Accounting
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YEAR-END GIFTS FOR MAIL CARRIERS: 100% DEDUCTIBLE EXPENSE FOR IRS?
Every year, we use to give gift cards to our mail carrier, UPS and Fedex carriers for their service during the year. Should those expenses be treated as "Sales expenses"? Or... is there another type of expenses that IRS could accept them as a 100% tax deductible expense? Thank you in advance.
3
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Tax Audit Etiquette & Successful Auditor Management Ideas Please
Do you have any tips on tax audit etiquette and how best to deal with the person conducting the audit to increase the odds of a better outcome?
1
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Website Software Capitalization-iterative projects-capitalize or not?
My client is an internet website service company that offers products/services for the real estate industry. Their R/D cycle/style is to do a series of short, iterative projects. Their typical project is short in duration (< 1 month) and involves a few engineers and they test/learn/code and re…
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Offshore Accounting Service's EITF 08-1 Compliance (Webinar Attendee Question)
When your company outsources revenue recognition accounting work to professionals outside of US, how can you be sure that their processes truly and correctly reflect the revenue to be recognized? This question was asked by an attendee during the Proformative webinar "Taming Revenue Recognition to E…
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EITF 08-1 Estimated Selling Price Analysis For SaaS vs Non-SaaS? (Webinar Attendee Question)
Do you do EITF 08-1 ESP (Estimated Selling Price) analysis the same for SaaS products as you do for non-SaaS products? This question was asked by an attendee during the Proformative webinar "Taming Revenue Recognition to Ensure Compliance" held on December 6, 2012. Please join the discussion and a…
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Revenue Recognition Impact Around Product Acceptance (Webinar Attendee Question)
For revenue recognition purposes, what if at the time of invoicing you do not have acceptance from the customer and do not know when acceptance will occur? Does that effect recognition? This question was asked by an attendee during the Proformative webinar "Taming Revenue Recognition to Ensure Comp…
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In light of new lease accounting regulations, would your corporate real estate specialists needs to be involved to assess the real estate strategy impact in view of the new accounting rules? (Webinar
This question was asked by an attendee during the Proformative webinar "A New, Single Approach to Lease Accounting" held on November 29, 2012. A recording of the webinar can be viewed here: https://www.proformative.com/resources/webinar-video-new-single-approach-lease-accounting.
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What if it isn't practicable to disclose major classes of inventory?
I am a contractor on assignment assisting a chemical company with their 10-Q filings. A SEC requirement is to "state separately in the balance sheet or in a note thereto, if practicable, the amounts of major classes of inventory". The company's inventory is primarily considered finished goods but t…
2
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Are data in the 'cloud' readily auditable? (Webinar Attendee Question)
With so many questions about security and reliability in the cloud, is data held there really "auditable"? This question was asked by an attendee during the Proformative webinar "How New Technologies are Changing the Role of Finance" held on November 6, 2012. A video of the webinar can be viewed h…
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Is the concept of Auditor Rotation of concern to Accountants and Auditors?
August 16 2011, the PCAOB (www.http://pcaobus.org) issued Docket 037: Concept Release on Auditor Independence and Audit Firm Rotation. The Comment period has been extended and multiple meetings convened. The new deadline for Comment Letters is now November 19, 2012. According to the Bureau of Lab…
3
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Accounting for Incurred Cost against a Contract
We have a contract in which we incurred freight costs against. The agreement is that the partner will allow our company to deduct the amount of the freight costs from payments owed to them. The payments are less than the incurred costs. Can anyone provide some input on how to account for the inc…
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Financial Close: What is the most useful part of the close to automate?
My company has a small accounting team that is stressed at the end of every close cycle. If you could recommend one part of the close to automate what would give us the biggest bang for the buck? E.g., automated accrual reversals, automating feeds from consolidating systems, etc.? We want to tackle…
13
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What are the best practices for managing multi-currency accounting processes?
Multi-currency expertise has become a desired job skill in the last couple of years as companies have moved operations offshore to take advantage of transfer pricing opportunities,etc. If you were giving advice to a Senior Accountant, what would you say are the best practices, the GAAP resources, b…
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Selling products to a Spanish company and need a vendor certificate #
I provide CFO/Controller services to small businesses. One of my clients, a job shop/manufacturer, is entering into an agreement to build a product for a Spanish company. According to the Spanish company, we need to obtain a vendor certificate #. Can anyone help point me in the right direction t…
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Automated AP System for UK Subsidiary
Need bill.com like system for uk sub that integrates with qboe uk version, any suggestions? we need a way to efficiently manage payables in a newly created sub in northern Ireland. We plan on using the uk version of qboe so it would be great to have something like bill.com that integrated. Otherrw…
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Collection Agency Advice?
One of my clients is looking for a reference for a collection agency. I also am wondering at what level it makes sense to use a collection agent given the amount they retain and the haircut you take on the settlement
6
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Accrued Revenue
Could someone explain to me how accrued revenue and revenue write-offs are accounted, when considering pure time & material assignments as well as assignments where there is a mixture of fixed-fee billing and (extra) time billed?
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Accounting for Convertible Equity
Peers, How do you account for convertible equity? I'm familiar with the structure (it honestly doesn't seem as new as the pundits are punting), but haven't done it...until now I am giving it consideration for one of my companies (thus, Anonymously asked). Descriptions are available below: my ques…
3
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Cleaning up A/R: Dealing with High Dollar Invoices
I recently started working for a new company (services industry) where we have a signifcant backlog of overdue invoices for collection from our clients (90+) - some of these invoices which are in the six figures. I will go about this the way I have in the past in learning from the managers who wor…
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Cost Effective Cell Phone Plans for a Small Company?
I would appreciate some feedback/ suggestions concerning cost-effective ways to provide mobile communications for drivers in a small company. Does any carrier or other provider cater to limited-use plans that coordinate well with restricting texting, Internet and other non-business use?
7
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Can companies actually move forward with any GAAP/IFRS convergence issues at this time or is it just too early? (Webinar Attendee Question)
This question was asked during the Proformative webinar "Convergence of Financial Instruments, Leasing, and Rev Rec Standards." A video of the webinar can be viewed here: https://www.proformative.com/resources/webinar-video-convergence-financial-instruments-leasing-rev-rec-standards
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What are the major transition challenges for GAAP/IFRS convergence? (Webinar Attendee Question)
This question was asked during the Proformative webinar "Convergence of Financial Instruments, Leasing, and Rev Rec Standards." A video of the webinar can be viewed here: https://www.proformative.com/resources/webinar-video-convergence-financial-instruments-leasing-rev-rec-standards
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