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How to Comply with Accounting Standards for Nonprofits

The Charity CFO

Accounting standards for nonprofits are probably not the first thing you think about, but are crucial for your organization to succeed. In the United States, these Generally Accepted Accounting Principles (or GAAP) are set by the Financial Accounting Standards Board (FASB).

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The Evolution of Accounting Education

SF Magazine

As an undergraduate student taking an intermediate accounting course, I recall our book publisher rushing to provide a supplement on International Financial Reporting Standards (IFRS), as the speculation was that by the following fall, the United States was going to converge to IFRS.

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Parallel Accounting is a Key Tool for Global Companies with Multiple Reporting Requirements

Bramasol

One important side effect of the ongoing trend toward globalization is the need to comply with a range of different accounting principles as well as with disparate reporting and compliance mandates. Asset Accounting (FI-AA). Inventory Accounting (MM and ML).

IFRS 66
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California CPAs Call For Crypto Accounting Clarity

PYMNTS

Certified Professional Accountants (CPAs) in California are calling on an industry watchdog to clarify standards for cryptocurrency accounting, with expectations that corporations will increase their use of cryptocurrencies moving forward. ” The committee also suggested in its letter that standards approach cryptocurrency accounting the same way they would for a corporation holding and using foreign currencies.

IFRS 47
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What is the Financial Consolidation Process in the Accounting World?

Planful

Financial Consolidation in the Accounting World. But in the accounting world, “financial consolidation” is a well-defined process that includes several complexities and accounting principles. Here are the key accounting consolidation steps in the finance consolidation process : Collecting trial balance data (e.g., Assets, Liabilities, Equity, Revenue, and Expense accounts) from multiple general ledger systems, and mapping it to a centralized chart of accounts.

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IBM Cognos Controller: Financial close management managed by the office of finance

Future CFO

Finance organizations regularly face the challenges of meeting strict deadlines and satisfying data quality requirements for closing the books and delivering accurate financial statements.

IFRS 52
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The most and least complex jurisdictions for financial compliance in APAC

Future CFO

China’s financial environment is the region’s most complex, followed by Vietnam, South Korea, Malaysia and Indonesia, according to TMF Group’s report titled Accounting & tax: The global and local complexities holding multinationals to account. By contrast, Hong Kong, Australia, Singapore, New Zealand and Philippines were seen as the least complex for multinational companies when it comes to accounting and tax laws and practices, the report states.

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When more (data) leads to less (information)!

CFO News Room

Some of this surge can be attributed to companies becoming more complex and geographically diversified, but much of it can be traced to increased disclosure requirements from accounting rule writers and market regulators.

GAAP 130
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How to Build Shareholder Trust with Reliable Financial Reports

Planful

The company’s leadership used fake holdings and off-the-books accounting practices to deceive regulators. Disclose mandatory information —such as any account changes, errors, asset retirements, and insurance contract changes—about the company’s fiscal position at present and in the future. Include critical accounting policies in the notes with the relevant items.

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Disclosure Dilemma: When more (data) leads to less (information)!

Musings on Markets

Some of this surge can be attributed to companies becoming more complex and geographically diversified, but much of it can be traced to increased disclosure requirements from accounting rule writers and market regulators.