Accounting
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Statement of Cash Flows
If your accounting system doesn't automatically create a SCF, which method do you use and why? Direct Method Indirect Method In addition, has any banker/investor or regulatory body required one method over the other?
5
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Activity Based Costing vs Traditional Costing (Labor)
Which system do you have in place, and why did you choose it over the other? Does the global nature (if it exists) change your methodology? Does the method chosen have any tie-in to whether you value inventory using LIFO (not permitted under IFRS), FIFO or other methodology?
9
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Medical Equipment Lease
One of the clients is considering the equipment lease ( either finance lease or operating lease ) from us. It is the Eye Examination equipment and it might be categorize as the medical equipment. Is there any information or website that we can determine that it is the medical equipment or not? Also…
2
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Do you include rent allocation cost to your CAC calculation?
I am doing CAC and LTV calculation and wonder whether I should include rent allocation to S&M as part of CAC. What is your practise? Thanks!
5
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Revenue recognition by Reseller (VAR) for service contract
What is the correct revenue recognition accounting by a reseller who resells e.g. 3 year service contracts (with service performed by the supplier, not the reseller). The reseller essentially purchase the service agreement from the supplier, and resell it at a mark-up to the end customer. Should th…
4
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Discount For Lack Of Marketability
Hypothetical: when calculating the dollar value of the estate for Federal Estate Tax purposes, does Discount for Lack Of Marketability (DLOM) apply to the total amount? For instance, I have an estate worth $6.34MM in 2014, which renders $1MM taxable. If I have a 20% discount for DLOM, does that mea…
2
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What resources are you using to keep up to date with IFRS?
IFRS is gaining more and more significance for the countries around the world. There is also an expectation that the IFRS will be adopted in the U.S., this is dependent on the final decision from the U.S. SEC that is expected sometime in June 2011. What are you or your companies doing to get fami…
6
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How is Revenue Recognized For A SaaS Company?
How is revenue recognized for a SasS company? I understand there are many variations for SaaS so some general assumptions may need to be made to provide an answer.
7
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ROTH Contributions
Employee and spouse are not covered by a retirement plan at work. AIG is over $200,000 a year. Both employee and spouse are over age 51. I know they are not covered by income limitations for making a contribution into a traditional IRA. But can they contribute directly into a ROTH IRA or do they ne…
6
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Revenue Recognition - how to account for manufacturing molds?
I have a manufacturing client who builds molds for customers using third party fabricators and then manufactures product for the customer using the mold. The customer is charged for the mold (with markup) upfront (or at least 50%) which is designed by my client, therefore there is some amount of co…
15
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Accounting for the marijuana industry - UNICAP & 280e
First, is there a working group? A group of professionals working with the IRS to develop best practices for the Medical Marijuana Industry? If it doesn't exist yet, we should create one. Feel free to reach out to me here or via LinkedIn it you would like to be put in touch via email. I just finish…
1
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Auditor Rotation
It seems (reported in CFO, June 2014) that the PCAOB stopped trying to institute a mandatory Auditor Rotation. However the EU enacted that same concept, with the term limit of 10 years (plus additional rules and caveats). Do you think they (PCAOB/SEC) should limit engagements or is the system we ha…
6
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What are the best methods of conducting wall to wall inventory count?
We have 30 warehouses with over 50,000 items. Our ERP is not yet in place so roll forwarding is quite tricky since withdrawals and receipts are not recorded real time. Previous counts have proven this.
19
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Are there any good resources available for Cash Flow Forecasting?
I'm looking for any type of available resource or documentation, that explains some processes for forecasting cash flows. Thanks.
6
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What is included in the month/year end closing package
Hello folks, could you help me in listing important files/documents that need to be included in the closing package for management (it's for a small not for profit). thank you.
6
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Quickbooks consolidation of two entities using different currencies
Our primary business is in the US and we consolidate our financials into USD. We opened another branch in CAD and due to regulatory reasons, set it up as a separate entity. We have two separate Quickbooks files, one for our US operations in USD$ and one for our Canada operations in CAD$. We have an…
3
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Sole Proprietorship to a Multi-Member LLC
We are in the process of converting from a Sole Proprietorship to a Multi-Member LLC. My question is how do I establish the equity and tax basis for each member? How are the assets recorded? At market value, cost, or at depreciated book value on the proprietorship books? Thank you for any insight o…
6
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Foreign exchange rate used to calculate contract total value and recognize revenue
Recently, our sub in a foreign country entered a multiple year software licensing agreement with a local customer resides outside that foreign country. The sub delivered the licenses two days after the contract signing. However, the customer won’t be billed anything until one month later. The deal…
2
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Operating Lease Costs
Hi, We're re-negotiating our office lease and, in the process, incurring legal costs. It's an operating lease. Our CFO wants to capitalize this cost but I can't see how this is possible. There is no future economic benefit. What do you think? Am I missing something here? Thanks
6
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E&O Reserve Reversal
My question concerns when E&O inventory reserves can be released. I understand that E&O reserves can only be reversed if the reserved inventory has been disposed or consumed. However, if a company has both active and reserved inventory, is the company required to deplete (use/consume) all t…
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