How to Keep Up to Date with Accountancy Updates
Keeping up to date with accountancy updates is a challenge, but it’s important that you do so. Accountants and business owners need to be aware of changes in the law and regulations because these can impact how the business is run. So, here are some tips on how you can ensure that your practice or business stays up to date. It’s important if your client or your business relies on a specific kind of accounting, like lease accounting. We’ll start with a lease accounting example.
Accountancy Update Example: ASC 842
If you’re not sure about what to look for in an accountancy update it’s probably best to start out with an accountancy update example. Here’s one in the lease accounting sphere. The ASC 842 update is an accounting standard issued by the FASB, or the financial accounting standards board. It basically changed the way businesses treat lease arrangements. Before ASC 842 you didn’t have to keep most lease arrangements on the balance sheet. Now, with the implementation of ASC 842, the majority of leases need to be on the balance sheet. FASB issued this lease accounting update to provide an even playing field so that when you assess a business for worth, value, etc., it’s obvious what kind of lease arrangements and debts they have.
If you didn’t notice this lease accounting update and didn’t implement it, you’ll be incorrectly drawing up your accounts and treating lease arrangements wrong. You now need to follow ASC 842.
So, how can you keep up to date with accounting changes?
Keep an Eye on the FASB website
Easy and quite simple. Just keep an eye on the FASB.org website and it’ll become obvious which updates are lined up to roll out. You can also supplement this by keeping up with GAAP principles.
Sign Up for the Free Daily Newsletter from an Accountancy Publication.
You can sign up for the free daily newsletter from an accountancy publication.
The emails will be delivered to your inbox every day and contain a quick summary of the news. You can read it on your phone or tablet, and save the newsletter to your computer if you want to keep it. If you’re not worried about saving it, then just delete it when you’re done reading!
Sign Up for a Free Email Alert from a Reputable Publication.
Sign up for a free email alert from a reputable publication. In order to stay up to date with the latest changes, you’ll need access to the information before it is published in print or online.
One of the best ways you can do this is by signing up for free email alerts from reputable publications. These alerts will be sent directly to your inbox as soon as new articles are published on relevant topics and fields, like accounting software and tax law updates. It’s important that these emails are sent by reliable sources—it’s no use getting an update on something that has already been obsolete for months!
To make sure your accountancy updates aren’t out-of-date before they even arrive in your inbox, look out for these signs when selecting which provider or publication is right for you:
- The source must have a strong reputation within its industry (e.g., Forbes) and have been around for a while. Find a publication that covers business or accountancy.
- The source should be run by experienced professionals who understand what it takes to keep readers updated about current affairs (with each article having at least one author who has written more than 10 pieces).
- All emails should be sent through [an SSL certificate](https://enwikipediaorg/wiki/Public_key_cryptography) so that they’re secure from prying eyes while being transmitted online so hackers won’t be able to connect using any passwords they may steal while intercepting them during transmission
Make Sure That You Keep Up to Date with What’s Happening in Your Industry Sector.
You need to keep up to date with what’s happening in your industry sector. The way that you do this is by reading industry journals and news stories – the Financial Times, The Economist, Bloomberg, and Reuters all have good coverage of the financial world.
For accountants who want a more bespoke approach, their own professional association may offer newsletters or magazines for members which provide more detailed information about specific issues affecting their profession.
The benefits of keeping up-to-date on an ongoing basis are:
- You have access to information that could help you make better decisions about your business;
- You can avoid being caught off guard by new rules or regulations;
Attend as Many Accountancy Conferences and Events as You Can.
Attending as many accountancy conferences and events as you can is an excellent way to keep up-to-date with the latest accounting news. It’s also a great way to network with other accountants, learn new skills and gain knowledge of areas of the profession that you may not know about.
Subscribe to an Online Accountancy Resources Website.
- Subscribe to an online accountancy resources website.
- Be aware of what is happening in your industry.
- Use a reputable website with plenty of content.
Take Advantage of Specialist Blogs and Websites on Accountancy Topics.
The internet has become an indispensable part of our daily lives, and accountants are no exception. In fact, many accountants turn to the web for their latest updates on topics like tax law changes or new government regulations, like GASB 96. These days a lot of people get their news from social media platforms such as Facebook and Twitter. However, we recommend using specialist blogs as your main source for keeping up-to-date with accounting information because there can easily be a lot of bad info out there that can damage your reputation if you took it on board.
You’ll find plenty of these blogs on the internet – there are thousands available that focus on everything from small business accounting to how to set up your own company in the UK. A good blog will have a broad range of topics so that you can find out about anything that interests you; it should also be written by experts in their fields so that you can trust that they’re providing accurate information!
Use Twitter to Keep Up to Date with Accountancy News.
If you want to keep up with the latest news and updates in accountancy, Twitter is a great place to do so. There are several ways that accountants can benefit from using Twitter:
- You can follow other accountants and share articles about the industry. This will help you stay in touch with what’s happening in the field and get an idea of what your colleagues are doing.
- You can use Twitter to network with people you know but don’t see very often, such as former classmates or former colleagues. By following them on Twitter, it’ll be easier for them to find out about new developments in your life as well as theirs—which may eventually lead to business opportunities!
- Another way that accountants can use this platform is by finding new people who have similar interests and backgrounds (but aren’t necessarily directly related) so they can learn more about similar topics.
Share New Resources with Others in Your Network.
This is a great way of broadening your network and keeping up to date with the latest changes.
If you’re going to share something with someone, don’t forget to ask them if they’d like the information so that you can keep each other up-to-date.
We hope this article helped you to feel more confident in keeping up-to-date with accounting standards updates. Being confident in knowing what kind of standards you should be following will give you the confidence needed to excel.