NSAC Happenings and Latest News - Page 57
The Death of Traditional Accounting
It wasn’t that long ago that people drove their cars holding a large unfolded map in one hand, glancing at it now and then to determine when to make the next turn. Today, we look back and marvel at how antiquated this everyday practice has become. Technology has a way of doing that to us, turning the conventional into the old-fashioned. Traditional accounting is a case in point. What once was considered the optimal means of processing ...
Read MoreFASB Proposes to Delay Leases and Rev Rec Standards Due to Coronavirus
The Financial Accounting Standards Board issued a proposed accounting standards update that would delay the effective date for one year for some private companies and nonprofits in applying its leases standard, and for franchisor businesses in applying the revenue recognition standard, because of the impact of the coronavirus pandemic. Earlier this month, the FASB board members voted remotely to propose the delay to help businesses ...
Read MoreCongress Should Leave Accounting Standards to FASB
In March, Congress passed the Coronavirus Aid, Relief and Economic Security (CARES) Act to help stabilize the U.S. economy in the wake of COVID-19. Included in the Act, and little noticed by the general public, are provisions that exempt companies from complying with two accounting standards issued by the Financial Accounting Standards Board. One provides “temporary relief” from required disclosures on troubled debt restructuring, ...
Read MoreMore Than a Sense: 5 Innate Tools to Reduce Stress
When life is busy, it’s easy to neglect our well-being. We may think, “I don’t have time” or “I’m too tired,” but what’s more important than health? We can’t give our best to anything or anyone if we don’t make time for self-care. Simple truth: The more you invest in yourself, the more your body and mind will give back to your work, your relationships and beyond. According to ...
Read MoreThe Keys to Leading a Remote Team
Moving to remote work in a crisis mode oftentimes is a quick Band-Aid or bootstrap — but these basics will most likely serve as a solid foundation for the long-term evolution for firms to incorporate more of a remote-workforce business model. We’ve all just gotten a very big nudge to do it sooner. It may not feel like it now, but your future firm will reap the benefits of allowing more flexibility to staff — newer hires ...
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