Litigation Activity Keeps Spotlight on Reporting of Foreign Financial Accounts

Katz,Sapper&Miller

With penalties including monetary fines and possible jail time, the Internal Revenue Service (IRS) and Department of the Treasury have shown how seriously they treat violations related to foreign financial account reporting. Considering such tough penalties, it is critical to understand who is required to file, what information is needed, and how recent cases could impact you

A financial statement analysis mini-dashboard for a quick data analytics exercise

Wendy Tietz

Looking for a quick data analytics exercise for financial statement analysis in an introductory accounting class? You can give your students the link for this financial statement analysis dashboard and then ask a series of questions.

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How will Chipotle recognize the costs of Chippy, its tortilla-chip-making robot?

Wendy Tietz

Ch 07 PP&E and Intangibles Financial accounting capitalization capitalize expense financial accounting fixed assets plant assets teaching accountingChipotle is currently testing Chippy, a robot that makes tortilla chips.

New! Beginning Data Cleaning (ETL) & Analytics Project for Excel: KAT Concession Supply

Wendy Tietz

Just posted this project on the other blog I co-author, Accounting Is Analytics. I am really excited about this project – it introduces accounting students to basic data cleaning and analytics concepts using Excel.

Top Tips To Find A Good Accountant For Your Business

AccountingDepartment

From one-man-teams to small and medium-sized businesses, accounting services are now a mandatory requirement of operations. But you probably don't need to hire an accountant or bookkeeper internally; you just need a trustworthy professional to work with.

How does Amazon’s stock buyback impact its earnings per share and balance sheet?

Wendy Tietz

Ch 10 Stockholders' equity Financial accounting financial accounting stock buyback stockholders' equity teaching accounting treasury stockIn March 2022, Amazon’s board of directors authorized it to buy back up to $10 billion of its stock. The stock buyback will take place over a multi-year period. Amazon may not buy back the full $10 billion of its stock; the board’s authorization is simply the maximum amount of stock that can be repurchased. […].

How will the $2 billion bond issuance by the University of Michigan impact its balance sheet?

Wendy Tietz

Ch 09 Long-term liabilities Financial accounting accrue interest bonds issuance bonds payable financial accounting issue bonds liabilities long-term liabilities teaching accountingThe University of Michigan issued $2 billion in bonds in March 2022. The proceeds from these bonds will be used to finance construction and renovation projects on the campus. billion was issued as century bonds, which must be repaid in 100 years.

How does Amazon’s 20-for-1 stock split impact its stockholders’ equity?

Wendy Tietz

Ch 10 Stockholders' equity Financial accounting common stock equity financial accounting shareholders' equity stock split stock splits stockholders' equity teaching accountingAmazon announced a 20-for-1 stock split in March 2022. This stock split was its first stock split in over twenty years. On the day that Amazon announced its stock split, one share of its stock was selling for $2,785.58. The stock split will occur at the close of business on June 3, 2022.

What do you think of the new blog post format that includes a tutorial video?

Wendy Tietz

Miscellaneous financial accounting managerial accounting; teaching accountingEarlier today, I shared a new blog post (How does Amazon’s stock split impact its stockholders’ equity? link.) In this blog post, I experimented with a new blog post format.

The 5 Keys to a Faster Financial Close

AccountingDepartment

A yearly financial close can be a laborious process that accounting and finance departments dread. It requires tracking down information from other departments, ensuring financials are accurate, and identifying/correcting errors.

What are Days Sales Outstanding and How Can You Reduce Them?

AccountingDepartment

Small Business Advice and Tips small business bookkeeping small business tips small business accounting tips financial management financial accounting business collections financial reporting

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What Are Clean Financials and How Can You Get Them?

AccountingDepartment

We often hear prospective clients come to us explaining they are in need of clean financials. outsourced accounting services small business bookkeeping financial management financial accounting financial statements accounting analysis clean financials

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Quovo Raises $10M In VC Funding To Accelerate Growth

PYMNTS

Quovo, a data platform providing insights and connectivity for financial accounts, announced Wednesday (April 26) that it has raised $10 million in Series B funding. In a press release , the company said F-Prime Capital and Napier Park Financial Partners co-led the round and were joined by existing investors, FinTech Collective and Long Light Capital.

FBAR Deadline is April 15 (Not 18)

CPA Practice

citizens, resident aliens and any domestic legal entity with foreign banking accounts have a deadline of April 15 to file their annual Report of Foreign Bank and Financial Accounts (FBAR). For additional information about filing deadlines, filers.

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The CARES Act Provides Temporary Relief from CECL Standard

MarkFriedlich

The CARES Act (the “Act”) provides temporary relief from FASB Accounting Standards Update (ASU) No. 2016-13, Financial Instruments —Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.

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Standards Update: 10/30/20

Katz,Sapper&Miller

The Financial Accounting Standards Board (FASB) regularly issues Accounting Standards Updates (ASUs) to make changes to the FASB Codification, the primary source of Accounting Principles Generally Accepted in the United States (GAAP).

Teaching at Baruch

Withum

I will be teaching Financial Accounting to non-accounting majors. Friday, I start teaching for the first time at my alma mater, Baruch College.

Standards Update 6/5/20

Katz,Sapper&Miller

The Financial Accounting Standards Board (FASB) regularly issues Accounting Standards Updates (ASUs) to make changes to the FASB Codification, the primary source of Accounting Principles Generally Accepted in the United States (GAAP

Standards Update 5/20/20

Katz,Sapper&Miller

The Financial Accounting Standards Board (FASB) regularly issues Accounting Standards Updates (ASUs) to make changes to the FASB Codification, the primary source of Accounting Principles Generally Accepted in the United States (GAAP

Standards Update: 12/17/19

Katz,Sapper&Miller

The Financial Accounting Standards Board (FASB) regularly issues Accounting Standards Updates (ASUs) to make changes to the FASB Codification, the primary source of Accounting Principles Generally Accepted in the United States (GAAP).

