August 2018 Article Archives

Accounting and Security: In Industry, the Twain Should Meet

Published on August 02, 2018

Industry accountants see accounting software and online bookkeeping software as the technologies that will have the greatest impact on the profession in the next five years. Closely following these are data analytics and cloud solutions. Security, however, takes a back seat.

This data was compiled from a survey conducted by BlackLine, which attempted to find out how company finance departments globally interact with technology, and how they are handling security concerns surrounding customer and company data. 

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After Tax Reform, Do Business Meals Remain Deductible?

Published on August 02, 2018

Since the passage of the Tax Cuts and Jobs Act (TCJA) last December, taxpayers have been asking if business meals are still deductible business expenses. This question is the result of the law specifically disallowing business deductions for activity that constitutes entertainment, amusement, or recreation — while continuing to allow a 50 percent deduction on business meals. Which raises the question: Is a meal itself considered entertainment, and therefore disallowed under the new rules? 

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Evolving From a Controller to a Strategic Business Partner

Published on August 02, 2018

Unstoppable forces continue to drive business growth and create opportunities for the controllership function. Two studies explore these opportunities: One takes a closer look at controllership's evolution to become a strategic business partner. The other examines how to execute on a new vision for the changing role of the controller. 

Controllers in the United States spend nearly 70 percent of their time performing traditional tasks, such as closing the books or ensuring compliance with accounting standards. As a result, decisions involving organizational strategy often exclude their input. For example, controllers may be asked to quantify quarterly spend on headcount, but they may be left out of executive meetings on organizational restructuring initiatives. 

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Getting Ready for the New Lease Accounting Guidelines

Published on August 02, 2018

The implementation deadline for the new IFRS 16/ASC 842 lease accounting standards is rapidly approaching. The new standards will require organizations to report and disclose all lease obligations for buildings, office space, motor vehicles and other equipment, and reclassify them as assets and liabilities. Does your organization have an implementation plan and adequate system in place that will meet the new requirements? 

The new IFRS and FASB guidelines for lease accounting are described under IFRS 16 and U.S. GAAP ASC 842. The big change is that all leases will now be recognized as assets and liabilities, unless the lease term is 12 months or less, or the underlying asset has a low value. 

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