NSAC Happenings and Latest News - Page 60
Want a Happy Employee? Give Them an Office
I know, I know. You just ordered a 50-foot, untreated walnut conference table, and you envision all of your employees filing into work each day, grabbing a seat at random, and coding away as part of a super chill, inter-departmental brainstorming session. The veining underneath all their MacBooks will look glorious—just use a coaster for the Starbucks! I said use a coaster! However, a new survey of 1,500 employees by ...
Read MoreIndependent Contractor or Employee? Varying Tests
It is not unusual to read news stories about companies being sued for classifying workers as independent contractors when they claim to be employees. Being designated an employee can have a profound effect on everything from overtime pay to fringe benefits to, of course, taxes. Numerous articles have been written about the advantages and disadvantages for both the worker and the business of how an individual is classified. The present focus is ...
Read MoreNew Accounting Standards Seem to Drive Up Audit Costs
The survey, by FloQast, a provider of close management software for accountants, and Dimension Research, asked controllers and senior accounting professionals at small, midsize and large companies about their audit costs in the wake of the revenue recognition and leases standards, also known as ASC 606 and ASC 842 after their positions in the Accounting Standards Codification. It found that 45 percent of the companies surveyed said they are ...
Read MoreFASB Updates Accounting for Income Taxes
The Financial Accounting Standards Board has released a new Accounting Standards Update aimed at reducing the cost and complexity of accounting for income taxes. Part of the board’s simplification initiative, ASU 2019-12 removes certain exceptions to the general principles in Topic 740 – “Income Taxes in GAAP,” and means organizations don’t need to determine whether these exceptions apply for a given ...
Read MoreYear-end Accounting and Disclosure Reminders for Reporting Under the New Leases Standard
As they prepare for year-end reporting, entities that adopted the new leases standard should carefully review their accounting and disclosures in areas that require significant judgment, estimates and changes in practice. These areas include determining whether a contract is a lease or contains a lease, determining the discount rate to use for new or modified leases, and identifying lease modifications and reassessment events. Entities should be ...
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