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By Craig Foltin, CPA
Prices for mobile devices and their data packages continue to drop while device functionality continues to grow. Mobile technology can assist with every area of accounting, from providing access to accounting and client information to running accounting-specific apps from any location. The devices can even assist in accounting education—whether on campus or for CPE credits—and giving presentations.
Changes Are Coming
By Bruce Pounder, CMA, CFM
A new revenue accounting standard proposed by the FASB and the IASB would significantly change the core principles of revenue recognition under U.S. GAAP and IFRS. As a result, accounting professionals will need to relearn the fundamentals of accounting for revenue, including recognition, measurement, presentation, and disclosure. The new standard the Boards have proposed is summarized and evaluated as to its potential impact.
Are We Headed for a Fall?
By Mark Morgan
The global economy sits at the pinnacle of a super debt cycle, Japan’s long-term outlook is vulnerable, and the U.S. economy requires infrastructure growth to avoid the same level of severity currently in the Eurozone. In this climate, management accountants must use analysis, modeling, and perspective to get realistic assumptions for currency exposure, inflation, and market growth into budgets and forecasts.
Inventory Valuation Under IFRS and GAAP
By Sudha Krishnan and Ping Lin, CMA
The differences in inventory valuation between IFRS and GAAP involve initial measurement, subsequent measurement, disclosure requirements, and tax impact. Those switching to IFRS will have to coordinate many regulatory authorities, such as the Public Company Accounting Oversight Board, the Internal Revenue Service, and the Securities & Exchange Commission. The authors identify the major milestones on the road to possible convergence, summarize the differences in inventory valuation between IFRS and GAAP, and present the major issues in switching to IFRS.
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Logitech Wireless Keypad, ATX Tax Solution, IRS Tax App, Balance Professional
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