Need more time to prep for revenue recognition? You might get it.

Posted By: Bill Sheridan on November 25, 2014 in Accounting & Auditing&Business Strategy
For every organization that must comply with the profession’s new revenue recognition standard — and that pretty much means every organization, period — the biggest concern is time. The standard, which was released in May by the Financial Accounting Standards Board and the International Accounting Standards Board, centers on the recognition of revenue from contracts with customers and “is designed to create greater comparability for financial statement users across industries...

Facebook At Work: A cure for ‘social not-working?’

Posted By: Bill Sheridan on November 20, 2014 in Technology & Social Media
Every now and then someone asks me — against all logic — to give a presentation about the effective use of social media. In each of the last couple of presentations I’ve given, the same question has arisen: “Should I have two Facebook accounts — a personal account and a business account?" My answer, in a nutshell, is this: It depends. What do you feel comfortable with? If you want two accounts and have the time to maintain both, go for it. Me? I have just one account,...

People first! Pope calls on accountants to drive global solidarity

Posted By: Tom Hood on November 20, 2014 in Ethics & Professional Issues
"The economy and finance are dimensions of human activity and can be occasions of encounter, of dialogue, of cooperation." - Pope Francis One of our members, Pat Overly, forwarded the WSJ article (source of the photo found here) to me about the Pope's address at the World Congress of Accountants in Rome. I found it fitting that this meeting was very close to the birthplace of modern accounting. Newly nominated MACPA Secretary / Treasurer Ken Kelly was in attendance and...

More tax season headaches on the horizon

Posted By: Bill Sheridan on November 19, 2014 in Taxation
I hate to break it to you, tax pros, but the upcoming tax season? It’s probably going to suck. IRS Commissioner John Koskinen says so. So does National Taxpayer Advocate Nina Olson. It’s going to be a four-month-long headache, and we’re fresh out of Tylenol. Where to start? * The IRS’s budget is woefully inadequate. Since 2010, the agency has lost 13,000 full-time employees and 7 percent from its operating budget while trying to serve an additional 7 million taxpayers. The...

High-tech, high-touch

I had the great opportunity to attend CCH’s User Conference in Orlando, Fla., a few weeks ago as part of their Emerging Leader program. And boy, does CCH know how to put on a conference. Everything – the breakout sessions, the marquee keynotes, the fun evening events and the interactive conference app – was simply outstanding.  The Emerging Leader program was designed to teach young professionals – those nominated by their firms and chosen by CCH –...