NSAC Happenings and Latest News - Page 98
Machine Learning, Artificial Intelligence - And The Future Of Accounting
Machine Learning, Artificial Intelligence - And The Future Of Accounting Take a deep breath. Robots are NOT going to replace all human accountants or bookkeepers (at least not anytime soon). White-collar workers who are part of the knowledge economy are beginning to experience what manual laborers have in the past when new technology made their jobs obsolete. Given the improvements we have recently seen in computing, many professionals ...
Read MoreWhen Is It OK To Throw Out Old Tax Documents?
After every tax season, it’s tempting to do some spring cleaning, which often includes a massive dump of recently filed tax data. While many firms have migrated to paperless records, many still grapple with the issue of tax record retention. One of the most confusing questions clients ask their accountants is: what do I do with my tax records and how long do I need to keep them? Keep in mind that compliance includes federal (IRS)
Read MorePrivate-Company Relief From Accounting Consolidations Coming
FASB in July will propose steps to make it easier for private companies to determine if they must consolidate onto their balance sheets a variable interest that they have in another entity that is under common control. Under current rules, variable interest entities (VIEs) are types of capitalized businesses established in some cases to maintain financial assets, or provide an investment with financing. Companies use VIEs to avoid putting ...
Read MoreDon't Be Held For Ransomware
Five fundamental steps your company can follow to curb its chances of falling victim to a ransomware attack. If there’s a positive spin that can be placed on last month’s ransomware attacks, it’s that the topic of cybersecurity has finally emerged from the shadows and into the public eye. When 200,000 systems began to be infected across more than 150 countries on May 12, security became not just a matter for a few ...
Read MoreLease Accounting Standard Leaves Companies With Questions
As companies get ready for the new lease accounting standard, they’re coming across a variety of complications and questions before the standard takes effect in the next few years. Deloitte recently issued a publication with answers to some of the frequently asked questions its clients have encountered. It noted that companies are exploring system solutions to help with the standard, including upgrades and entirely new ...
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