The head of the Financial Accounting Standards Board, which sets U.S. accounting rules, said June 1, 2010, that he does not expect FASB to meet a June 30, 2011 deadline for convergence with international accounting rules, as requested by the G20 group of industrial and emerging countries. According to FASB chairman, Robert Herz, changes that… Read more »
Posts Tagged: Financial statements
Frequent Flyer Miles
If the merger is approved, United Airlines and Continental Airlines will also be merging their frequent flyer programs. But what is their track record in terms of rewarding the miles versus actual requests? Consulting group, IdeaWorks Company, said Continental awarded free tickets 71 percent of the time in response to requests, and United 69 percent… Read more »
If You Are Planning to Work for Grant Thornton in Hawaii, Think Again.
Accounting firm Grant Thornton is leaving the Hawaiian market this summer after more than 50 years, and selling its practice to two of the firm’s audit partners from the Honolulu office. Several established Big Four firms have preceded Grant Thornton in this exodus, including PricewaterhouseCoopers, who left in 2006 after 55 years. Questions: 1. What… 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 »
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 »
Accounting for Security Deposits
A security deposit is money paid by the tenant to the landlord. This deposit protects the landlord if the tenant vacates without making required payments or damages the rental property. If the tenant gives proper notice and vacates without owing any rent or damages, the landlord must return the security deposit to the tenant in… Read more »
Late Payments Matter
Late Payments Matter According to new research, approximately 4,000 small and medium sized firms in the U.K. collapsed in 2008 due to late payments by customers. This amounted to approximately 62 billion pounds that were more than 30 days late and of this 15.5 billion that were more than 120 days overdue. For more than… Read more »
Just Text “Haiti” to Donate
Verizon made good on its pledge to help Haiti immediately after the 7.1 magnitude earthquake that struck the island on January 12, 2010. Verizon Wireless said its $2.98 million transfer within two days of the disaster to the Red Cross “bypasses the normal process used to get donations paid to charities.” Unfortunately, with other companies,… Read more »
Airlines Are Raising the Fees They Charge Travelers to Check Baggage
Both Delta Air Lines and Continental Airlines are raising their checked-baggage fees. According to this article the winners may be package-delivery companies and airlines without such fees. Unfortunately, it is hard to verify the exact numbers through shipping companies, but officials from both Southwest Air Lines and JetBlue Air Lines admit that their lack 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