AG Bookkeeping Services LLC

A new accounting standard is taking shape that could change the way tenants choose to lease space, with broad consequences for the commercial real estate market. The Financial Accounting Standards Board , which sets American standards, has been working with the International Accounting Standards Board to merge its generally accepted accounting principles, or GAAP , with international standards. One major piece of the puzzle is the accounting for leases. The two boards have come up with a new standard, which will be completed next year and enacted in 2013, that will require companies to book leases as assets and liabilities on their balance sheets. Currently, American and foreign companies list many leases as footnotes in their financial statements. As a result of the change, public companies will have to put some $1.3 trillion in leases on their balance sheets, according to estimates by the Securities and Exchange Commission. Because many private companies also follow GAAP accounti...

The world’s tip 3 financial accounting program vendors in 2010, formed on worldwide revenue, were SAP, Oracle and Sage, accounting for 30.3 percent of the marketplace total, according to a new IDC report. At the same time, worldwide income is to financial accounting applications marketplace was $13.7 billion in 2010, representing expansion of 4.6 percent from the previous year, according to IDC’s Worldwide Financial Performance and Strategy Management Applications 2010 Vendor Shares report. Pent-up urge from the retrogression spurred renewed expansion in 2010, according to the report. Companies focused their program investments on enhancing perception in to their transactional financial administration systems by business comprehension applications. That was reflected in a expansion rate of 9.2 percent final year in the financial opening and plan administration applications market. Buyers of financial accounting applications were hold back by safety and regulatory concerns from m...

The parent organization of the Financial Accounting Standards Board will propose on Tuesday that a new body be set up to modify accounting rules for private companies, some of which have complained that existing rules are too complicated and costly. The new group, to be called the Small Company Standards Improvement Council, would be able to modify or allow exceptions to Generally Accepted Accounting Principles , known as GAAP , for nonpublic companies. The new group would be led by a member of FASB , and its meetings would include all seven members of the accounting standards board, said John J. Brennan, the chairman of the Financial Accounting Foundation , which appoints members of the accounting board. Decisions would be subject to ratification by FASB, which presumably would want to keep variations in standards to a minimum. The American Institute of Certified Public Accountants has been leading a campaign for a separate standard-setter, and that was the proposal made in Jan...