article thumbnail

Changes to Lease Accounting Rules (ASC 842)

SMBAccountant

The new lease accounting rules seek to make the impact ofleases more transparent within financial statements. timber, livestock) • Leases of inventory or assets under construction Many small businesses do not evaluate their lease activities on a regular basis. This was the catalyst for the change.

Account 246
article thumbnail

IFRS vs UK GAAP

Menzies

Menzies LLP - A leading chartered accountancy firm. Which accounting standard should you use? When preparing a set of financial statements in the UK there is a choice of accounting standard to apply in order to comply with UK Companies Act 2006. What are the key differences between IFRS and UK GAAP?

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

The Rise and Impacts of Digital Asset Use: Through the Eyes of the Accountant

Cherry Bekaert

However, based on the feedback from respondents to the 2021 FASB Invitation to Comment related to Accounting for and Disclosure of Crypto Assets , applying that model has its limitations and does not provide users of their financial statements with decision-useful information. tax return and financial statement reporting.

Account 98
article thumbnail

Friday Footnotes: Retired EY Partners Hate on the Split; It’s a Raid!; ‘An Alphabet Soup of Technology’ | 11.18.22

Going Concern

KPMG has been blocked from winning new audit contracts in Abu Dhabi after regulators removed the Big Four firm from the list of accountants authorised to sign off companies’ financial statements. Teaching Accounting Students an Alphabet Soup of Technology [ The CPA Journal ].

article thumbnail

Watch out for regulatory progress on the supply-chain finance front 

ThomsonReuters

Coronavirus (COVID-19) — Disclosure Considerations Regarding Operations, Liquidity, and Capital Resources (available on Thomson Reuters Checkpoint ), that the absence of detailed disclosure of these arrangements in financial statements can leave investors and analysts without the material information needed to make informed decisions.

Finance 98
article thumbnail

Top accounting issues in 2023

ThomsonReuters

Accounting standards In recent years, the accounting profession has seen its share of changes in accounting standards , including the new revenue recognition standard and more recently, the new lease accounting standard (ASC 842).

Account 52
article thumbnail

National Society Of Accountants For Co-ops Upcoming Webinars

Nancy McClelland, LLC

Processing of Work Orders for Electric Co-ops May 5, 2022 | 2:00 PM EST FREE NSAC Members | $56 Non-Members CPE: 1 Credit Hour In this CLN, participants will review the accounting process for construction and retirement of utility plant from the work order stage to unitization.