Accounting
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Intercompany Notes
Hello, My company (Parent) is giving a loan to a sub (Germany). How should the initial fund transfer be recorded in our parent's and sub's book? Should I create intercompany Note Payable and Intercompany Note Receivable, and I don't think this should be eliminated when we close each period. Please …
2
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To prevent fraud, should accounting professionals command a higher rate of pay?
In over 80 percent of reported fraud cases in 2010 and 2011, the perpetrator displayed one or more of the behavioral red flags associated with fraudulent conduct, according to the “2012 Report to the Nations on Occupational Fraud and Abuse” from the Association of Certified Fraud Examiners (ACFE). …
6
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Foreign currency translation in ERP software transactions
Given that GAAP states that you use the rate as of the effective transaction date, the rate to use when receiving product on an inbound purchase order from a supplier that bills you in a different currency would seem obvious - namely, the rate as of that date (or week or month if you're using avera…
5
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How Do You Treat Cash Flow Hedges That Are Liquidated Well Before the Period of their Associated Forecasted Cash Flows?
I would be very grateful for help with the following situation. A number of cash flow hedges are liquidated now for forecasted cash flows that are still one year or more into the future. Assuming that the hedge has been effective all the way through its liquidation, does the P&L that was realiz…
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Does GAAP fit all; or are multiple books no longer in vogue ?
More and more the answer wea to how one accounts for transactions fall to "GAAP says..." 1. Does GAAP fit every company amd every industry? 2. Is it truly one size fits all? 3. Can today's more sophisticated accounting/ERP/CRM systems provide better managerial reporting, that may or may not be GAAP…
3
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Should an accounting department have an incident tracking system?
This from the LinkedIn Group "The Strategic CFO" "IT departments have help ticket systems, and legal departments have case management systems.In order to have visibility of and tracking for issues through to resolution Is there a better way than managing this through outlook e-mails and the inbox? …
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Is forensic accounting to catch possible losses worth it?
I understand that the biggest risks many companies face is from internal fraud. My company is growing rapidly and recently I have noticed some accounting inconsistencies. When does it make sense to invest in some forensic accounting?
5
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Following on Rose Robbins' question, how do you account for Worker's Comp?
My perspective is to break it into two pieces: One as a fringe benefit expense (not W-2 reportable) as it is not comp but does scale with employees, and; Second as a non-comp COGS component for people who are direct labor. Any opinions on this treatment? Alternatives?
1
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Any big changes to SAAS Revenue Recognition?
I am interviewing for a SAAS company and it has been about 5 years since I was in that position. With all of the pronouncements coming out on software recognition, has there been any substantial changes to the basics, i.e. we would have a monthly subscription fee revenue (take full revenue in mont…
2
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Perpetual License Transaction Accounting Under EITF 08-1
The following was a question posed by a CFO during a recent Revenue Recognition webinar: We have some transactions that are sold on a perpetual basis and some that are sold on a subscription (term) basis. For our perpetual transactions we do not have VSOE on undelivered items so we adopt su…
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Thread from LinkedIn CFO group
AS CFO HOW DO YOU SEE THE AUDIT ? IS A SOLUTION OR A PROBLEM ?PUNISHMENT, POINT OUT ERRORS OR ORIENTATATION?
5
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Number of Days to Close
So how long does it take everyone to close? I can share that we close comfortably within 2 days for non-quarter month ends. For quarter month ends, we often drift to three days for final adjustments.
12
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INSURANCE ACCOUNTING FOR POLICYHOLDER
Hi Dear our company has faced fire damage lately, please guide me about accounting entries of 1) impairment loss and 2)upon receiving the claim as a policyholder. I will be grateful thanks
7
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RFP to hire a CPA firm to perform audit, multi-state tax return, and allocation of purchase price from stock sale
Our company was recently acquired along with another company in the transportation industry. We will need to have an audit, multi-state tax returns, and assistance with allocation of the purchase price. Does anyone have a sample doucment requesting a proposal from an accounting firm for services …
2
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Where do you start with a cloud accounting software comparison?
I've been tasked with developing compared options for our CFO and others to consider. I'm interested in some guidance on a considerations, best practices, tips or insights for narrowing this down and properly selecting, comparing and presenting options.
16
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Chart of Account for Assisted Living Companies
Do you have experience with setting up a chart of accounts for an assisted living company? I am not convinced the way our company is setting up the COA is the most efficient way of setting it up. If you have an example of a COA for an assisted living company, would you mind emailing it to me? Chris…
4
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Why is shareholder equity not considered in cash and cash equivalents?
If a company has a weak cash flow, can it use shareholder equity (in Statement of Changes in Equity) to keep the company going? In a start up company that is 100% equity financed, the shareholder equity is the same as the cash in bank. In a larger, private company, why is the equity in the statemen…
6
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Tax treatment when S-Corp sole owner withdraws more than AAA account
If an S-corp owner withdraws more out of the business than s/he has in current or accumulated profits, and doesn't account for it as a loan, is it then appropriate to account for the excess as a long-term capital gain? I think it's appropriate but would welcome other insights. Thanks.
2
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Revenue Recognition Principle, Criteria And Accounting Treatment
I work in the accounting department of a small but growing business with a very small accounting and finance department. We’ve shipped a product order but haven’t installed it yet and don’t plan to for some time. Should we book it as revenue now? What are the considerations?
2
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Non-Profit Accounting – QuickBooks & More
Hi, We are a non profit organization operating like a YMCA. Our front end customer list, class registrations, and all AR are run through a program called E-finesstri. E-finesstri can produce a notepad JE that is automatically entered into our accounting system, which is Sage MIP. We are look…
6
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Can outside product testing fee for a new tangible product be capitalized?
My company's new CFO would like me to go back capitalizing all the new product testing fee done by Underwriters Laboratories for this year. We sell LED light fixtures so all our products have to be UL certified and tested before the products can be sold. I'm not aware of any GAAP rules that would a…
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