Google the phrase “those who love change” and guess what pops up – tons of articles explaining why people do not do like change. Even when it is for beneficial reasons, change brings resistance. Take the example of Accounts Receivable Services (CAS). A recent survey found that SMEs that outsource accounting have more time to …

Walgreens, CVS and AT&T lead the list of U.S. companies with the most operating lease debt that will need to be added to their balance sheets under the new rental standard, according to a new report that ranks Fortune companies 1000 depending on their rental obligations. The report, from LeaseAccelerator, a provider of rental accounting …

The deadline for implementing the new accounting standards for IFRS 16 / ASC 842 leases is fast approaching. The new standards will require organizations to declare and disclose all rental obligations for buildings, offices, motor vehicles and other equipment, and reclassify them as assets and liabilities. Does your organization have an implementation plan and adequate …

As a chartered accountant, I know accounting standards are one of the first and most important subjects taught in the field. They are essentially a guide for a fair and faithful presentation of the financial statements. Over the years, accounting standards have undergone many changes. When I studied we were taught Accounting Standards (AS) which …

ATLANTA – (COMMERCIAL THREAD) – LeaseQuery, a leading provider of comprehensive lease accounting software, today announced the hiring of Abdi Ali as technical lead of lease accounting. Ali’s primary responsibility will be to provide LeaseQuery clients with a comprehensive understanding of current rental accounting standards (FASB Topic 840) and help them move on to new …

As businesses look for new ways to grow in a competitive business environment, accounting firms can position themselves as more than just the traditional provider of tax or audit assistance. Accountants become trusted advisors whom their clients rely on for a wider range of business advice. A strong Accounts Receivable Services (CAS) offering allows companies …

The lease accounting standard that state-owned enterprises are set to comply with by the end of the year presents them with certain technological obstacles, according to a new report from Big Four Deloitte. The challenges include new data elements, data hosted in various systems, relevant information spread across multiple leases, high volume of data fields, …

The numbers show that 57 percent of small businesses don’t use an accountant, could this have anything to do with the business failure rate in the United States? The point is, some types of businesses need an accountant more than others. Here, we’ve compiled a list of the top 10 most in need of these …

Many companies will face major obstacles in implementing the new lease accounting standards, ASC 842 of the FASB and IFRS 16 of the IASB. 15, 2019, for non-public companies. The standards will fundamentally change accounting by requiring that both simple rental and finance rental be entered on the balance sheet of a company. The changes …

With new accounting standards hanging over companies that offer subscriptions as at least part of their business models, the first step is to admit there is a problem. The Financial Accounting Standards Board and the International Accounting Standards Board have released new standards – ASC 606 and IFRS15 respectively – in 2014 for the recognition …

More than three-quarters of the top 100 U.S. companies with the largest lease obligations expect to see a significant impact on their balance sheets from the new lease accounting standard, according to a new report. The report, by technology firm LeaseAccelerator, analyzed a recent series of Securities and Exchange Commission filings related to the adoption …

New from India accounting standard, Ind AS 115, has been in force since April 1, 2018, which marks the start of the country’s new financial year. As explained by the Ministry of Corporate Affairs, the Ind AS 115 sets out the principles to be applied by an entity in order to communicate useful information to …

Companies will have to adopt more detailed revenue recognition methods from April 1, as the government notified a new accounting standard. The Ministry of Corporate Affairs has notified Indian Accounting Standard (Ind AS) 115 which would come into effect from the new financial year, effective Sunday. According to experts, Ind AS 115 will contribute to …

In 2016, the Financial Accounting Standards Board and the International Accounting Standards Board released new accounting standards, ASC 842 and IFRS 16, which change the way organizations are required to recognize lease assets and liabilities on the balance sheet and disclose key information about rental agreements. With the new standards due to go into effect …

Three-quarters of companies find the new financial accounting standards board’s lease accounting standard more complex than expected. The FASB standard, published in 2016, requires organizations that lease assets to recognize assets and liabilities on the balance sheet for the rights and obligations created by these leases. For some companies, this has meant the need to …

