Reading Time: 3 minutes Whether it is working from home, virtual school, or curbside pickup at your favorite restaurant, 2020 has had no shortages of changes and required adaptations. Accounting in 2020 is not exempt from these changes.
Reading Time: 3 minutes Cost accounting aims to capture a company’s total production cost by assessing the variable costs of each step of production. It is a process of gathering, examining, summarizing, and evaluating various alternative courses of action.
Reading Time: 2 minutes In recent years, business owners have faced higher expectations regarding financial transparency and government compliance. Many businesses struggle to juggle the day-to-day responsibilities alongside more complicated tasks such as accounting, compliance, finance, and risk management.
Reading Time: 2 minutes On June 3, 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-05, bringing relief for both for-profit and nonprofit entities. The standard allows entities who have not yet issued their financial statements to DELAY the implementation of ASU 2014-09, Revenue Recognition from Contracts with Customers (ASC 606).