Many staffers would rather clean toilets than file for reimbursements According to new data from Concur, an expense-accounting management company: 59% of employees recall making at least one mistake on an expense report they’ve submitted in the past 12 months, More than a third own up to five errors or more in the same period.
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2011 targets now pushed back a year to 2012. The Financial Accounting Standards Board and International Accounting Standards Board will now plan to issue a revised proposal to overhaul rules on revenue recognition, updating a proposal they first made last year, according to the Wall Street Journal.
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World moving too fast to plan even a year ahead. So an increasing number of companies are abandoning the age-old tradition of annual budgeting and adopting instead a system of constantly updated forecasts. They call them rolling forecasts, flexible budgets, or event-driven planning. But they aren’t annual budgets. CFO.com cites as examples: Unilver, Norton Lilly International, Statoil, and American Century Investments. ”Meanwhile, other companies continue to execute a budget but, for the most part, manage the business without it,” Russ Banham reports. “Call it a sign of the times, literally.”
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Principles of accounting remain unchanged, but…
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Do latest developments suggest a slow death?
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But still years away from being ready. via CFO Some 34% of CFOs rank “convergence to IFRS” as their No. 1 issue. Cumulatively, CFOs rank IFRS convergence higher than any other accounting issue, according to the latest Duke University/CFO Magazine Global Business Outlook Survey. Yet asked to describe their companies’ “readiness to comply with global accounting standards,” 44% said they hadn’t “begun to address convergence,” while 39% said they were preparing, “but far from ready.” Corporations are “still several years away from having to implement a plan” to comply with a converged set of standards, says James Kaiser, U.S. Convergence IFRS leader for PricewaterhouseCoopers. Yet, as alarming as the state of awareness without preparedness sounds, it just about fits the [...]
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Will Xero give QuickBooks a run for it’s money? CPA Jason Blumer of Blumer CPAs thinks so. Here he evangelizes for Xero, a small-business cloud-based accounting solution from New Zealand, and for “social” accounting. More about Jason Blumer on CPA Trendlines here.
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