When the going gets tough

Article Abstract:

Accountants must detect financial difficulties in early stages so they can help prevent bankruptcy and initiate a turnaround plan for a failed business. Early detection of business downturn prevents insolvency cases and preempt any drastic actions from government, lessors, suppliers and lenders. Business failure first shows up in the cash flow when payments due creditors can no longer be met. Hence, business must be honest and divulge its conditions to pacify and assure lenders and suppliers payment and continuity of business. Inevitably, any plan of recovery must be brought before them to secure their cooperation and approval.

Management, Bankruptcy reorganizations, Bankruptcy reorganization

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Accounting with a conscience

Article Abstract:

Environmental accounting measures and reports the impact of business activities on the environment and society. As in cost and benefit analysis, it evaluates viable corporate endeavors with regards to acceptable effects on the environment. Previously a part of social responsibility accounting, it is now given special focus as a result of the heightened environmental awareness of managers and society. The Canadian Institute of Chartered Accountants has formulated rules on environmental damage cost charges and accountants are enjoined to identify liability in case companies damage the environment.

Standards, Evaluation, Environmental auditing, Canadian Institute of Chartered Accountants

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Caseware corner

Article Abstract:

The use of the CaseWare accounting system, populr in Canada, is described, with focus on how it can be adapted to an individual accountancy firm's requirements, and how it can reduce time spent on accounts preparation and reviewing.

Usage, Software, Accounting, Accounting software, CaseWare/CM (Version control software)

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