Bridging The Accounting Gap For Lessors And Lessees

PYMNTS

The International Accounting Standards Board introduced a significant overhaul to lease accounting standards , and while the changes went into effect at the start of 2019, corporates continue to face challenges to adhere to the standards and remain compliant.

IASB Releases Guidance on Application of IFRS 9 During Time of Uncertainty Due to COVID-19 Pandemic

MarkFriedlich

The International Accounting Standards Board (IASB) has released the document, IFRS 9 and COVID-19—Accounting for Expected Credit Losses Applying IFRS 9 Financial Instruments in the Light of Current Uncertainty Resulting from the COVID-19 Pandemic.

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Best Vendor Payment Processes for Businesses 2022

Accounting Seed

This is part of every business’s accounts payable workflow or accounts payable process. The life cycle looks something like this: the accounts payable department receives, verifies, and routes an invoice for approval, then they send payment. Accounting Insights Business Trends

Salesforce B2B Commerce: Everything to Know

Accounting Seed

The Salesforce B2B ecommerce platform is designed to suit the complex B2B buying journey, including negotiated pricing, account-specific terms and conditions, and discounts, to give your business customers a superior online buying experience. Top 7 Issues Accountants Face Today.

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?

20 Best Financial Dashboards for Making Business Decisions

Accounting Seed

Scroll down for the best financial dashboard examples for your business, plus tips to customize financial dashboards to fit your processes and accounting workflows. This useful accounting dashboard lets you flag high-risk clients and spotlight clients who deserve special attention.

Salesforce Order Management: Everything to Know

Accounting Seed

For instance, Salesforce Order Management might tie together your accounting system, ERP, payment, warehouse management, and logistics into one single platform. You’ll choose either Persons Accounts or Standard Accounts with Contacts. Top 7 Issues Accountants Face Today.

Foreign Exchange Accounting Guide for Businesses in 2022

Accounting Seed

That requires a knowledge of foreign exchange accounting or the use of sophisticated software such as Accounting Seed. What is Foreign Exchange Accounting? Foreign exchange accounting is a set of rules for tracking business transactions in foreign currencies.

[07/11/21] The Sad State of Accounting

Baruch Lev

The Wall Street Journal reported (July 1, 2021) that the International Accounting Standards Board (IASB), the accounting body that sets the financial reporting rules of public companies in more than 140 jurisdictions ? Setting uniform accounting and reporting standards for most of the world is a pretty important job, particularly given the poor quality and low relevance of corporate financial statements. Accounting for the industrial era.

How to Make Business Financial Statements: Everything to Know

Accounting Seed

You can create your own financial statements with relatively little fuss and expense, particularly through automating tools such as Accounting Seed. The income statement reports your net income for a given accounting period. Automated Accounting Statements.

[06/06/21] Don’t Be Fooled By Corporate Losses

Baruch Lev

Welcome to the bizarre world of accounting. Enter accounting. Intangibles are clearly investments, expected to generate future benefits, but accountants treat them as regular expenses reducing earnings. We term those companies “accounting losers,” in contrast with “real losers.”.

2022 Federal Budget Highlights

DMCL

Introduction of the new Tax-Free First Home Savings Account (FHSA). Similar to TFSAs, income earned in the account is tax-free and withdrawals are tax-free provided withdrawals are for purchases of a qualifying first home.

Corporate Investors Irked By Lease Accounting Changes

PYMNTS

Chief financial officers are changing their views on how they assess corporate performance in light of changes to lease accounting rules coming into play. The publication reported Thursday (May 2) that the International Financial Reporting Standards will apply to organizations across 140 countries, shifting the way businesses account for their leases in financial statements.

Banks Will Have To Report Loan Losses Faster

PYMNTS

The Wall Street Journal reported on Thursday (June 16) that accounting rules are taking effect that would ensure that banks would have to report loans going south much earlier than had been done before, which may push reserves higher, eating into profits. The new rules have been issued by the Financial Accounting Standards Board. In addition, noted WSJ , the International Accounting Standards Board has similar rules in place, with non-U.S.

Govt Eyes BEC, Govt Slammed By BEC

PYMNTS

Amid reports this week that changes to accounting standards are coming over the next few weeks, the Securities and Exchange Commission (SEC) has said that financial professionals, including accountants, must be mindful of cybersecurity risks. The idea , as detailed in the SEC’s Report of Investigation, is that firms should consider cybersecurity as they develop their own internal accounting standards.

Small Businesses’ Biggest Lease Accounting Pitfalls

PYMNTS

New lease accounting standards are in effect for publicly traded companies in the U.S. after the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) introduced changes to the way businesses account for their outstanding leases. Compliance is, of course, the most imperative goal for businesses of all sizes and types when gearing up for these accounting shifts.

Bringing Personalization Tech To The CFO’s Office

PYMNTS

With the newest software iteration, personalization allows CFOs to choose how accounting information is maintained and also should be differentiated from customization, which Bres said can typically include more time spend on changing software and training users. GAAP and international accounting standards, is another boon to efficiency, said Bres.

An Exclusive Interview with FASB Chairman Richard Jones

ThomsonReuters

He shared his thoughts about whether technology will impact the way the board sets standards and provided the most current view of the board’s work on segment reporting, goodwill, government assistance, debt, and a slew of other topics. GAAP by developing high-quality accounting standards.