A few months ago, I had compiled a short list of common errors encountered in the consolidation of foreign operations. Now, I wish I had simply waited a few months to publish the post as I have since come across more issues that merit a mention while consolidating financials of related entities or even preparing the separate financials of related entities. Bear in mind that some of these could apply irrespective of whether they are related to foreign entities.
CPAs Talk Tech Biz
It is that time of the year again when I am working on audits of U.S. companies with significant international operations, either in the form of wholly owned subsidiaries or branch offices. And my observations while performing these audits have resulted in this compilation of common errors while accounting for foreign currency, recording translation adjustments and finally the culmination into consolidated financials.
Not so long ago, I had suggested a few useful accounting apps for startups
As luck would have it, I came across a user forum where members were soliciting feedback on a few mobile tax apps for CPAs and companies alike. And I have to admit that I came away feeling very impressed with some the options out there. So, in no particular order, here some more apps to consider for your small businesses:
It has been many years now since our firm transitioned to an all-electronic format of running our audit and financial reporting engagements. And over the years, we have invested significantly in new technology – devices, software, you name it. Not only have we impressed upon our clients the need to provide information electronically but where possible, encouraged them to use email, scanned images and our secure portal for data transmission over reams of paper copies. But a recent audit experience helped me take this process to virtually a whole new level (pun intended!).
Our recent travels over the December holidays to Latin America prompted my husband and me to add learning a new language to our list of New Year’s resolutions for 2014. To be realistic about meeting our resolutions, we decided to keep the list a short one at 3 each. Which got me thinking – that’s not very different from how many businesses reflect on the past year and make strategic decisions for the coming year. So, I thought I’d put together a short list of some suggested New Year resolutions for our readers’ businesses from my experiences in working with some of them.
I seem to experience a strong sense of déjà vu each year after the October 15th deadline thinking “what can be done to create awareness among companies regarding their responsibility towards employer sponsored retirement plans?” For a quick recap of my earlier attempt at stirring up this conversation, click here.
These past few weeks of my personal life have been wrapped up in planning our backyard landscaping project – who knew that there were so many decisions involved in pulling out concrete and adding some plants? While I am no expert in design or aesthetics, I do believe in using sustainable products where possible and practical. Not only are the tax breaks a lucrative incentive but the thought of a socially responsible decision adds another feel-good factor. For more thoughts sustainability read: Why Should Companies Care About Sustainability? And this is where my…
Someone once told me that there are only two kinds of people in this world: one that has back pain, and one that hasn’t had it, yet! I clearly belong to the first category, and as is the case with most people that have a desk job, I tend to remain seated for long periods of time. This again keeps me in that first category of people, so I have started to make some minor changes in my lifestyle. Enter my space age ball chair that keeps me sitting upright most of the time and engaging the core muscles that all back and health experts speak of. But the latest of my acquisitions that has almost become a second skin, is my wearable fitness device – the Fitbit One™. I have to admit…
Recently, during the audit of a client with a foreign subsidiary, we came up against the issue of accounting for a loss contingency due to a pending litigation in the foreign country. In this specific instance, the litigation had dragged on for a few years, which made it hard to really quantify what the potential loss could turn out to be. Through a thorough study of the facts and the following step-by-step approach the client and I were able to determine the potential impact of the litigation and properly accrue the loss contingency. We considered whether…