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By Ranica Arrowsmith Intuit reports that its QuickBooks Online now has more than 1.5 million paying subscribers. Intuit attributes much of the growth to more small businesses moving to the cloud. According to the company’s own research, U.S. small business owners spend an average of four hours a day online, and the adoption of cloud tools by small businesses is expected to accelerate in the coming years, with a projected 78 percent of small businesses fully adapted to the cloud by 2020. The growth of QuickBooks Online is being fueled by a network effect of small businesses, the self-employed, developers and accountants, the company claims. More than 80 percent of QuickBooks Online customers are new to the Intuit franchise. “We look forward to continuing to build on our success as we grow the QuickBooks ecosystem around the world,” said Sasan Goodarzi, executive vice president of Intuit’s small business group, in a statement.

  August 4, 2016       By Ranica Arrowsmith Approyo has released a new SAP solution, GRC Ignite. Approyo, a global SAP HANA start-up focus partner for products and services, introduced GRC Ignite as an adaptable cloud solution for customers wishing to deploy one or more of the SAP governance, risk and compliance (GRC) suite of applications. The solution can include SAP software license fees as well as SAP maintenance fees, hosting, implementation and support services. Customers may deploy the GRC applications as an entire suite or as individual elements, based upon needs and budget. “GRC Ignite represents an exciting new solution for Approyo” said Christopher Carter, CEO of Approyo, in a statement. “GRC has been a hot topic for many of our customers and we are happy to be able to provide an industry leading solution to help customers deploying SAP GRC.”

Corruption, insecurity threat to Nigeria’s survival – ICAN   <img width="690" height="450" src="https://media.today.ng/main/wp-content/uploads/2015/12/ICAN-690x450.jpeg" class="attachment-small-slider-thumb size-small-slider-thumb wp-post-image" alt="Corruption, insecurity threat to Nigeria’s survival – ICAN" title="" /> Advertisement <img src="https://media.today.ng/main/wp-content/uploads/2016/08/PayWithCapture.jpg?pas=2639451211608171205" alt="PayWithCapture" border="0" /> The Institute of Chartered Ac­countants of Nigeria (ICAN), yesterday, threw its weight be­hind the Federal Government’s anti-corruption crusade, while calling for implementation of strategies that cut across all tiers of government. Newly inaugurated Presi­dent of ICAN, Deacon Titus Soetan, who made the call at a briefing in Lagos, said gov­ernment needs t...

Norwalk, Conn. (August 11, 2016) By Michael Cohn The Financial Accounting Standards Board has released an exposure draft proposing changes in its conceptual framework related to how items are presented in a financial statement. The exposure draft, Conceptual Framework for Financial Reporting: Chapter 7: Presentation, explains the proposals and will become a basis for FASB when it describes presentation requirements in future accounting standards. The proposed changes aim to improve the ability of users of financial statements to predict future cash flows. The proposals include how to group individual recognized items into line items and subtotals, and clarify the relationships among assets, liabilities, and equity, along with the effects of related changes on comprehensive income and cash flows. Partner Insights   “The Conceptual Framework is the foundation for resolving accounting and reporting questions,” said FASB Chair Russell G. Gold...

A basis of accounting can be defined as the time various financial transactions are recorded. The cash basis (EU VAT vocabulary Cash accounting) and the accrual basis are the two primary methods of tracking income and expenses in accounting. Both can be used in a range of situations from the accounts of a whole country,[1] a large corporation, a small business or an individual. In many cases regulatory bodies may require individuals, businesses or corporations use one method or the other. When this is not the case, the choice of which to use is an important decision as both have advantages and disadvantages. Accrual basis The accrual method records income items when they are earned and records deductions when expenses are incurred. For a business invoicing for an item sold, or work done, the corresponding amount will appear in the books even though no payment has yet been received – and debts owed by the business show as they are incurred, even though they may not be paid until m...

The nature of accounting establishes a unique position of trust in relation to the clients, employers and general public, who count on accountants' professional judgment and advice in making financial/managerial decisions.'They have the responsibility to ensure that their duties are performed in conformity with the ethical values of honesty, integrity, objectivity, due care, confidentiality, and the commitment to the public interest before one’s own. Theories of ethics 1.  Utilitarianism Jeremy Bentham is the founder of utilitarianism. 'The doctrine that an action is right in so far as it promotes happiness, and that the greatest happiness of the greatest number should be the guiding principle of conduct.' Jeremy Bentham, the founder of the idea, argues that the more happiness there are in the decision, the better decision it is. However, happiness is an unquantifiable concept. John Stuart Mill supported the idea of utilitarianism but he developed an idea into ...

Accounting Philosophy.  The philosophy of accounting is the conceptual framework for the professional preparation and auditing of financial statements and accounts. The issues which arise include the difficulty of establishing a true and fair value of an enterprise and its assets; the moral basis of disclosure and discretion; the standards and laws required to satisfy the political needs of investors, employees and other stakeholders. The discipline of accounting insists that transparency is achievable. Fairness has an important role in the practice of accounting. Accordingly, it seems appropriate that philosophy as a relevant way of understanding truth and fairness in accounting is well considered. Some authors have already underlined the key role played by philosophy in accounting such as social justice, ethical conscience, economic entitlement etc. Thus concepts like fairness, justice, equity, and truth have a due place in accounting. Preamble  Often, accountants are ...