Juggling daily tasks in corporate accounting. How do you keep up with evolving accounting standards?

To keep up with accounting standards, we want to stay informed ; Regularly read the journal of accountancy , and industry related publications.. Attend web seminars & conferences, in-person events & other professional development training programs.Utilize online websites, blogs, & forms these update new standards. Receive updates from accounting firms or industry associations. Monitor updates from FASB, SEC & other relevant organizations.. Keep good relationships with Auditors, consultants & experts. Allocate time & resources to stay current on the important & impactful standards.. Totally every aspects of corporate accounting ready with our skills and knowledge to face any situation .

By setting up bi-weekly recurring CPD sessions in my calendar I am able to ensure that time is pre-booked for me to keep up with evolving accounting standards. Not all weeks go according to plan, however when I get that calendar reminder it helps me to focus on the need to dedicate some time to this important, yet not always urgent, responsibility to my clients and professional qualification.

Its important to keep abreast with evolving accounting issues, not only at the company level but also at the industry level. In today’s day and age new transactions keep evolving along with new kinds of businesses, and it’s important to understand the accounting of well before the day comes of putting the entry into the system. Hence, subscription to journals, newsletter and CPE play an important role in refreshing the knowledge.

Es muy importante conciliar primero las cuentas monetarias, para ello es importante llevarlas a diario para que su conciliacion mensual sea rapida y eficaz. El software es clave para este tema

The use of tech in accounting isn't something that many of us "older generation" accountants studied at university. However, tech is all around us and in order to be effective in our roles, it has become necessary to explore and embrace it. There are many tech applications available to accountants in public practice. The challenge for us is to explore them and to find the ones that suit our personalities, work styles and client needs.

La automatzacion de los procesos diarios a traves de un software colaborativo es clave para este logro. La clave de todo pasa por sincronizar los analisis necesarios que den validez a los procesos

Many management forums encourage leaders to "hire people smarter than you". My experience is that if you yourself are smart and you work with people who are smarter than you, that can only make you and your team that much more effective at achieving your goals. In this very competitive world, that decision can only improve your chances to being truly sighted as "the best". As the African Proverb goes: "If you want to go fast, go alone. If you want to go far, go together."

El trabajo en equipo es clave y cada uno debe conocer sus responsabilidades. Si uno falla todos lo hacen... las reuniones con el lider son para corregir las fallas y no "acusar" a un miembro, si no mejorar procesos

From time to time, professional accountants may refer to the International Accounting Standards Board (IASB) website that issues the International Financial Reporting Standards (IFRS) or the Financial Accounting Standards Board that issue the US Generally Accepted Accounting Principles (US GAAP) for the latest updates.

Several times, no matter how well prepared you are there are clarifications or opinions that get issued. All of these are part of the process to smartly navigate the accounting to reflect the true and fair picture. Often, the accounting picture may not fully reflect the picture, wherein a transparent and consistent non-GAAP measures come in handy, and hence a good knowledge of market expectations and practices are critical.

Clearly, the accounting is getting more and more complex by each day. On one side there are items that are measured on historical cost such as plant, equipment and equity and on the other side there is challenges of justifying the fair value of financial assets. In the current environment, being future ready is critical part of accounting and accountants journey. 1. Periodic assessment: depending on the complexity of businesses and impact assessment needs to be performed for the accounting pronouncements applicable in future periods. 2. Forecasting: future accounting standards could materially change the accounting hence may impact metrics such as earning per share. Hence, all business units should be active in thse discussions

According the plan, complete every daily tasks. Always find a way to improve your work skills, make that jogging to calm so you will manage things up effectively and efficiently.