Blogs

How To Further Your Accounting Career

By Terry Reyes posted 8 days ago
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One of the great things about an accounting career is the stability, because no matter how big or small a business is - there needs to be accurate and responsible financial reporting and record-keeping involved. No matter where you are in your accounting career, there are always new skills to develop, ideas to explore, and steps to take. Here are some steps that you can take to further your accounting career. Networking These days, every professional should maintain a wide network of contacts to make sure that they are in tune with their industry. The truth is that the right referral can still go a long way. Although we might live in a world ...
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محاضرة مدى مواءمة خرجي المحاسبة والمالية لسوق العمل

By Ali Munajjed posted 9 days ago
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TechTalk Blog - US Securities & Exchange Commission Chairman and US Congress Urge Public Companies to Disclosure Human Capital Metrics to the Capital Markets

By David Colgren posted 13 days ago
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Human capital development is one of the key factors in human development in which the government and the private sector plays a critical role. Policies and systems established by the government and the business community to enable education, trade and socialization help human capital development and prevent marginalization in society and strengthen democracies. The marginal productivity of capital, and the growth rate of the population, technological progress, and depreciation means that human capital is a kind of wealth used to create more wealth. Therefore, one can argue -- that human capital is a key component relevant to the development of an vibrant, ...
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TechTalk Blog - Securities Regulators from Growth and Emerging Markets Seeking Comments on Sustainability Disclosures (CSR/ESG) & Role of Regulator in this Area

By David Colgren posted 20 days ago
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The International Organization of Securities Organizations (IOSCO) issued a press release today stating that securities regulators from growth and emerging markets are seeking public feedback on proposed recommendations related to the development of sustainable finance in capital markets and the role of securities regulators in this area. The question is – will the largest capital markets regulator in the world – the United States Securities and Exchange Commission support the disclosure of sustainability data by public companies and create guidance and suggestions of frameworks that can be used to assist US Investors. Approximately 1 in 5 investment dollars ...
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7 Tips for Studying Accounting

By Terry Reyes posted 21 days ago
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People with proper accounting skills are highly sought after by various businesses. Passing the CPA exam is far from easy. It requires a lot of discipline, dedication, and hard work. Know that this is both a complex and exciting career path. However, if you want to be successful, you will first need to study hard. Here are some tips that will help you do just that. Practice Daily At a young age, you learn that subjects like math are a lot easier to handle if you practice them daily. The same goes for accounting – having enough discipline to devote a part of your day to practice will go a long way. By  studying every day , you will not only understand ...
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TechTalk Blog - US Government Mandates Machine-Readable Government Financial Reporting Using Data Standard Like XBRL For Better Data Analytics

By David Colgren posted 30 days ago
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President Trumps on January 14, 2019 signed into law the Foundations for Evidence-Based Policymaking (FEBP) Act ( H.R. 4174 ,  S. 2046 ), which includes the  Open, Public, Electronic, and Necessary (OPEN) Government Data Act  (Title II). Strategic Finance Magazine published the following article I wrote on this topic in the February 2019 issue . The Commission on Evidence-Based Policymaking issued this report on the benefits of using smart data and technologies like XBRL to enhance government services. Our very own IMA member and former IMA Chair - The Honorable Kim Wallin served on this commission and came up with recommendations for the US Congress ...
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IMA Riyadh Chapter Board session 2018-2019 - Second Meeting

By Ali Munajjed posted 01-12-2019
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ـ ـ عقدت جمعية المحاسبين الإداريين فرع الرياض اجتماعها الثاني للدورة الجديدة 2018-2019 حيث حضر الاجتماع رئيس مجلس الإدارة الأستاذ حسن الباحص وعدد من أعضاء المجلس. خلال الاجتماع تم مناقشة ومتابعة سير خطة العمل للدورة الجديدة 2018-2019 وتحديد آليات التعاون بين أعضاء مجلس الإدارة للارتقاء بالمهنة عن طريق تجهيز المؤتمرات والندوات التي تخدم عمل المؤسسات الحكومية والشركات في القطاع الخاص، وتم الحديث عن المصاعب والتحديات التي تواجه فريق العمل وكيفية تفاديها خلال الدورة الجديدة، وفي نهاية الاجتماع شكر رئيس مجلس الإدارة أعضاء فريق العمل على حضورهم الاجتماع ومناقشة جميع النقاط التي تخدم المهنة في السعودية. ـ ـ IMA Middle East, ...
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TechTalk Blog - Accounting Profession Engine for Diversity & Inclusion in the Capital Markets - Data Analytics to Play Role in Company Transformations

By David Colgren posted 12-14-2018
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The accounting profession - has and will - continue to play a key role in making the capital markets more efficient: driving new innovations and promoting economic prosperity key to supporting democracy and freedom for its participants by reporting and verifying financial and non-financial information for business decisions. The greater the inclusion -- the greater the economic prosperity. Marginalization of participants in a capital markets environment drains its growth and creates ineffectiveness and promotes instability in a democracy. According to a recent study by the McKinsey Global Institute (MGI), employee diversity is associated with better business ...
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Tips for Surviving Busy Season

By Terry Reyes posted 11-30-2018
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The accounting profession can be stressful, more so when the peak season approaches. However, the multitude of work does not have to be a negative thing. With some preparedness, you can actually thrive and edge closer to that long-awaited promotion. Here are 6 top tips to help you achieve this:  1. Get Ready Early  Communicate with your clients early on to ensure they provide you with all the necessary documentation you will require. This goes for your internal colleagues as well. Having everything ready and in one place will save you the hustle of requesting for them on short notice. It also gives you the continuity to work on projects from start to finish, ...
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TechTalk Blog - US Congress: $662 billion Financial Transparency Challenge: Transforming US Grant Reporting Process

