NSAC Happenings and Latest News - Page 115
Recognizing the Unconventional Keys to Your Company's Success
If you want to change something in your company, you start with single-minded attention and promotion. The same applies when trying to replicate more of a good thing. Successful companies, in the constant pursuit of well-rounded teams, look for and find the intangibles that help drive performance. Here are three unconventional yet important and under-recognized keys to sustained success: Thinking and problem solving.Are you ...
Read MoreAccountants Rescued by the 'Magnificent Seven'
Forget about Yul Brynner, Steve McQueen, Charles Bronson, James Coburn, Robert Vaughn, Horst Buchholz and Brad Dexter. Accountants need a “Magnificent Seven” set of attributes to survive in today’s business environment, according to new research from the Association of Chartered Certified Accountants. To define what the 2016 finance professional must look like, the ACCA has developed a set of seven Professional ...
Read MoreFive Things to Consider Under the New Lease Accounting Standards
The Financial Accounting Standards Board (FASB) released the long-awaited lease accounting standard on Feb. 25. The first exposure draft on the topic was originally released in August 2010 and has undergone several revisions. Although there are several elements of the standard, the most significant is the requirement for lessees to include the future lease payments on the balance sheet as a liability and a related right-of-use ...
Read MoreThe Raw Nerve of Materiality
FASB’s plan to use only the U.S. Supreme Court’s definition of materiality draws fire. Last year, when the Financial Accounting Standards Board first proposed jettisoning existing accounting lingo in favor of a legal definition of the word “material,” the board members may have thought they were making a confusing issue clear, according to former FASB chairman Robert Herz. Instead, the board’s issuance of ...
Read MoreNew Product or Different Presentation?
Courts and the IRS differ over a key qualification for the domestic production activities deduction. Since its inception, the Sec. 199 domestic production activities deduction (DPAD) has caused great confusion to many taxpayers trying to comply with its provisions. Though its intent was simple—to provide relief to U.S. manufacturers—its implementation has spawned a labyrinth of litigation, administrative rules, and ...
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