Do you know how your business is performing this year compared to last? No? Calculate year-over-year growth to find out. Having the 411 on your business’s financial health puts you in a better position for decision making. Read on to learn what is year-over-year growth, why it matters, and how to calculate it (complete with […]
Study Finds Georgetown Accounting Grads Earn Highest Starting Salaries in Country – Georgetown University The Hoya
Georgetown University McDonough School of Business undergraduate accounting students reap higher starting salaries entering the workforce than accounting students at any other college or university in the United States, according to a study published by a business software research firm. The study, published by Best Accounting Software Sept. 1, found median earnings for MSB accounting […]
FASB issues minor codification changes
FASB issued a new standard Thursday that is designed to provide incremental improvements to its Accounting Standards Codification. Accounting Standards Update No. 2020-10, Codification Improvements, describes the changes. The standard is part of a standing FASB project designed to address minor improvements to GAAP that are deemed necessary by the board. The project makes it […]
FASAB proposal would clarify presentation requirement
The Federal Accounting Standards Advisory Board (FASAB) has proposed an interpretation that would address how amounts received in deposit funds from non-federal sources in anticipation of an order (an advance) should be presented on component entity financial statements. The proposed interpretation would clarify the classification and presentation of non-federal non-entity Fund Balance with Treasury (FBWT). […]
FASB proposes scope clarification for reference rate relief
FASB issued a proposal Thursday that is intended to clarify the scope of the board’s guidance on reference rate reform. In March, FASB issued Accounting Standards Update No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The standard was issued to address accounting challenges resulting from […]
The Basics of Accrued Liabilities in Business
If you want to keep your business running, you need to fork over some cash to buy goods and services. And sometimes, you might use credit to make these purchases, resulting in accrued liabilities. Accounting lingo like “accrued liabilities” may sound complicated, but don’t panic. It’s actually pretty simple. Read on to learn the basics […]
Accountants look to educate younger generation in latest tech skills – Accounting Today
Institute of Management Accountants president and CEO Jeff Thomson told an online meeting Wednesday of the Accountants Club of America about how the profession can appeal more to young people by emphasizing technology know-how in areas like data analytics and data science. “This really is a race for relevance and the future of our profession,” […]
FASB staff weighs in on debt modifications and restructurings
FASB’s staff published an educational paper Wednesday that provides guidance to borrowers on how to account for debt modifications and restructurings, which have been common this year as a result of the coronavirus pandemic. The staff paper gives an overview of the accounting guidance for debt modifications and restructurings, and it also provides examples of […]
4 key guidelines for young accountants – Accounting Today
Entering the workforce for the first time is challenging in and of itself. From acclimating to your company’s culture and learning the ins and outs of the organization to understanding your responsibilities and how your role fits into the strategic vision of the business — it can be daunting, even under the best of circumstances. […]
Infinit Accounting Discusses the Impact of Strategic Accounting Partnerships in Today’s Hyper-Competitive Market – GlobeNewswire
NEWPORT BEACH, Calif., Oct. 27, 2020 (GLOBE NEWSWIRE) — This last year has brought with it a myriad of challenges for businesses across the nation. From financial to operational, businesses throughout the United States have had to tighten their belts and look for ways to improve efficiency, reduce costs, earn more sales, keep customers and […]