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Balance Sheet Liabilities Jumped After Lease Accounting Change
The new lease accounting standard caused lease liabilities for the average company to increase a whopping 1,475 percent, skyrocketing from $4.4 million before the transition to $68.9 million post transition, as operating leases were recorded on the balance sheet for the first time, according to a new study. The study, from the lease accounting software provider LeaseQuery, analyzed more than 400 companies in its customer base and ...
Read MoreKey Steps to the Lease Accounting Close
While some organizations have transitioned smoothly, others are still struggling to make the necessary business process and control changes. To comply with the new lease accounting standards, organizations have had to implement new business processes, new organizational structures, and new information systems. Most organizations have muscled through the first year of adoption using a combination of brute force and high-priced consultants.
Read MoreHow to Prevent Employee Data Theft
While organizations have invested heavily in protecting their sensitive data, even the world’s most sophisticated companies often overlook a persistent risk when it comes to potential data theft: their own employees. Most data theft is perpetrated by outside actors, including criminal syndicates, according to an analysis of 41,686 security incidents for the 2019 version of the Verizon Data Breach Investigations Report. But more ...
Read MoreWhat Are the Potential Tax Advantages of the LLC, C Corp and S Corp?
As an accounting professional, you know there are potential tax-related upsides and downsides for every type of business entity. It’s important to communicate those considerations to your clients to help guide them as they decide which legal business structure to form for their company. In addition to your insight, of course, your clients should also consult a knowledgeable business attorney who can share the legal ramifications of the ...
Read MorePhone Hacks Can Happen to Anyone. Here's How to Protect Yourself
Start by knowing what could expose you to an attack, like vacation clues, hotel Wi-Fi and inadequate verification procedures. The mobile phone belonging to Jeff Bezos, the founder and chief executive of Amazon, was allegedly hacked when he clicked a video sent through WhatsApp, essentially turning over control of his phone and all of its contents to the hackers. Compromising the security of the world’s wealthiest ...
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