About Sheila Harms

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So far Sheila Harms has created 317 blog entries.

Pick the right accounting method for your business

  Timely, accurate financial information is essential to running a successful business. There are a number of accounting methods you can use to record and track your business’s financial performance. Here’s an overview of cash, tax and accrual basis accounting to help you choose a method that’s appropriate for your situation. Cash basis Often startups [...]

By |2022-12-23T09:26:21-06:00December 23rd, 2022|Accounting & Auditing Resources|

What happened to the international convergence project?

  For years, there was talk of converging U.S. Generally Accepted Accounting Principles (GAAP) with the International Financial Reporting Standards (IFRS). While the formal convergence project lost steam about a decade ago, Financial Accounting Standards Board (FASB) Chair Richard Jones assured stakeholders at a recent Financial Accounting Foundation meeting that convergence discussions are still regularly [...]

By |2022-12-23T10:22:00-06:00December 23rd, 2022|Accounting & Auditing Resources|

How to report software costs

  What do Tesla cars, smart TVs and equipment used for making french fries have in common? The answer is embedded software, according to recent comments by Financial Accounting Standards Board (FASB) Vice Chair James Kroeker. He also told the Private Company Council that today’s mixed accounting model for software costs is outdated and should [...]

By |2022-12-09T08:54:57-06:00December 9th, 2022|Accounting & Auditing Resources|
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