Search Results for: iris
Job management – why overcomplicate it?
Managing workload is key for any accounting practice to operate effectively and serve their clients well. But it is far too easy to over-complicate job management. In this article, we break down the process and assess how practices might benefit from adopting a more jobs-based approach. What counts as a job? All work performed in a […]
Need help staying on top of your government remittances?
As an employer in Canada, the CRA requires that you file payroll taxes accurately and on time. Staying up to date with government remittances can be overwhelming. It can be difficult to stay on top of paperwork and calculations. Do you have the correct forms? Which policies have been updated? Here’s what you need to […]
FASB ASC 842 Accounting Standards Updates
Is your organization up to speed with all the Financial Accounting Standards Board (FASB) updates for ASC 842? Since its publication in 2016, the FASB has issued several accounting standard updates and amendments to Topic 842, leases. These updates have often been issued to increase the transparency and comparability of lease liabilities on the balance […]
Applying ASC 842: The Impact of COVID-19
The issuance of Topic ASC 842 by the Financial Accounting Standards Board (FASB) took many years of planning, consultation, drafting and submission prior to its acceptance as a new lease standard in 2016 – it has not always been zealously adopted. COVID-19 appeared in Wuhan, China in December 2019 and has subsequently literally gripped the world. […]
ASC 842 and COVID-19
The first half of 2020 will have been dominated by the effects of the worldwide pandemic in every sphere – economic, ecological, governmental, agricultural, industrial, medical, financial and personal. From an accounting standpoint, these effects have been very keenly felt in many sectors with features such as lay-offs, reduced demand, reduced revenue and reduced value […]
The Practice Engine data warehouse: enhancing your reporting
Practice Engine Data Warehouse (PEDW) is a simplified version of the main Practice Engine production database that has been optimized for business intelligence reporting and data visualization. It uses a Star Schema* tabular warehouse representation of almost all key data in Practice Engine’s production database. The structure of the PE Data Warehouse has been created […]
ASC 842: What, Why, When & How?
What is ASC 842 Leases? Known as Accounting Standards Update (ASU) 2016-02, and published by FASB in 2016 with an effective date of 2019, Topic ASC 842 is the new “leases” standard initially planned and drafted alongside IFRS 16 from IASB. The standard was designed to update and replace ASC 840 particularly addressing the issue […]
Applying ASC 842: Determining Lessee Discount Rates
Although the new accounting standard for leases – ASC 842 was published back in 2016, many business may only now be addressing the guidance on transitioning to the standard. ASC 842 will, for those using operating leases as a regular means of asset acquisition, greatly increase the number of leases that may need to be […]
Applying ASC 842: Practical Expedients and Exemptions
Both FASB (Financial Accounting Standards Board) and IASB (International Accounting Standards Board) understood the enormity both from the perspective of effort and impact of the implementation of the new lease accounting standards – ASC 842 and IFRS 16. The adoption of the new standards by entities in general but lessees, in particular, is seen as […]
Applying ASC 842: Calculating the Right-of-Use (ROU) Asset
One of the most significant changes for lessees when applying the new ASC 842 lease accounting standard is the recognition of right-of-use (ROU) assets and lease liabilities. Under ASC 842, leases are to be broken down to an asset level with services and non-asset elements stripped out and treated differently from an accounting point of […]
Save Time and Increase Efficiency with Employee Self Service Online
Did you know your employees have 24/7 access to a free, secure online portal that contains copies of their paystubs and W-2 forms? Just like you, they can download and print these individual documents on demand from their own personal portal. There are many benefits to allowing employees access to electronic copies of these documents. […]
Star goes virtual (mostly)
Star has announced that, after staff consultation, it will close its offices in Watford, Cannock and Eastbourne in Q4 2020. Staff have been working successfully from home since March 2020. Instead, Star will have its own space in Iris’ headquarters near Heathrow for staff who prefer to work in an office full time and for […]
