A discussion of the fair value accounting rules would be incomplete without at least providing an overview of some of the key principles involved in determining the fair value of an... More »

A pivot table doesn’t automatically respond to a change in its source data the way a worksheet formula does. Suppose you use the SUM function in a formula to get the total of the... More »

Auditors typically view property and equipment as a low - risk area. However, the opportunity for a significant fraud in a one-time transaction is actually high. The purchase of a building... More »

A serious control problem arises when there is no formal definition of how to calculate a credit limit, what information is required of customers in order to determine the credit limit,... More »

Remembering my career 5 years ago, I was an Accounting Manager. But before that, I was in charge for various position in the accounting and financial field. Started as a bookkeeper,... More »

Long-lived assets are those expected to provide an economic benefit to the reporting entity for a number of future periods. Both IFRS and GAAP regarding long-lived assets involves the... More »

Information technology [IT] plays a key role in the Finance Departments - and with companies looking to expand as they come out of the recession, never has it been so important. So,... More »

One issue that is often encountered when accountants work in Excel is that the Subtotal results, via Data>Subtotals are not bolded or made easily distinguishable. This can make the... More »

How good is your understanding about accrual and deferral transaction? Take this quiz! This quiz post contains 15 problems in the accrual and deferral area of financial accounting and... More »

What is Vulnerability Analysis? First of all, most of you may ask. And I am going to say; hold on for second and keep reading please. Most people are optimists. Sure, plenty of businesses... More »

MYOB Accounting has been one of the most popular business accounting packages in Australia and New Zealand for years. It combines inventory and contact management, invoicing, account... More »

Are you in struggle to learn how to use QuickBooks? Download this essential video training. I know you can find viedo tutorial in the Youtube easily, but they are not more than 3... More »

How fraud in the cash receipt cycle occurs in an organization depends largely on the nature of the business and how the cash cycle operates. Unlike the expenditure cycle, the mechanics... More »

I’ve discuss about accounting for lease lots, in many forms and cases, the concepts, theories and the standard. In this post I provide 3 essentials step-by-step procedures to proper... More »

Is the accounting profession still attractive and on demand in the global recession years? The International Federation of Accountants (IFAC) completed its third annual survey of the... More »

Here are list of acronyms that commonly found in the accounting world A AAA - American Accounting Association AAOIFI - Accounting and Auditing Organization of Islamic Financial Institutions... More »

The general principles followed by company management in recognizing revenue should be stated in a disclosure [footnote]. An entity should disclose: (1) The accounting policies adopted... More »

Information about the proper time period over which to retain accounting documents is difficult to find, as are procedures and documentation for organizing and destroying documents.... More »

Many auditors have stopped auditing travel expenses because of the materiality of the expense. While there is no argument that an individual expense report is not material or that total... More »

Budget is needed to provide a control device that can be used to ensure the attainment of commercial goals. Although budget permeates almost every aspect of a business, it tends to... More »

During the past 30 years, a wide variety of new financial instruments have been introduced into the marketplace. In addition to the traditional basic securities of common stock, preferred... More »

How do you Manage Payroll Taxes? Pay it. That’s true, but there are some basic concepts of paying payroll tax you should know, and sound tax strategy/planning that improve your... More »

Money does indeed make the world go ’round. True, today, fund is not available for every type of business. But, in fact, definitely, there is still funds floating around that the... More »

When a company acquire [or purchases] a brand from another company, it can be as simple as the transfer of the name, or it can be a more comprehensive transfer of all the factories... More »

In this plastic money era, any retailer refuses credit card payment will miss opportunity to increase their sales. As for any e-commerce, credit card payment is a must available. If... More »

I make mistake, you make mistakes, sure, everyone makes mistakes — and managers are no different than anyone else (despite what some of them would like you to believe!). Although... More »

Without a doubt, annual reports — more formally known as “annual reports to shareholders”, and distinctly different from the 10-K annual reports that the Securities and Exchange... More »

Business managers are under constant pressure to improve profit performance. Before going into profit improvement analysis, I have a hypothetical question for you. Suppose that you... More »

Special attention to related-party has a long history in auditing. From the auditor’s perspective, related-party transactions have two distinct, but not mutually exclusive, aspects:... More »

Advocacy of direct costing has a long history in accounting and finance. The national association of accountants has long favored the use of direct costing and as far back as 1936 issued... More »