IFRS? Is that a new accounting ploy for accountants who can’t balance their books?
Sarasota, FL (Vocus) May 7, 2010
Red Moon Solutions, a leading provider of specialty tax software solutions, announced its latest IFRS white paper, ““IFRS from a Tax Department Point of View”. http://www.redmoonsolutions.com/news-and-events/news-archive/
Author Paul Pavich uses his 30+ years of experience in taxation and accounting to relate IFRS to the tax department. The timely article explains changing financial and accounting regulations, as well as reporting requirements for business.
Through fact and example Pavich explains new procedures as they relate to a business’ property, plant and equipment accounts. Pavich ends emphasizing ways to manage and position oneself for success in asset management, providing the results one wants.
“While I’ve worked on the tax side of the business my entire career, I was always interested when my counterparts in the accounting department would talk about their ‘trials and tribulations’ in applying the rules and regulations for reporting their fixed assets. After all, they had assets that they were depreciating on a straight line basis over a ten year period, calculating the same amounts year after year. There I was, deciding which depreciation method would provide me with the most favorable tax result—whether to expense the asset in full or partial, calculate bonus depreciation or forgo taking bonus depreciation. Could I force the mid-quarter convention to my benefit and (heaven forbid) be stuck with a luxury auto located on an Indian reservation property? To me, it seems an arduous task!
Recently, I was with an accounting counterpart discussing current accounting trends, new issues and the different solutions for each. He was tense, and as we talked I could tell there was a more serious issue than monthly posting entries being off by a few pennies. I asked him how much he was out of balance for the month: a dollar and change? Hadn’t he heard of the “miscellaneous office supplies” account?
He replied: “Haven’t you heard of the new IFRS requirements that are going to be rolled out?” His mood shifted as I joked: “IFRS? Is that a new accounting ploy for accountants who can’t balance their books?”
Open mouth, insert foot.”
About the author
Paul R. Pavich is the Manager of Tax and Accounting for Red Moon Solutions LLC. He has over 30 years of experience in the field of taxation and accounting. Paul has followed tax and regulatory updates and delivered tax technology solutions for the past thirteen years. http://www.redmoonsolutions.com/about-us/management/paul-pavich
About Red Moon Solutions
Red Moon Solutions offers a wide variety of tax technology services and solutions such as Fixed Assets Manager, AuditRoom, eTaxCalendar, Like-Kind Exchange Matching, and Section 382 Built-In Gain Solution. Red Moon empowers tax professionals with the solutions they want.
Built to support the tax practice of one of the largest U.S. accounting firms, Red Moon’s software is flexible, able to provide solutions to Fortune 500 companies and small businesses alike. With completely customizable and scalable options, Red Moon’s client-based software excels in the marketplace. Experience it today: http://www.redmoonsolutions.com.
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Contact: Stacy Shedivy
Red Moon Solutions LLC
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