Posts Categorized: Intermediate Accounting

Accounting for Security Deposits

Posted by & filed under Accounting Principles, All Articles, Financial Accounting, Financial Reporting and Analysis, Intermediate Accounting, Video Updates.

A security deposit is money paid by the tenant to the landlord. This deposit protects the landlord if the tenant vacates without making required payments or damages the rental property. If the tenant gives proper notice and vacates without owing any rent or damages, the landlord must return the security deposit to the tenant in… Read more »

More Forensic Accountants of the Future Needed

Posted by & filed under Accounting Principles, All Articles, Financial Accounting, Fraud Accounting, Intermediate Accounting.

In recent efforts, the AICPA is promoting forensic accounting skills to CPA firms and university professors. As part of this push, the Institute has published a new report entitled, “Characteristics and Skills of the Forensic Accountant, which presents qualities that surveyed attorneys, forensic CPAs and academics see as critical for the forensic accounting discipline, particularly… Read more »

Good News for Accounting Graduates

Posted by & filed under Accounting Principles, All Articles, Financial Accounting, IFRS, Intermediate Accounting.

Good news for accounting graduates! A nationwide survey of 3,500 accounting, finance, and human resource executives indicated that, in 2010, the majority of accounting and financial businesses that were impacted by the economic crisis are likely to hire accounting and financial candidates in 2010. About half of the survey respondents said they anticipated hiring support,… Read more »

Just Text “Haiti” to Donate

Posted by & filed under All Articles, Financial Accounting, Intermediate Accounting.

Verizon made good on its pledge to help Haiti immediately after the 7.1 magnitude earthquake that struck the island on January 12, 2010. Verizon Wireless said its $2.98 million transfer within two days of the disaster to the Red Cross “bypasses the normal process used to get donations paid to charities.” Unfortunately, with other companies,… Read more »

Walgreen Outsources Accounting

Posted by & filed under All Articles, Financial Accounting, Intermediate Accounting.

On January 6, 2010, Walgreen Company, the drugstore giant, announced that it had signed a 10-year contract to outsource its accounting services with Genpact.  Genpact Limited, a spin-off from General Electric in 2005, characterizes itself as a company that has achieved growth from both existing and new clients as companies across industries enacted massive layoffs… Read more »

Wage and Hour Violations

Posted by & filed under All Articles, Intermediate Accounting.

On December 9, 2009, Wal-Mart disclosed that it had settled a long-running wage and hour dispute in Massachusetts for $40 million. According to the Boston Globe, this was the largest wage and hour settlement in the state of Massachusetts. Interestingly, it was just a year ago at the end of 2008 that Wal-Mart reported that… Read more »

The Worst Footnote Disclosures of 2009

Posted by & filed under All Articles, Intermediate Accounting.

Every year, Michelle Leder at www.footnoted.org, takes a look at the worst footnote disclosures that companies try to bury in their routine SEC filings. As her website states, the financial footnotes are important for all users, including professional money managers and analysts, accountants, and individual investors. According to her article, there are a lot of… Read more »

Japan’s Big Accounting Move

Posted by & filed under All Articles, Financial Accounting, IFRS, Intermediate Accounting, International Accounting.

During the week of December 7, 2009, Japan’s Financial Services Agency (FSA) announced that it is moving to the formal adoption of International Accounting Standard (IAS) reporting by 2015. Up until now, the FSA has allowed Japanese companies to file consolidated statements using U.S. GAAP, but in 2015 this may end. The agency will make… Read more »