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Since 1939, when the Tax Code's treatment of inventory was modified to permit LIFO, managers and accountants have faced a tri-lemma in that they have to choose among FIFO, LIFO and average flow assumptions. The Committee on Accounting Procedure issued Accounting Research Bulletin 29 in 1947 to provide guidance for this choice, but said two things that have hampered financial reporting ever since. (These provisions were subsequently integrated into ARB 43 in 1953, and remain in force 60 years later.)
January 28 -
Small companies have been copying a method to control insurance costs and reduce taxes that used to be the domain of large businesses: setting up their own insurance companies to provide coverage when they think that outside insurers are charging too much.Often, they are starting what is called “a captive insurance company” — an insurer founded to write coverage for the company, companies or people who founded it.
January 28 -
65 RETIRING AS RETIREMENT AGEAmericans age 50 and over are increasingly disregarding age 65 as the time to stop working, according to a poll conducted by Penn, Schoen & Berland Associates and commissioned by Experience Wave, a project that advances federal and state policies to keep older adults engaged in work and community life.
January 28 -
Imagine having the capability to run the same types of tests that auditors use during their routine check-ups and apply it to every transaction a company makes on a daily basis.
January 28 -
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Practice management software is evolving from simple time and billing tools into a far broader database system. It now often includes workflow, scheduling, components of a customer/client relationship management program, and integration with popular calendaring programs such as Microsoft Outlook. What is driving this evolution, and is it important to your firm?
January 28 -
Remember the theme from Cheers, the TV series about a friendly Boston pub and its memorable regulars? The opening theme refrain ran: "You want to go where everybody knows your name."Something similar is at work when it comes to building value propositions to grow revenue. To succeed, you've got to determine what makes the buyer tick.
January 28 -
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