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Bookkeeping
The changes, proposed in 2012, are expected to take effect in 2015. The proposed standards will require assets and liabilities to be reported related to the lease. But there are some differences in how these assets and liabilities are measured. Accounting for finance leases under ASC 842 is much the same as capital lease accounting under ASC 840. Similar to operating leases, a right-of-use asset and...
Many readers tell us they would have paid consultants for the advice in these articles. Following GAAP rules may not be the best way to manage your business internally. While GAAP standards are used exclusively in the U.S., other countries typically use the International Financial Reporting Standards (IFRS). We saved more than $1 million on our spend in the first year and just recently identified an...
You’ll likely need to call in an accounting professional for the transition. Startups need rigorous accounting to ensure they survive the threats faced by fledgling businesses. These include limited cash flow, unproven market fit, and spiraling costs. In fact, according to OnDeck and Ocrolus, 70% of small businesses have less than four months of cash to cover operating expenses. When making a decision...