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Accounting and Security: In Industry, the Twain Should Meet
Industry accountants see accounting software and online bookkeeping software as the technologies that will have the greatest impact on the profession in the next five years. Closely following these are data analytics and cloud solutions. Security, however, takes a back seat. This data was compiled from a survey conducted by BlackLine, which attempted to find out how company finance departments globally interact with technology, and how they are ...
Read MoreAfter Tax Reform, Do Business Meals Remain Deductible?
Since the passage of the Tax Cuts and Jobs Act (TCJA) last December, taxpayers have been asking if business meals are still deductible business expenses. This question is the result of the law specifically disallowing business deductions for activity that constitutes entertainment, amusement, or recreation — while continuing to allow a 50 percent deduction on business meals. Which raises the question: Is a meal itself considered ...
Read MoreEvolving From a Controller to a Strategic Business Partner
Unstoppable forces continue to drive business growth and create opportunities for the controllership function. Two studies explore these opportunities: One takes a closer look at controllership's evolution to become a strategic business partner. The other examines how to execute on a new vision for the changing role of the controller. Becoming a strategic business partner Controllers in the United States spend nearly 70 percent of their ...
Read MoreGetting Ready for the New Lease Accounting Guidelines
The implementation deadline for the new IFRS 16/ASC 842 lease accounting standards is rapidly approaching. The new standards will require organizations to report and disclose all lease obligations for buildings, office space, motor vehicles and other equipment, and reclassify them as assets and liabilities. Does your organization have an implementation plan and adequate system in place that will meet the new requirements? The new IFRS and ...
Read MoreEITF Reaches Consensus on Accounting for Cloud Computing Costs
The Financial Accounting Standards Board's Emerging Issues Task Force has reached a consensus on how to account for implementation costs in a cloud computing arrangement that's considered a service contract. In March, FASB issued a proposed accounting standards update to clarify the accounting for such implementation costs. It asked for feedback to be submitted by the end of April. At a meeting of FASB's Emerging Issues Task Force last week, ...
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