Tax season is often a stressful time, especially for small businesses. Delta Effects’ mission is to reduce that anxiety and support small businesses on their journey to success. “We are an accounting firm focused on supporting small businesses,” says Anu Singh, Principal Accountant at Delta Effects. The company offers services for small businesses and individuals. …

Millennials, born between 1977 and the early 2000s, are making their mark on the world as successful business owners and passionate entrepreneurs. The group, representing over 75 million people in the UK, are creative, confident and very comfortable with technology. They work in new, digitally driven ways and need corresponding services. Bill.com surveyed more than …

Accounting standard setters are fine-tuning the rules for the standards that will come into effect in the next few years, officials say. Financial Accounting Standards Board Chairman Russell Golden explained how the FASB uses what it calls the “Kaizen” approach to standard setting, a Japanese word meaning “change for the better.” “It describes a process …

Outsourced accounting services aren’t always a stopgap measure for companies that can’t afford a CFO or in-house accountant. Companies that provide accounts receivable services to businesses are often able to provide perspective and extensive experience that businesses find valuable. The software a business chooses to use plays a critical role in passing on efficiencies to …

Our featured work this week is a Tax Operations Manager at TaxConnex in Atlanta, Ga. Position: Head of tax operations Location: Atlanta, Ga. Employer: TaxConnex Terms: Ideal candidates will have 2-3 years of work experience in public accounting or business operations, be independent/motivated, comfortable interacting/communicating with C-level executives, and seeking a long-term opportunity in operations …

Photo: Pixabay,CC0 IFRS 9: “If you come across someone who claims to have read and understood everything, they are not the kind of person to trust with your fidget spinner collection or your investment property portfolio.” Changes to accounting requirements of local authorities are often of interest to specialists. Each year, new provisions are introduced …

Our featured position this week is as Head of M&A Accounting at Pipaya in Vienna, Virginia. Position: Mergers & Acquisitions Accounting Manager Site: Vienna, Virginia Employer: Pipaya Conditions: Bachelor’s or master’s degree in accounting; CPA license; 4 – 8 years of customer service or industry work experience, preferably in a Big 4; Prior experience in …

Our featured work this week is a Accounting Manager at Murray, Stok & Company in San Francisco, California. Position: Accounting manager Location: San Francisco, California. Employer: Murray, Stok & Company Conditions: 5+ years of experience (preferred); bachelor’s degree in accounting required; CPA preferred; desire to grow within the company; adaptable, assertive, takes initiative; strong communication …

Q. What are the main changes that the new rules will introduce? JK: In developing the new standard, the FASB decided that the types of items and transactions currently eligible for hedge accounting would continue to be eligible under the amendments to the next standard. The issues the board considered in this project are expected …

A new accounting standard on share-based payments that creates volatility in effective corporate tax rates may mislead investors who use companies’ financial statements to make decisions, analysts warn. By linking earnings to stock prices, the standard can cause a company’s effective tax rate and other important financial figures to fluctuate. While many businesses today see …

Significant changes to accounting standards in 2018 and upcoming changes to lease accounting could result in a substantial adjustment from nonprofits, writes Christopher Edwards, director of corporate and audit services at HLB Mann Judd. In what has been described by many as the most significant change in accounting standards since the adoption of International Financial …

A new US accounting standard that makes it easier to recognize hedges is likely to encourage more companies to hedge. The Financial Accounting Standards Board voted last month to finalize the new hedge accounting standard, and the final standard is expected to be released in August. Companies interested in using the new standard will not …

On the heels of (or in the midst of) implementing the new revenue recognition rules, companies are already planning to adopt ASC 842 and IFRS 16, the new lease accounting standards issued. by FASB and IASB last year, which will bring almost all leases to the balance sheet, with comparative presentation of prior years. This …

Jitasa, which makes accounting software for nonprofits, has introduced a set of technology and service-based accounting and bookkeeping solutions. This announcement follows a recent series of acquisitions. Over the past two years, Jitasa has acquired Dynamic Shared Services, a provider of accounting and management services for unions; AVF Consulting, which offered accounting and business management …

