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In This Issue

• Estate Planning 101 - What an Executor Needs
• Send the Financial Accounting Foundation a Comment Letter Supporting an Independent Board for Private Company GAAP Modifications
• Taking Advantage of New Accounting Software Features

Estate Planning 101 - What an Executor Needs

By Bill Hunter, CPA, CSEP, Manager

Estate planning should be an essential part of everyone’s life.  If you have anything of value that you wish to pass to the next generation, you need to develop a plan to carry out your wishes.  One method to accomplish this is to create a will giving specific instructions to the executor as to how your property is to be disbursed.  (Executor is a legal term referring to a person named by a maker of a will to carry out the direction of the will.)  Depending on the size of your estate, age of beneficiates or other desires, a trust may also be necessary.  However, this article will focus on what an executor needs to carry out a will.  Read More....

Send the Financial Accounting Foundation a Comment Letter Supporting an Independent Board for Private Company GAAP Modifications

By Troy Parton, CPA, CVA, Manager

The AICPA is urging CPAs and users of private company financial statements to immediately send a comment letter to the Financial Accounting Foundation (FAF) to help make financial reporting more relevant and less complex for millions of the nation’s businesses. CPAs and users are asked to respond to FAF’sPlan to Establish the Private Company Standards Reporting Council, released on October 4 for public comment, and express support for the Blue Ribbon Panel on Standard Setting for Private Companies’ recommendation that FAF create an independent board to set exceptions and modifications in U.S. GAAP for private companies. According to FAF’s proposal, decisions of the new council would have to be reviewed and approved by the Financial Accounting Standards Board (FASB), which FAF oversees.  Read More....

Taking Advantage of New Accounting Software Features

By Stephanie Ziems, Staff Accountant, QB Pro Advisor

By taking advantage of the latest accounting software available, you can make business record keeping more efficient.  When the accounting system is setup correctly, you can retrieve crucial data with detailed, comparative reports to help with management decisions, review current and future cash flows, and track budgets.  Let’s review some of the most widely used small business accounting software options in the industry.  Read More....