establish a new Private Company Council that will determine whether
exceptions or modifications to U.S. GAAP for privately held companies
The new council will replace the Private Company Financial Reporting
Committee and will have the ability to identify, deliberate, and vote
on any proposed changes, which will be subject to endorsement by the
Financial Accounting Standards Board, which the FAF oversees, and be
submitted for public comment before being incorporated into GAAP. The
PCC will also serve as the primary advisory body to FASB on the
appropriate treatment for private companies for items under active
consideration on the FASB"s technical agenda.
How can accounting software help you and what is the benefit of the computerization? Accounting software makes maintaining business accounting easy by computerizing the accounting system and providing simple interface between you and the accounting system.
There are lots of benefits in computerizing your accounting system if you have a small business. Automation reduces time of lengthy manual processing, eliminates human involvement in some stages of accounting process, reduces errors caused by human intervention or multiple manual processing, provides continuously up-to-date reports, and so on. They mean you're sure to increase efficiency and accuracy that eventually lead to saving time and money. After cutting cut your accountancy fees and time, what’s more? The computerizing frees up time and energy that otherwise would be spent in manual handling. Now you can make use extra time and energy to concentrate on managing and growing your business.
If you decide that computerizing the process is the way to go then you need to decide what accounting software package will suit your needs better. The cost may be an issue, so you need to decide on your budget and how your business is likely to expand. There are variety off-the-shelf applications in the market. Among popular accounting software packages are Intuit QuickBooks and Sage Peachtree. (Read full article “Why Do You Need To Computerize Accounting Process?”)
gained 115,000 jobs in April, the Labor Department reported on Friday.