Accountingfly’s featured job this week is a Accounting manager with ORBA in Chicago, Illinois. Position: Accounting manager Location: Chicago, Ill. Employer: ORBA Terms: 5+ years of experience; proficiency in QuickBooks and Excel; strong leadership, business development, training, coaching and mentoring skills About ORBA: Ostrow, Reisin, Berk & Abrams, Ltd. (ORBA) is a great alternative to …

What is Financial Accounting Standard 157 (FAS 157)? Financial Accounting Standard 157 (FAS 157) is the controversial Financial Accounting Standards Board (FASB) fair value accounting standard, which was introduced in 2006, on the eve of the global financial crisis, and is now known as of the Accounting Standards Code. Subject 820. Key points to remember …

What is an accounting standard? An accounting standard is a common set of principles, standards, and procedures that define the basis for financial accounting policies and practices. Key points to remember An accounting standard is a set of practices and policies used to systematize bookkeeping and other accounting functions across businesses and over time. Accounting …

By 2018, publicly traded companies will be required to comply with a new method of reporting income, and all other companies will follow in 2019. Healthcare companies, especially post-acute care providers, may feel the pain more than others, and they and their investors – should prepare as soon as possible. Under this new standard, ASC …

As mandated by regulators, Sealed Air is implementing the new standard for accounting for leases on time. The standard will come into force on January 1, 2019 for public companies and one year later for private companies. The implementation forces public companies to restate 2017 and 2018 and private companies to restate 2019. Sealed Air …

Diane Backis leaves the Federal Courthouse on Monday, November 28, 2016 in Albany, NY (AP Photo/Mike Groll) NEW YORK – Diane Backis, former chief accounting officer of Cargill, pleaded guilty Nov. 28 to stealing at least $3.1 million from the Minneapolis-based company over a 10-year period and causing at least 25 million dollars in losses, …

In one of the region’s largest employee theft cases, a Cargill accountant at the Port of Albany admitted on Monday that she stole more than $ 3.1 million from the in 10 global agriculture giant years. Diane L. Backis, 50, of Athens, caused losses of at least $ 25 million to Cargill, the largest private …

A new accounting standard that prohibits accelerating revenue recognition will hurt Rolls-Royce Holdings PLC’s short-term results, the aircraft engine manufacturer’s chief financial officer said in a presentation on Wednesday. IFRS 15 will initially “have a negative impact on our reporting,” said CFO David Smith. However, the “net present value” of the business will not change, …

Accounting professionals are now in a position they have long wanted. With the disappearance of a lot of manual processes that were previously performed using desktop software, being online is creating a lot of efficiencies where accounting professionals can start moving away. daily figures for the consultancy services that they and their clients have been. …

Thanks to a trip to the Tax Court, Alex Kopaigora will be able to keep his deductions for MBA expenses for the year 2011, for the most part. Mr. Kopaigora began working for Marriott International Corporation in 2002 and has progressed to a position of significant responsibility. In June 2006 the petitioner accepted a position …

“You can delay, but time won’t, and lost time is never regained.” -Benjamin Franklin We’re guessing accountants and compliance managers feel the same way old Ben did about the time that 60.5% of organizations apparently lose by being “somewhat or not too prepared” for the new accounting standards. leases – not to mention the roughly …

DELOITTE has become the latest Big Four company to tap into the start-up and SME space, launching its £2.5m investment Propel, a cloud-based accounting and analytics service to the market . Deloitte’s new offering is a comprehensive bookkeeping and accounting service on a monthly subscription model, presenting the UK’s 5.4 million small business owners with …

Sam’s Club, the membership warehouse club owned by Wal-Mart, partners with a New York-based accounting firm known as 1-800Accountant to offer accounting and tax services accessible via mobile devices such as smartphones and tablets. The service will be available at SamsClub.com/services, starting at $29 per month. 1-800Accountant provides services such as tax preparation, tax advice, …

Successful business management requires an eye to the future and a willingness to implement change with thoughtful planning. Adding bookkeeping and accounting services can increase business revenue and provide your clients with more options to run their business with a higher level of satisfaction. Leave it to the pros First, there is a paradigm that …

Ideal position for a current accounting manager ready to take the next step! A New Jersey minor league team is currently looking to fill the controller position. The controller will oversee the accounting department and report to the property and general manager of the team. The Controller is responsible for safeguarding company assets, as well …