Accounting
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Bookkeeping Start Up
My parents have been preparing taxes with pen and paper as long as I can remember. Their CPA is requiring that they automate their tax preparation and have asked me to complete this process and continue to do their preparation in the future. While contemplating this, I decided I could bring on a fe…
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ASC 606 - Clarification Needed
In the ASC 606 - a company is required to account for Time Value of Money if it is significant. Is there an amount or % defined? Additionally, it also mentioned a company is able to defer the contract acquisition costs such as sales commission in this new standard. I wonder if a company would be re…
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Can fees to guarantee a term loan be classified as interest expense
We are a corporation 100% owned by an investment company ("Parent") and we recently closed a term loan with the bank. The Parent has provided full guaranty on the loan in the event of default. In exchange for this guaranty, the Parent is charging us a "guaranty management fee" equal to X% of the …
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Can we pay Audit fee in advance which we are following US Gaap
Can we pay Audit fee in advance which we are following US Gaap
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Does anyone have a recommendation for a good local/regional audit partner/ audit firm
We are currently audited by PwC but I want to explore using a less expensive firm for 2009. Any recommendations?
12
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Different accounting treatment for novation versus rebranding?
Wondering how to account for a novation of a business line versus a rebranding of a business? What are the differences in accounting treatment for transferring positions? Any advice would be greatly appreciated.
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EITF 08-1: Not relevant to pure licensed software companies?
The following was a question posed by a CFO during a recent Revenue Recognition webinar: EITF 08-1 is only applicable to companies delivering hardware and software, or equipment containing software, but not a software only company - correct ? The webinar speakers will offer their thoughts, but …
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Does anyone have a sample truck allowance program used in a construction company where the company does not supply a company pickup?
Would like to know if any other construction companies are providing a monthly truck allowance and if so, how do they run their programs? For example, does the employee sign an agreement that while employed by the company he will always use the allowance to buy or lease a pickup truck of a certain …
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Is it better for a small business to buy a fleet vehicle or offer a monthly vehicle stipend to employees?
We're currently trying to decide which would be more advantageous, both from a tax perspective and from an employee's point of view.
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How do companies account for costs to create training materials that are usable over extended periods?
Company hires a firm to prepare course materials that will be used for extended periods of time. For tax and book, are these costs capitalized and then amortized? If the materials are then used to present the course, the outside costs spent to present would then be expensed?
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How should FX pertaining to a foreign-denominated subsidiary that is held for sale be accounted for by the parent on a US GAAP consolidated basis?
Parent has recently approved a plan to sell a foreign subsidiary. How should changes in FX be accounting for on a US GAAP consolidated basis? Would the foreign subsidiary meet the definition of a "long-term investment" under 830-20-35-3(b) with FX gains/losses recorded in earnings from the point in…
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Keeping up to date with GAAP
How do you keep up with GAAP changes/updates or research GAAP treatment of a concept? Do you subscribe to a service? Use a CCH product?
5
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what is revenue for payables or/and receivables outsourcing companies
Somebody asked me recently how the money received and disbursed in the process of managing receivables and payables for clients should be recorded. They record it now as current asset or liability and recognize only their fee as income. Is that correct? Another question is that they keep the mone…
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What should I name an account for A/R that's not yet A/R?
Confusing, I know. The story is that my company books many service deals. Some are collectible before services have been rendered, some after. So the revenue recognition is separate from an order being collectible. Thus, we frequently end up with a sale that is entered in our acctg system which is …
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Will the SSAE-16 and SOC 1 and SOC 2 have a Client Control Considerations section?
This question was asked by an attendee at a recent Proformative SAS 70/SSAE 16 event: Will the SSAE-16 and SOC 1 and SOC 2 have a Client Control Considerations section?
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Classification of Commissions/Royalties Paid to Resellers
Do folks charge these to SG&A much like commissions paid to sales employees or should it go to COGS. I lean toward SG&A, however, I've been questioned on this. Thanks.
3
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What is the best bookkeeping certification?
I was asked what the best bookkeeping certification is. I see there is a National Association of Certified Bookkeepers, as well as a National Bookkeepers Assoc. and several other trade organizations that offer certification. Is one better known or more respected? This would be for someone who is no…
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