Welcome to the first of many practical blogs dedicated to maximizing profitability on small audits. Normally you’ll find two or more blogs here each week which will be progressive in their order. In other words, foundational subjects will be presented first with applications discussed later in the series. If you miss a few days, be sure to catch up before reading the most current blogs. Plan to visit often!

The long awaited moment is here. On July 1st, the Accounting Standards Codification became the only source of GAAP. It combines all the FASB standards (FAS, APB, ARB, FSP, EITF), the AICPA SOPs and all the other Level A-D accounting literature into one easy to use spot.

The Codification does not change GAAP, it merely reorganizes it into an easy to research format. I personally can't find anything under the new system, but I am sure as we get used to it, it will get easier.

As I explained in my first "IFRS in Perspective" post, this blog focuses on the role that International Financial Reporting Standards (IFRS) can and should play in the future of financial reporting in the United States. In this post, I'll share my thoughts on a question of critical importance that we in the United States haven't answered yet. In fact, it's a question we haven't even asked. To have any hope of creating the future that we want with regard to financial reporting, we must ask and answer this key question, and we must do so before we attempt to make any public-policy decisions about IFRS.

Welcome to AccountingWEB's new "IFRS in Perspective" blog. I'm Bruce Pounder, and I'll be blogging about the role that International Financial Reporting Standards (IFRS) can and should play in the future of financial reporting in the United States. I don’t expect to end the debate over IFRS that exists within the U.S. accounting profession, but I do hope to influence that debate in a positive way. In this initial post, I'll summarize my point of view and explain why I want to share it with you.

How does one properly record officer earnings as a loan to company or to equity without receiving actual cash distribution from company