audit departments to operate remotely, but now as more parts of the country open up thanks to vaccines, more auditors will be returning to their offices this year. But that doesn't mean they can't leverage the technology and skills they learned from remote audits, and use audit talent from around the country or the world located in far-flung offices.
On the move: KLR opens in Switzerland | Accounting Today
The Top 100 Firm now has an office in Lausanne, Eide Bailly names 22 partners, the Virginia Society of CPAs installs its new board, and other news from across the accounting profession.
Supporting clients through COVID-19 challenges | Accounting Today
Business leaders, accounting professionals and HR professionals have been in the thick of new and expanding COVID-19 laws and regulations from the beginning, leaning on each other through never-ending changes to guide businesses through the pandemic financially and operationally.
More than half (55%) of businesses surveyed remain at least partially remote, leaving many employers with questions about if and how to bring their employees back to the office safely. Clients' concerns may include communicating and implementing return to work policies, effective hiring and retention strategies when remote work has expanded both the candidate pool and competitor opportunities, and the health and safety risks or liabilities of gathering employees back in the office.
IFRS clarifies accounting for deferred tax on leases, decommissioning – MNE Tax
The International Accounting Standards Board (IASB) on May 7 issued amendments to IAS 12, the IFRS standard on income taxes, to clarify how companies should account for deferred tax on transactions, like leases and decommissioning obligations.
IAS 12 Income Taxes details how a company accounts for income tax, including deferred tax, which represents tax payable or recoverable in the future, the group said in a statement.
Tech check! New lease accounting standard almost here
FASB's lease accounting standard (ASC 842) will take effect for periods beginning after Dec. 15, 2021 (calendar year 2022) for private companies.
Which means hopefully by now you're in full-on preparation mode. But what technology route should you take to get – and keep – your company in compliance?
Take a look at what your peers who've gone before you have done to help shape your plan of attack.
DOS Announces New Interpretation of Citizenship at Birth Accounting for Advances in Assisted
On May 18, 2021, the U.S. Department of State (DOS) updated its interpretation of the requirements for acquisition of U.S. citizenship at birth as provided by the Immigration and Nationality Act (INA).
DOS announced that “children born abroad to parents, at least one of whom is a U.S. citizen and who are married to each other at the time of the birth, will be U.S. citizens from birth if they have a genetic or gestational tie to at least one of their parents and meet the INA’s other requirements. Previously, the Department’s interpretation and application of the INA required that children born abroad have a genetic or gestational relationship to a U.S. citizen parent.
Let's Hop In a Time Machine and Talk About Public Accounting Perks and Comp Circa 2011 -
Imagine if you will being magically transported back to the year 2011. As you aggressively yank your jeggings over your calves while waiting for Angry Birds to update over your 3G connection, “Somebody That I Used to Know” plays gently (and incessantly) in the background.
The phrase “orange Cheeto man” didn’t even exist in your vernacular and your Facebook friend list was probably a bit longer as you had yet to get unfriended by your fringe cousins over not sharing their political beliefs, whatever those may be. And all the memes looked like this:
Happening on Twitter
Not telling you guys what to do. I am not a financial advisor. Simply letting you know that I invested heavily duri… https://t.co/ZsHdTT4nKo genesimmons Fri May 21 13:59:20 +0000 2021
LOL I can already summarise the resolution: 1. No total lockdown 2. No financial aid 3. Economy must come first ev… https://t.co/QiSHuqJVo5 ernamh (from Kuala Lumpur, Malaysia) Fri May 21 07:20:29 +0000 2021
No comments:
Post a Comment