Project Accounting Guide: Everything You Need to Know in 2022

Accounting Seed

With project accounting, you can identify when a given project isn’t pulling its weight. Project accounting software can make this number-crunching task more efficient. What is Project Accounting? What are the Principles of Project Accounting? Why Use Project Accounting?

Common Accounting Mistakes: Government Edition - Issue #11 What is GAAP?

SMBAccountant

Many small business government contractors are exempt from complying with cost accounting standards (CAS) and defined by the code of federal regulations (CFR). However, compliance with generally accepted accounting principles (GAAP) is required.

Important New Disclosure Rules for Trusts

Generate Accounting

This includes financial summaries with a statement of profit or loss, as well as a statement of financial position. This is important as you may not previously completed financial statements.

Proposed Accounting Standards Update - In-Kind Contribution Reporting

Katz,Sapper&Miller

FASB Votes to Delay Effective Date for Major Accounting Standards

Katz,Sapper&Miller

Yesterday, the Financial Accounting Standards Board (FASB) voted to approve proposals to amend the effective dates for several major Accounting Standards Updates (ASUs). The FASB voted to issue final ASUs to amend the effective dates of the following ASUs

FASB Votes Against Extending the Lease Accounting Standard Due Date

LSLCPAs

The Financial Accounting Standards Board FASB rejected the Pennsylvania Institute of CPA’s (PICPA) request for a two-year extension of the lease accounting standard’s due date. Finance & Accounting Tax & Financial Services

Standards Update: 5/29/19

Katz,Sapper&Miller

The Financial Accounting Standards Board (FASB) regularly issues Accounting Standards Updates (ASUs) to make changes to the FASB Codification, the primary source of Accounting Principles Generally Accepted in the United States (GAAP). Below are select ASUs that were recently issued

Standards Update: 11/26/18

Katz,Sapper&Miller

The Financial Accounting Standards Board (FASB) regularly issues Accounting Standards Updates (ASUs) to make changes to the FASB Codification, the primary source of Accounting Principles Generally Accepted in the United States (GAAP

New Deadline to Complete FBAR Filing for the 2016 Calendar Year

Katz,Sapper&Miller

person that has a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account may be required to report those accounts and balances to the Department of Treasury’s Financial Crimes Enforcement Network (FinCen Any U.S.

National Society Of Accountants For Co-ops Upcoming Webinars

Nancy McClelland, LLC

I often write and speak about my experiences as a co-op accountant, and how challenging it was to become an expert in the field with so few resources. This session will explore recent developments in the financial accounting standards relevant to cooperatives.

FASB Proposes Delay in Effective Dates for Leases and Revenue Recognition Standards for Certain Entities

Katz,Sapper&Miller

The Financial Accounting Standards Board (FASB) has issued a proposed Accounting Standards Update (Exposure Draft) that includes an optional one-year delay in the effective date for certain entities in applying the new lease and revenue recognition standards.

Changes to Manufacturing Lease Accounting

Katz,Sapper&Miller

That means nearly all of these businesses will be impacted by the Financial Accounting Standards Board’s (FASB) update to the accounting standards for leases under generally accepted accounting principles in the United States (GAAP).

Standards Update: 2/27/18

Katz,Sapper&Miller

The Financial Accounting Standards Board (FASB) regularly issues Accounting Standards Updates (ASUs) to make changes to the FASB Codification, the primary source of Accounting Principles Generally Accepted (GAAP) in the United States. Below are select ASUs that were recently issued

Deadline to Complete the 2015 FBAR Approaching

Katz,Sapper&Miller

person that has a financial interest in or signature authority over a foreign financial account—including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account—may be required to report those accounts and balances to the Department of Treasury’s Financial Crimes Enforcement Network (FinCen). Any U.S.

Accounting Update for Not-for-Profit Entities: Leases

Katz,Sapper&Miller

In February 2016, the Financial Accounting Standards Board (FASB) issued one of the most sweeping changes to generally accepted accounting principles in the United States (GAAP) – Accounting Standards Update (ASU) No.

Trucking Carriers: Start Planning for the New Lease Accounting Standard

Katz,Sapper&Miller

In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. The Update represents the first comprehensive overhaul in lease accounting in approximately 40 years 2016-02, Leases (Topic 842) (the Update).

Significant Changes Coming for Financial Reporting of Not-for-Profits

Katz,Sapper&Miller

In August 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities

FASB Formally Delays Effective Dates for Major Accounting Standards

Katz,Sapper&Miller

The Financial Accounting Standards Board (FASB) has officially deferred the effective dates of new Accounting Standards Updates (ASUs) related to credit losses, leases, hedging, and long-duration insurance contracts with the issuance of ASU No. 2019-09, Financial Services—Insurance (Topic 944): Effective Date and ASU No. 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates

Standards Update: 8/22/19

Katz,Sapper&Miller

The Financial Accounting Standards Board (FASB) regularly issues Accounting Standards Updates (ASUs) to make changes to the FASB Codification, the primary source of Accounting Principles Generally Accepted in the United States (GAAP). Below is a select ASU that was recently issued

Specializing an Accounting Business: What and How?

PANALITIX

Specializing an Accounting Business: . Accountants are increasingly specializing in response to the commoditization of ‘traditional’ accounting services. Some Accountants will prefer to Stay Close to Accounting. Management accounting. Financial Accounting.