Accounting
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Where should proceeds from sale leaseback transactions be recorded on the statement of cash flows?
We have always recorded proceed on a capital lease in financing activities and proceeds from operating leases in investing activities.
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Chart of Accounts: Payroll Taxes
Proformative, For Payroll Taxes, does your company make a distinction between Employee Taxes and Company Taxes? Currently, our payroll provider expenses our company and rolls-up Employee Taxes and Company Taxes into one expense. As a result, it's somewhat labor-intensive to continuously break the e…
4
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Is a non-reporting CPA license worth it?
Hello, I have never had audit experience, and with my current career track, I don't think I will ever get it. I still want to be certified. Would having a non-reporting CPA license make sense and worth it if I don't work in public accounting? Thank you
11
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Accounting For Lease Contract Termination
If we give notice to cancel an office lease, I believe the contraction fee liability shall be recognized when written notice is given. Would leasehold improvements on our books be written off at the time of the termination notice or when the space is actually vacated? Thanks.
2
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Untaxed Offshore Profits
Forbes reports that there is $2.1 trillion dollars in profits sitting outside the US. Our government wants these US corps to bring the money in and pay 35% tax. The Corporations say no (and the US can't force them to bring the money home). In your opinion who is being short-sighted, The US or the C…
11
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Offshore Assets et. al.
I am a minority owner (~5% ownership) in a small overseas corporation. I am considering increasing my ownership and becoming more actively involved in the management of the company, but have some hesitation in part due to the burden and requirements of filling in form 5471 and related IRS informati…
1
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Treatment of refund received due to settlement
Hi all, I have a client who filed a claim for refund with the city disputing that the city over assessed them on business professional and occupational license fees and taxes (BPOL taxes) in prior years. The city has agreed (agreement signed in Dec. 2015) to settle with my client and is refunding t…
3
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Revenue Recognition For Services Billed Upfront
Hi, We are currently in the process of changing our business model that directly affects our month-end billing process. Our previous model was billing in arrears on a per-transaction basis. We have now switched to a flat monthly fee billed upfront for services rendered. Our month-end bills are gene…
4
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Revenue Recog under IFRS
I am used to following ASC 605-25 multiple element arrangements (MEA) for tech hardware companies that ship hardware that has embedded firmware, application SW and a mobile app with backend cloud processing/data storage. We provide free updates of the Firmware, App SW and Cloud experience to the cu…
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Rev Rec tool
I am looking for a simple Rev Rec to assist our accounting team with their Rev Rec models. Our contracts are multi-element unit price contracts with variable # units and variable time periods. Presently we down load actual for historical periods into a spreadsheet and then project future activity t…
1
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Allowance for Doubtful Account - Year End Entries
Hi, Are there any closing entries that need to be made to an allowance for doubtful accounts at year end? We accrue for 1% of monthly revenue under the allowance method. Thanks!
7
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Paperless Accounts Payable
Our payable department is considering going paperless. Are there any recommendation others are using to make this process secure? span.post-date {display:none;}
14
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Cost Sharing or Profit Distribution?
Hello there, In a case where we have: - Parent Company, with tasks such as research and development, finance, strategy and management, (which costs are non clearly allocable to subisidaries and shared with all of them). - Subsidiaries, with tasks such as marketing and sales. If sales are booked in …
15
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Accrued Commission
Four years ago, my company accrued about $50K in commissions for our Director of Operations at the time as a bonus to be paid later. There was nothing in writing that made him qualify for that bonus, except this was a verbal communication between the CEO and him. The company will now be dissolving …
6
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Director of Finance to VP of Finance
I have my annual review with the CEO of the company next week and I have expressed that I am looking for a title promotion. Here's a little background. I work for a very, young company (4-5 yrs old, 35 employees). I started there 3 years ago and was reporting to the CFO. A year later, the CFO was t…
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Inventory Procedures - Review instead of Audit
Would anyone know how inventory procedures would differ in a review as opposed to during an audit?
2
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Can you apply a new capitalization policy retroactively?
We have numerous assets on the books that are fully depreciated and still in use. These assets do not meet the criteria of our new capitalization policy. Can they be written off? I was unable to find any authoritative guidance.
11
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Commissions paid to client's benefits administrator: Contra Revenue or Expense?
I've searched around for an answer to this but can't find any guidance that translates to my exact situation below: Provider ABC provides services and wishes to make an arrangement with Company XYZ. These services are in the benefits variety and Company XYZ does not internally manage its own benefi…
1
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Who's responsible - The Internal Auditors, the CAO or the External Auditor?
The Wall Street Journal reports that Valeant Pharmaceuticals International, based on an internal review has found issues in their accounting practices. This will force a restatement of several years. Who would you hold responsible?
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Revenue Recognition For Cloud Based Sales
Hi Everyone, I recently joined a SaaS startup and we are building a pricing model for our cloud based hosting product divided into "On Demand" pricing, " 1 year term" and "3 year term" arrangements. The prices are bundled (Cost of license, Training & Implementation) and the implementation work …
3
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Consignment stock
What is the correct accounting treatment for consignment stock if the consignee is the consumer of the goods. Please advise. Thanks
2
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Accounting For Spare Parts
What are best practices for Accounting for spare parts and what is the difference between spare parts and capitals spares? We are setting up a store room (physically and in SAP) to track supplies and spare parts. Accounting for supplies is easy; expense when used. However, I am a bit confused about…
2
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Accounting For Rebates Payable
If a company offers rebates, say 5%, based on a customer purchasing a set amount of goods in a year, does the company offering the rebate have to, by law or by GAAC rules, have to maintain actual monies to cover the cost of those rebates? Thank you.
6
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Recognizing Early Contract Renewal
A bit of background: We are a Software-as-a-Services (SaaS) company that recently renewed a client's contract. However, the renewal took place during their current trial period. As a result, we're currently delivering services to a client from an old contract, but have agreed to deliver new service…
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Brixmor's top executives exit after accounting review, shares plunge
Reuters is reporting that the CEO, CFO & CAO have resigned after an audit found that the financial's were shanghaied. What's your opinion on why these three highly compensated individuals would risk public embarrassment, loss of their jobs, and possibly criminal prosecution? What factors create…
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