Another overview of blockchain technology; time to start figuring out this stuff.

August 15, 2017, 7:28 am

Sure does look like this blockchain technology is going to be a big deal. Might be time to start getting our minds wrapped around the concept.

For starters, check out this short overview:

 

 

(Cross-post from my other blog, Attestation Update.)

For a bit more detail:

8/4/17 – Bill Sheridan at Business Learning Institute – Block chain might remake accounting. The opportunities are huge. – Introductory article is one of the better overviews I have read. It introduces the video shown above.

One sentence description of Block chain, quoting from the article:

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Things really can go terribly wrong. Do your backups work? How’s your disaster planning?

July 12, 2017, 9:41 am

Image courtesy of Adobe Stock

Disasters can happen. Consider:

  • How will you recover if you lose your wallet?
  • How will your business recover if ransom ware encrypts your server?
  • What is your planning to survive a tornado if your business is in Oklahoma, a hurricane if you work on the east coast of Florida, or a flood if you live in low territory next to river that overflows once a decade?

Rumbi Bwerinofa-Petrozzello ponders these questions in her 7/2/17 post If Lost…Then What?

She tells of finding a wallet on the ground, walking into the adjacent restaurant looking for the owner by glancing between the patrons and the photo on the driver’s license in the wallet. No luck.

When she got home she was able to do a bit more research. She located the woman and returned the wallet.

Life hack tip: make sure you have a business card with a current phone number and email in your wallet so that if a kind-hearted person finds your lost wallet the nice person can reach you quickly.

From there she transitions to disaster recovery.  A few questions for you to ponder:

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Before the tsunami hits it might be time to tune into the accounting rules on the horizon.

July 10, 2017, 8:37 am

tsunami” by hansol is licensed under CC BY 2.0

While you have been sitting on the beach enjoying life this summer, have you noticed that dark, odd horizontal line out there on the horizon?

It isn’t a figment of your imagination. There really is a tsunami wave out there in the distance of the accounting ocean and it is going to hit the shore where you are sun bathing.

As if that wasn’t bad enough, there will be fresh waves of water hitting the beach over four years.

The good news? Maybe one or two or three of the waves will miss your organization.

Here is a quick glance of what’s on the horizon:

  • Overhaul NFP financial statement presentation
  • Restricted cash on cash flow statement
  • Revenue recognition for all entities
  • Grant and contribution recognition for NFPs
  • Most leases brought onto the statement of financial position
  • Credit losses on loans and receivables

Here is just a bit more detail:

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Happy Birthday America!

July 4, 2017, 8:59 am

Silhouette of charging Union soldier. “Happy Birthday America” by Steve Corey is licensed under CC BY-ND 2.0

Two hundred forty-one years ago today marked the start of this wonderful, fantastic, heaven-blessed, messy, delightful, powerful, flawed, and glorious experiment called the United States of America which has delivered unimaginable levels of freedom to hundreds of millions of people here in the US of A and contributed massively to the freedom of hundreds and hundreds of millions more around the world.

Happy birthday America!

If you want a really short description of this day, consider a photo of a sign on a store’s door I saw while browsing the ‘net:

Closed on July 4

in observance of

Brexit 1776

If you are looking for a brief description of the string of events which led to signing the Declaration of Independence and the follow-on events leading to full independence, Read the rest of this entry »


Major ruling on religious freedom from Supreme Court

June 26, 2017, 1:46 pm

Image courtesy of Adobe Stock.

The Supreme Court issued a major ruling in favor of religious freedom, finding that a religious preschool may not be prohibited from a program helping private schools merely because it is a religious based school.

I would like to give you a flash introduction to the ruling. If you are interested in this case, you must spend time in further research.

The case, referred to as Trinity Lutheran, is focused on a state program that paid for private schools to resurface their playgrounds with rubber from recycled tires.  The state held that merely being run by a religious entity disqualified the preschool from participation in the program. (If you need a more precise cite, look up Trinity Lutheran Church vs. Comer)

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Announcing “Ancient Finances”, my newest blog

June 16, 2017, 8:38 am

Silver Roman denarius. Photo courtesy of Adobe Stock.

Ancient Finances will explore finances and money during the Viking age and Roman Empire. Lots of posts on other blogs addressing those topics have been cross-posted to the new blog. This includes lots of discussion of the loot Alexander the Great lifted during his rampaging world tour.

I’ve been having loads of fun reading about the Viking age and am intrigued by finances and money during the Roman Empire.

Why a new blog?

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Comments on changes to financial statement presentation during 2017 CalCPA Not-for-profit conference, part 2

June 2, 2017, 7:07 am

Image courtesy of Adobe Stock.

Here are a few of the comments from CalCPA’s May 24, 2017 Not-for-profit conference about major overhaul of financial statement presentation that I thought would be of interest to others in the nonprofit community. This post addresses ASU 2016-14. Part 1 addressed tax, revenue recognition, and single audit update sessions.

Accounting update – The first presenter is a FASB staff person. While comments made are the presenter’s opinions, we ought to pay attention to such a person’s opinions. Another disclaimer is the following summaries are from me.

ASU 2016-14 is the document changing not-for-profit financial statement presentation. We all need to get to the place where ASU 2016-14 or 16-14 easily rolls off our tongues.

ASU 2016-14:

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