On May 13, 2010, retailers won a victory over the fees they pay to banks for credit cards. An amendment by Sen. Richard J. Durbin is just one more element of the financial regulation overhaul currently underway the Senate. The measure allows stores to give customers discounts for paying with cash or using cards with cheaper… Read more »
Posts Categorized: Accounting Principles
Reform Bill Targets Credit Raters
On Thursday, May 13, 2010, the U.S. Senate took steps to overhaul the credit-rating agency business, which is widely maligned for its role in the 2007-2009 financial crisis. An amendment by Democratic Senator Al Franken passed for a government clearinghouse to be set up to assign debt rating duties to agencies, with federal regulators developing… Read more »
The Costs and Benefits of Simultaneous Audits for Multinational Companies
Simultaneous audits mean two separate exams, conducted by different governments, in which those governments share with each other some of the taxpayer’s information. Even though you may not have heard of them, they have existed since the 1970s, but are becoming more common today as government tax agencies race to match the level of global… Read more »
Sarbanes-Oxley Benefits without Cost
Many have debated the cost of Sarbanes-Oxley (SOX) versus its benefits, given the recent accounting scandals that continue to “pile on”. However, according to Harvard Business School professor, Francois Brochet, the little discussed 2002 provision known as Section 403 is actually making a difference for investors and small companies (and with little cost, unlike some… Read more »
What’s the Diagnosis – Accounting Fatigue Syndrome (AFS)?
At a recent conference in Orlando, financial executives discussed one of the top reasons for employee fatigue – a continuous stream of regulatory and accounting standard-setting guidance that has been issued in recent years and the promise of more to come over the foreseeable future. Questions: 1. Although the article provides little detail, what accounting… Read more »
“Deadbeat” and proud of it?
When you hear the word “deadbeat,” you automatically think bad things. According to former MBNA employee, Jerry Young, a credit card deadbeat is the insider term used by credit card company executives, that refers to credit card users who pay off their bills promptly and in full each month. Doesn’t sound too bad, right? By doing… Read more »
The Effects of Converting to IFRS
The Effects of Converting to IFRS The primary question raised in this article is: “What effects would switching to IFRS have for companies, if forced to switch by the SEC?” Based on a panel of four executives from four major companies, most agreed that there will be almost no material effects in areas that investors… Read more »
A Cost Allocation Dilemma
A Cost Allocation Dilemma The CIO Executive Board is a membership of senior executives with a shared commitment to steward enterprise-wide IT initiatives. In their role of offering cross-functional perspectives on IT and practical tools to promote strategic agendas, the Board found via a survey that most companies are using a “lump sum” cost allocation… Read more »
What If You Can’t Pay Payroll Taxes?
What If You Can’t Pay Payroll Taxes? In this video, Darrin T. Mish, tax attorney discusses some of the questions businesses ask about non-payment of payroll taxes. His advice is to “get current” as soon as possible, even though the IRS may not catch the lapse for up to four years and because IRS payroll… Read more »
New Accounting Rules for Off-Balance Sheet Assets
New accounting rules governing off-balance-sheet transactions went into effect for most companies in January 2010. The rules force companies to put assets, like mortgage servicing rights, back on their balance sheets. Questions: 1. What financial accounting standards (FASs) are forcing companies to put such assets back on their balance sheets? 2. What are some of… Read more »
Burnley Understanding Financial Accounting, 3rd Canadian Edition
Kimmel Financial Accounting, 8th Canadian Edition
Weygandt Accounting Principles, 9th Canadian Edition
Kimmel Survey of Accounting, 2nd Edition
Kieso Intermediate Accounting, 13th Canadian Edition
Weygandt Managerial Accounting, 6th Canadian Edition
Farmer Cost Accounting, 1st Edition
Savage Accounting Information Systems, 1st Edition