neoaccounting

When most people get excited about the idea of starting their own business, they’re usually not thinking about budgeting. Let’s face it: budgeting your business’s finances is necessary and important, but it’s usually not too fun. Many small business owners—especially newer entrepreneurs eager to get started—just see it as a necessary evil. The trick to budgeting? Doing it smartly. The more you can save without cutting corners, the better off your business will be—and the more you’ll enjoy it. Check out these 18 tips and tricks to budgeting for your new small business. 1. Separate your personal and business finances. Step 1 in starting a small business: keep it separate from your personal life. First of all, this will help you budget. If your personal expenses intermingle with your business expenses, then you won’t be able to get an accurate estimate of how much money your business brings in—or how much it needs to survive.  You’re  one of your business’s...

by Olivia Kirtley, President, IFAC Following the World Congress of Accountants 2014, His Holiness Pope Francis addressed the accountancy profession on being a positive force in the fight against fraud and corruption. Noting that difficult economic times increase the risk of moral hazard, he said: There is a stronger temptation to defend one’s interest without concern for the common good, without paying much heed to justice and legality. For this reason everyone, especially those who practice a profession which deals with the proper functioning of a country’s economic life, is asked to play a positive, constructive role in performing their daily work. As my IFAC presidency came to a close, I wrote to His Holiness to inform him of our vigorous efforts to address a global problem that requires great collaboration. source: ifac.org

Membership IFAC is comprised of  over 175 Members and Associates  in over 130 countries and jurisdictions*, representing almost 3 million accountants in public practice, education, government service, industry, and commerce. IFAC Members and Associates are professional accountancy organizations (PAOs) recognized by law or general consensus within their countries as substantial national organizations. Members  are required to: support IFAC's mission and programs; demonstrate compliance with the  Statements of Membership Obligations ; be financially and operationally viable, and have an appropriate governance structure; make financial contributions; and meet the other criteria described in the  IFAC Constitution  and the  IFAC Bylaws . Associate  status is open to PAOs that do not meet all of the Member admission criteria but demonstrate evidence of compliance with additional criteria and procedures.   Value of Membership...

(New York, New York, November 22, 2016)  – The International Federation of Accountants ®  (IFAC ® ), the global organization for the accountancy profession, today announced the election of  Rachel Grimes  (Australia) as its President, for a two-year term effective through November 2018. Ms. Grimes is IFAC’s second female President. IFAC also announced the election of  In-Ki Joo  (South Korea) as Deputy President. “I am honored to serve as IFAC’s President at a time of great global challenges. There are also remarkable opportunities to strengthen the accountancy profession and further the adoption of global standards in the public interest,” Ms. Grimes said. “As President, I look forward to working with our member organizations and other stakeholders as we continue to put trust at the heart of all we do, and at the heart of the global economy.” Ms. Grimes is a Fellow of the Institute of Chartered Accountants in Australia and a Fellow of CPA Australi...

Accounting is the stewardship (faithfulness in business) exercised in the day-to-day running of the business in order to know where the business is to put more effort (performance appraisal), this is usually on black and white (written document). Some businesses has wind-up because proper books of account where not adequately kept or the business did not set an accounting unit which will oversee the cash flows of their business. Businesses (either Small, Micro, Medium and Large scale businesses) ought to set up accounting unit (if possible get a professional consultant) and it must be standard at it best. On this note, what is accountability? (In   ethics  and  governance)   accountability  is answerability,  blameworthiness ,  liability , and the expectation of account-giving. ( As an aspect of  governance)  it has been central to discussions related to problems in the  public sector ,  non-profit  and private ( corporate )...

by Sarah Sheen FCPFA, Technical Manager, CIPFA Local authority accountants are facing numerous changes in financial reporting requirements with an ever changing policy landscape and a need to balance this, ensuring that the information they provide is easily understood by their key stakeholders – and all against a backdrop of resource constraint. How can they manage and be prepared for some of the key financial reporting challenges they are facing? Challenge one – how to make local authority financial statements accessible to their stakeholders A regular refrain across sectors is that IFRS financial statements are too long and too complicated. This situation is exacerbated in local authorities as financial performance is measured on a fiscal basis as well as the accounting basis. Changes to the 2016/17 Accounting Code have addressed this issue. The new Expenditure and Funding Analysis has brought these two reporting frameworks together in a way which promotes accountability...

    Bola Onadele MD/CEO , Financial Markets Dealers Quotations (FMDQ) OTC PLC Mr. Onadele has over 20 years of experience in financial markets architecture and diplomacy. He championed various financial markets infrastructure initiatives in Nigeria, among which two-way quoting system, Nigerian Inter-bank Offered Rates (NIBOR), Nigerian Inter-bank Treasury Bills’ True Yields (NITTY) and the Contributors’ Home Ownership Scheme (CHOS). Mr.Onadele also served as consultant to the World Bank-IFC on the development of the Nigerian corporate bond market. He was appointed the Country Manager of the Efficient Securities Market Infrastructure Development (ESMID) program in 2009. How the FMDQ sees the role of government debt in galvanizing the Nigerian economy The FMDQ initiative is based on a foundational understanding of the role of government debt in stimulating an economy. Government debt supports conduct of indirect monetary policy operations; acts as benchmark for long-...