Search Results for: iris
ASC 842 Disclosure Requirements for Lessees
In February 2016, the Financial Accounting Standards Board (“FASB”) issued the new leasing standard in ASU 2016-02 (“ASC 842”) for both lessees and lessors for use when preparing financial statements. ASC 842 directs that a lessee will recognize right-of-use (“ROU”) assets together with associated lease liabilities on the balance sheet for all lease arrangements with […]
Identifying Embedded Leases Under ASC 842
Every accounting standard has its own set of challenges, but there’s one aspect of all of the guidelines relating to ASC 842 that is especially challenging and that is the issue of addressing embedded leases. An embedded lease, a term not defined in either ASC 842 or IFRS 16, refers to the components of a […]
Understanding Sick Leave in the US
In the US, the labor market is its own force. In fact, across its 50 states, the shape and size of North America’s “labor force” ranks, according to pre-pandemic polls, at nearly 157 million strong – and counting. From factory floors, to checkout lanes, and high-rise views from a desk, US labour is constantly being studied. At one time, pollsters may probe about turbulent […]
Banking and integrations: your questions answered
The IRIS Practice Engine team recently welcomed customers to our online user group sessions. On day two, we focused on what we are currently developing – Banking and Integrations. A number of pertinent questions were raised by attendees. Below, we give you all these and the answers. 1. When will 9.8 be ready to be […]
Document Management: On-Premises or Cloud?
Understanding the Options for your Accounting Firm INTRODUCTION Accounting performed on computers has come a long way since the computer age began in the 1950s. While firms and clients still use desktop or laptop computers, an increasing number are using those PCs to connect with applications and storage located elsewhere. Cloud technology is driving rapid […]
Doc.It® Suite Earns 5-Star Award from CPA Practice Advisor
DMS praised as easy to use, loaded with features, and suitable for firms of all sizes October 07, 2020 – Las Vegas, NV and Ancaster, ON – Doc.It®, an industry-leading provider of a powerful and scalable full suite of document management, workflow, document storage and web portal products for accounting firms, has earned a 5-star Award […]
Doc.It Suite Recognized in 19th Annual K2 Quality Awards
K2 Quality Awards Honor Outstanding Contributions to the Accounting Industry Las Vegas, NV – November 3rd, 2020 – Doc.It®, an industry-leading provider of a powerful, scalable full suite of document management, workflow, document storage and web portal products for accounting firms, today announced that Doc.It’s flagship product, Doc.It Suite, has been awarded “Best Management Strategy” by […]
Warren Averett goes live with Star
Birmingham, AL based Warren Averett has gone live on IRIS Star Practice Management. The 800+ strong firm has offices in the states of Alabama, Florida, Georgia and Texas plus an office in the Cayman Islands. The project commenced in September 2019. Warren Averett had grown considerably since implementation of its previous practice management system and […]
ASC 842: Lease Modifications & Remeasurement
Whether intended at the outset or found necessary during the initial or additional lease periods, lease modifications have always been common but accounting for these changes is that much more complicated under ASC 842. A typical modification may arise when a lessee requires a break and rewrite or perhaps recognises a need to continue with […]
ASC 842 Summary: What lessees need to know
Replacing FASB ASC 840, the revised ASC 842 was published in 2016 along with the associated and similar IASB IFRS 16. For public listed companies it came into effect for fiscal years and interim accounting periods beginning after December 19, 2018 and private companies were scheduled for compliance from those periods beginning December 15, 2019. In […]
4 key advantages of outsourced payroll services
Companies often find that processing payroll can be very complicated and time-consuming. Business owners want and need to focus on their core business. However, they often end up investing most of their time and money in keeping track of the various tax laws that apply to their employees from multiple different sectors and geographies. Payroll […]
Hiring Employees in the UK
Payroll year-end is a crucial time for accounting firms and payroll service bureaus. It involves a series of tasks that must be completed accurately and on time to comply with tax regulations and labor laws. This guide will walk you through critical tasks such as W-2 and 1099 preparation, tax reconciliation, labor law compliance, and more.
