by Lynn Northrup, CPA, CPIM - My focus is on building business value for both family-owned businesses and other CPAs. I also specialize in lean accounting, process improvement, internal control, and assessment of audit risk. Other accomplishments include publishing two books, development of self study programs for Bisk Education, and an Adjunct Professorship at Villanova University. My wife Jessica and I live in southwestern Colorado and we look forward to contributing to the AccountingWEB community.
04/15/2009 - 10:07 - 1930 reads
Recently I presented a post on “What’s the fuss over IFRS?” providing a brief overview of the transition to adoption of IFRS and convergence with US GAAP. While we realize that IFRS will become a future reality, the question lingered regarding the differences between the two accounting standards. I thought it would be useful to assess the areas of major differences. In this short blog post, it will be impossible to address all the components of IFRS but we’ll try and capture primary differences.
IFRS standards are broader and more principles-based than U.S. GAAP.
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04/02/2009 - 11:33 - 1022 reads
Lean accounting is a mystery to most business people and accountants. They have heard of lean manufacturing but not lean accounting. Lean accounting evolved in the manufacturing environment and hasn’t made much progress into lean thinking applications. There are a number of ways lean accounting can be applied in a variety of situations. It is perfect for managing and measuring results in tough economic times.
Initially lean accounting got traction because it had the capability of overcoming the problems associated with standard costing.
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03/27/2009 - 13:39 - 686 reads
A lot of CPA’s right now are wrapped around the axle with tax returns and preparing client financial statements. They might say, why do we need to be concerned with IFRS? In thinking about that question I started digging to provide some basic education on IFRS and the potential impact it could have on CPA’s across the country. The SEC created a roadmap for adopting international accounting standards know as IFRS by 2011 and mandating it by 2014.
IFRS accounting standards have been adopted by 113 countries and by 2011 it will be the standard used by 150 countries.
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03/11/2009 - 14:15 - 634 reads
The current economic uncertainty brings new responsibility and opportunity for CPAs. After attending a recent meeting of the directors of the local chambers of commerce and economic development agencies and listening to their comments it started me thinking about what CPAs do and what we need to do.
People laid off from their jobs are starting new businesses without any sense of what to do or how to go about it. Existing small businesses are facing an unfriendly business environment never before encountered. On top of all this, retirees have seen their savings go down the tube.
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