Effective Communication -- Defining an Accurate Budget
Effective Communications with Property Management Financial Statements
The 2016 property management operating budget serves as the foundation of expansion plans and the planning of new business services offered to tenants in the coming year. Property management budgets need to take into account budgeting and cost estimates in compliance with industry standards including GAAP to ensure their accuracy and reliability (Liapis, Christodoulopoulou, 2011). Of specific interest is how leases are represented in our pro forma financials by building for the coming year. Lease accounting is particularly complex, requiring an inordinate amount of detail on how they are amortized over time (Pounder, 2009).
To minimize the number of revisions to our company-wide budget, I would appreciate it if you would follow these guidelines in preparing each of your budgets. First, our budgets are created in Microsoft Excel using the property management template that has been in used throughout all divisions for all properties. The reason we're standardizing on this template is that corporate finance has automated the uploading process to create a consolidated series of financial statements. This is also essential to ensure compliance with GAAP standards (Liapis, Christodoulopoulou, 2011). The template file is called PropertyBudget2016Planning.xlsx and is in the shared folders. If you cannot reach the...
Accounting What is Accounting Accounting is a term which is usually referred to when there is a formalized manner to hold an individual, firm or other organization to account. The process of accounting will usually involves the collection of data that measures or quantifies actions or transactions, to allow for an evaluation or assessment of performance. The most common type of accounting will be used to measure and quantify financial data. A
This process has been ongoing since then. One of the major differences between the two standards is going to be that whereas GAAP emphasizes rules, the IFRS is a principle-based approach. Implementing a principles-based approach has significant implications for American tax practice. Many of the specific differences between the two systems will have a direct impact on tax practice. In IFRS, LIFO is prohibited and inventory write-downs may be reversed
(Ibid.). Major Changes in the Accounting Profession The financial scandals proved to be a turning point in many ways for the accounting profession. The public outcry forced the legislatures to reexamine the regulatory environment for businesses, resulting in the enactment of the Sarbanes-Oxley Act in July, 2002, which is the most significant accounting legislation since 1933. It also forced the accounting professionals and their organizations such as the American Institute of
(the Company) to the Loan Agreement with Western Financial Services (the Lender). For the purpose of providing you with this letter, other than as set out herein, we have carried out the audit and review of the Company's financial information Report Based solely on the procedures set out in the engagement letter dated October 9, 20X5 (see Attachment 1) we confirm that the Company is in compliance with all of its
Accounting in British Petroleum Scope, Aims, and Objectives The research project proposed herein will examine the role of accounting in the past progression and current situation of British Petroleum, the company that came under intense public scrutiny last year due to the Deepwater Horizon oil spill that occurred in the Gulf of Mexico (Urbina 2010). In the ensuing year since the accident in the Gulf, however, interest in BP and its internal
Accounting forms the overall backbone of the financial world. Financial markets are predicated on consumer and user confidence. Without confidence, consumers attempting to make financial decisions will be doing so using inaccurate and incomplete information. The lack of transparency regarding the truthfulness of reported numbers creates uncertainty within the capital markets. This uncertainty regarding the accuracy of information ultimately undermines the overall financial system, causing harm to society in the
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