Faster Close:Reasons Or Justifications

With stricter regulations like Sarbanes-Oxley Act coupled with organizations today getting larger and more complex with businesses change very rapidly such as products change,structure changes,new distributions channel emerge and the need to have faster communication of additional information it is therefore vital that we need to establish an efficient reporting concept. Hence,[...]

January 21st,2007 | Category:Financial Reporting | Leave a comment

Financial Operation:Simple Automation:Shared Service Folder for Overseas Subsidiaries

In the earlier articles,the simple concepts of simplify,uniformity,consistency,standardizing and automating have been advocated and practical illustrations  given to demonstrate the benefits of practicing them.

In today’s article I would like to look at a simple automation deploying the shared service folder.

Assuming we have the following scenario:

a [...]

May 31st,2006 | Category:Financial Operations,Financial Reporting | Leave a comment

Financial Accounting Workflow:Two Ways To handle Provisioning or Accruals

This article is not regarding the discussion of the adequacy of provision /accruals nor to understand how the FRS handles it.

Specifically,this article is to discuss the way(s)  we book in provision or accrual in our books of accounts.

Generally,there are two (2) ways of accounting treatment:(1) Partial method and (2) 100% reversal method For the Partial Method:

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May 29th,2006 | Category:Financial Reporting | Leave a comment