Doing the sums Nov 12, 2008
" What is the EU doing to reduce spending errors? In February this year the Commission adopted an "action plan" to reduce errors in the area of structural funds. It involves helping member states to do a better job of checking projects' suitability for EU funding before submitting payment claims. It also involves tougher action to suspend payments or impose corrections on member states. The auditors have not yet measured the impact of the action plan. The auditors insist that at least 98% of... (BBC News -- Europe)
Ask the HOA Expert Oct 15, 2008
With Accrual accounting, income is posted when the goods are delivered or services rendered; expenses are posted when the bill is incurred ... The good news is that computers and software have simplified the accrual accounting process. (RealtyTimes)
Radley Balko: Veering Away From Capitalism Sep 23, 2008
In fact, the company deliberately chooses to use what's known as "cash accounting" rather than the more accurate accrual accounting. Cash accounting looks at how much cash the company has on hand, regardless of future liabilities. (Fox News)
Grant won't pay for new stop light Sep 18, 2008
The city is moving to an accrual accounting system based on a recommendation by auditor John Faulhaber. Faulhaber is assigning values to all the city's infrastructure it owns, including sewer and water pipes, buildings, roads, and more. (Carthage (Hancock County) Journal Pilot, IL)
Seminars geared for small businesses Aug 30, 2008
-Accrual Accounting Methods, Understanding Financial Statements, Balance Sheets, Profit and Loss Statements, Pro Forma Cash Flow Statements. This class is offered Tuesdays from 6 to 8:30 p.m. Sept. 23, 30 and Oct. 7. (East Hartford Gazette, CT)
New law to help school districts with bookkeeping Aug 20, 2008
Gorla said the system won t affect DeKalb s bookkeeping too much, since the district has been on a modified accrual accounting system since Fiscal Year 2006. That means revenue and expenses are accounted for in the fiscal year for which they belong even if payments came after July 1, Gorla said. (DeKalb Daily Chronicle, IL)
Niko Resources Announces Fourth Quarter & Year End Financial Results Jun 25, 2008
Niko Resources Announces Fourth Quarter & Year End Financial Results: Financial News - Yahoo. Source: Niko Resources Ltd.. (CCNMatthews Press Releases)
Politicians ignore the real bridge to nowhere May 29, 2008
That's why she got involved with the Institute for Truth in Accounting, an Illinois-based group that would like to see government at all levels adopt so-called "accrual accounting" as the heart of its budget process ... But in accrual accounting, the pols would have to put aside enough money in a trust fund immediately to cover future promises. (NJ.com -- News)
West Liberty audit report released Jan 30, 2008
Ward said the city doesn t have a deficit, despite the 45,000 difference, because it uses a modified accrual accounting system, rather than cash-on-hand reporting used in most cities. Under the system, which Ward described as a reverse car loan, the city sets aside money in depreciation funds in advance of capital or equipment purchases. (Muscatine Journal, IO)
City manager questioned, mayor voices opinions Nov 21, 2007
The three questions Meisell said have been raised were: what is the difference between cash accounting and accrual accounting, when and why did the city convert from cash to accrual accounting and do city officials use the accrual method to "cover-up" something ... "The best way to describe it is that cash accounting is to algebra what accrual accounting is to calculus.". (Columbus Colorado County Citizen, TX)
Bush Rejects Take on His Handling of Economy Sep 19, 2007
Greenspan suggested one way for Congress to become more fiscally responsible is to revise the entire budget from a cash-based system of accounting to accrual accounting that counts future commitments. "You shouldn't do planning on a cash budget. Corporations stopped doing that 150 years ago," Greenspan said. (Fox News -- Politics)
The Art Of Lucrative Licensing Sep 1, 2007
If you can, try to structure the deal so you get a cut of gross profits, which are less vulnerable to manipulation under accrual accounting than net profits are. A well-timed salary hike can slash your partner's profits and leave you wondering where the money went, says Louis Ventre Jr., a patent attorney in Oakton, Va. (Forbes)
High-risk mortgages become toxic mess Aug 11, 2007
Under an accrual accounting method allowed by regulators, option-ARM lenders routinely record the uncollected interest as income even though the money may never be paid. This phantom income has swelled along with the use of option-ARMs. (Anchorage Daily News)
South Africa: Finance Minister Reprieves Local Councils Aug 6, 2007
He attributed this to the stringent requirements of the Public Finance Management Act, and the technically tricky move from cash to accrual accounting. Manuel's legislation is designed to rectify just such shortcomings. (allAfrica.com)
Coliseum loss more than $300,000 for May Jul 6, 2007
The loss is very misleading if you do not distinguish between cash and accrual accounting, Nelson said in the statement ... In accrual accounting, they have to set aside a months worth of the payment every month ... Accounting 101 wrote on Jul 6, 2007 5:55 AM:" "The loss is very misleading if you do not distinguish between cash and accrual accounting, Nelson said in the statement. (The Pantagraph newspaper)
2,100 homes would need schools Jun 21, 2007
4The board held a public hearing to discuss a budget amendment outlining its new modified accrual accounting method. There were no comments from the public. (DeKalb Daily Chronicle, IL)
Strike me lucky, this one is different Jun 20, 2007
His luck also ran to more than $1 billion worth of one-off revenue bonuses in the old year (most of which arose from the peculiarities of accrual accounting - about which the less said the less uncomprehended). Another stroke of luck - for the long-suffering taxpayer - is that to have the election fought against the background of a supposed yawning budget deficit meant that we made it through with surprisingly few expensive promises. (Sydney Morning Herald -- Australia)
Stronger front line needs a better bottom line May 8, 2007
It tends to focus on audit qualification and the difficulties of implementing accrual accounting. These are important issues, which occupied a great deal of the time of the previous departmental secretary, Ric Smith, who had had no experience of managing a large, complex organisation. (Sydney Morning Herald -- Opinion)
Squeezing Through to the Prize Job Mar 26, 2007
We live in an accrual accounting world, where managers have a fair amount of discretion with estimates such as useful asset lives (depreciation), bad-debt expense, inventory obsolescence, and the like. It's important for an equity analyst to understand these terms and their impact on a particular period's income statements and balance sheets vs. that of a competitor. (BusinessWeek)
Switzerland -- 2007 Article IV Consultation Mission, Concluding Statement Mar 6, 2007
The Confederation is commended for its decision to implement an accrual accounting system, including the development of a public sector balance sheet. The cantonal and local governments still provide fiscal data with long lags. (IMF News)
Fudging the U.S. budget Feb 6, 2007
Instead we need to elevate "accrual accounting," which better measures the government's future pension responsibilities, to the same level of public visibility as the "cash accounting" figures that are now emphasized. And the primary measure of our deficit should exclude the Social Security surplus. (International Herald Tribune -- Ed/Op)
County voters to decide on sales tax Jan 25, 2007
County auditors Jeff McPherson and Roy Riddle explained the final FY 2005 audit, which had included the transition to an accrual accounting method. They recommended the county consider a self-funded unemployment insurance rather than paying unemployment tax, and a centralized payroll system. (Carthage (Hancock County) Journal Pilot, IL)
