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Finance teams have a lot on their to do lists at year end and, frequently, their most difficult challenge is annual planning and budgeting. At many companies, this process takes too long and devours resources. Finance teams spend more time on administrative tasks relating to these processes – collecting, consolidating and reconciling data – and […]
As cloud computing became more popular, businesses took different approaches to how they accounted for it on their financial statements. But, as the percentage of businesses using cloud products increased, the FASB and other standard setters realized that the “diversity” in practice was growing too large, and began to issue regulations to clarify the process […]
Under U.S. GAAP, the accounting treatment of costs for internal-use software implementation varies, based on when they were incurred. Read the article from the Summer 2019 GYF Perspectives
Thanks to the Tax Cuts and Jobs Act (TCJA), enacted on December 22, 2017, small businesses with average annual gross receipts of $25 million or less in the prior three-year period may use the cash method of accounting. Also, these businesses are exempt from certain accounting rules for inventories, cost capitalization, and long-term contracts as […]
NetSuite’s cloud-based financial management system can help financial professionals eliminate the headaches of closing the books at period-end and enjoy the benefits of continuous accounting, which aims to distribute the finance team’s workload evenly over an accounting period. Read the NetSuite blog post to learn more. Contact the GYF ERP Solutions Group to learn more about the NetSuite […]
The Members of the Financial Accounting Standards Board (FASB) met on October 30, 2015 to discuss the feedback received on the proposed Accounting Standards Update, Not-for-Profit Entities (Topic 958) and Health Care Entities (Topic 954): Presentation of Financial Statements of Not-for-Profit Entities. The timing of a final release for the ASU has not yet been […]
In the Winter 2015 edition of our Valuation Perspectives newsletter, we noted that in December 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2014-18, which provides private companies with an accounting alternative that, in a business combination, would result in separately recognizing fewer intangible assets. Specifically, if elected, a privately-held company would […]