By David Colgren posted 11-30-2018
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As the lameduck Congress comes to end in the next few weeks – will the US Senate pass the Grant Reporting Efficiency and Agreements Transparency Act of 2018 or the GREAT Act? The bipartisan bill passed the US House on September 26, 2018 via voice vote -- has moved to the US Senate where it is awaiting passage in the final days of the 115 th Congress. The Trump Administration has indicated it will sign the GREAT ACT of 2018 if the US Senate passes the legislation to provide financial transparency and accountability to 1/2 trillion dollar marketplace using new technologies like XBRL and Blockchain. Management accountants and accountants “in-general” ...
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TechTalk Blog - World Leaders Met in Dubai, UAE to Discuss Future of Business Reporting

By David Colgren posted 11-19-2018
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Last week, the world met in Dubai, UAE to discuss the future of business reporting. Management accountants around the world play a major role in preparing financial and non-financial reports for public companies. Data Amplified 2018 is the international conference of the standards body XBRL International, hosted this year by the Emirate Securities and Commodities Authority of the UAE. The IMA was an association partner of the global conference and the IMA has offices in Dubai, UAE to support the management accountants.   Management accountants are vital to the financial health of organizations. They make critical decisions, safeguard a company’s integrity, ...
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TechTalk Blog - Extending XBRL to Corporate Sustainability to Enhance Climate Finance

By David Colgren posted 10-30-2018
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Great article from the Center for American Progress on “Corporate Long-Termism, Transparency, and the Public Interest” on moving the XBRL global data standard from financial reporting by public companies to also include sustainability reporting to support climate finance. The IMA is one of the founding members of the XBRL global data reporting standard to help promote financial and non-financial transparency in both the capital markets and in government reporting by using a machine-readable format for better data analytics. It only makes sense that as the US SEC moves closer to sustainability reporting by public companies Inline XBRL be extended ...
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IMA Board Members Meeting 2018-2019 - Oct

By Ali Munajjed posted 10-12-2018
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عقدت جمعية المحاسبين الإداريين فرع الرياض اجتماعها الأول للدورة الجديدة 2018-2019 حيث حضر الاجتماع رئيس مجلس الإدارة الأستاذ حسن الباحص وأعضاء المجلس، حيث تم مناقشة أداء فريق العمل للدورة السابقة 2017-2018 والإنجازات التي تم تحقيقها في تلك الفترة والتي ساهمت في تطوير مهنة الماليين في المملكة العربية السعودية. بالإضافة إلى ذلك تم مناقشة خطة العمل للدورة الجديدة 2018-2019 وتحديد آليات التعاون بين أعضاء مجلس الإدارة للارتقاء بالمهنة عن طريق تجهيز المؤتمرات والندوات التي تخدم عمل المؤسسات الحكومية والشركات في القطاع الخاص، وتم الحديث عن المصاعب والتحديات التي تواجه فريق العمل وكيفية تفاديها خلال الدورة الجديدة، وفي نهاية الاجتماع شكر رئيس مجلس الإدارة ...
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Charts of Account and Performance Management

By Mohammed Herzallah posted 09-29-2018
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This is a small article I have published on Linkedin a year ago, and thought maybe I should put it here too. I have you have a nice read and feel free to comment. Most companies have an accounting function in one way or another, its main duty being to record transactions whether it is a purchase, a sale, or a collection or payment of cash or cash equivalents in a manner that adheres to the International Financial Reporting Standards (IFRS). Because of the variety of the transactions a company gets involved in, a chart of accounts is created to record and categorize them in a way that their presentation to management can convey meaningful insights into the ...
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The Future of Accountants in the Business

By Ali Munajjed posted 09-27-2018
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IMA Riyadh Chapter in cooperation with Al-Faisal University in Riyadh presented an event on “The future of accountants in the business”. This event was presented by the President of IMA USA Mr. Jeffrey Thomson. This event included many discussions about accountants and their role in the work environment, challenges and difficulties and how to deal with them in cooperation economic transformation. At the end of the event, Chairman of Riyadh Chapter, Mr. Hassan Al-Bahas, and his team were honored and appreciated for their efforts to develop and help IMA in the Kingdom of Saudi Arabia for the year 2017-2018 Mr. Tom Douglas - Former President Dr. ...
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TechTalk Blog - Role of the Management Accountant In Using Big Data and Predictive Analytics to Protect the Public Interest - Preventing Bias and Discrimination

By David Colgren posted 09-06-2018
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Great white paper from the US Federal Trade Commission on “Big Data - A Tool for Inclusion or Exclusion? Understanding the Issues”... Big data analytics can provide numerous opportunities for improvements in our society and the capital markets worldwide. In addition to more effectively matching products and services to consumers, big data can create opportunities for low income and underserved communities through out America. Big data for example is helping target educational, credit, healthcare, and employment opportunities to low-income and underserved populations. It can also pin-point areas of crime and match social programs to create pathways out ...
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TechTalk Blog - Regulatory Oversight, Blockchain and XBRL and How They Work Together to Support an Accountable and Transparent Capital Markets to Protect Investors and Taxpayers

By David Colgren posted 08-15-2018
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Alarmed by blog article being published that says XBRL is obsolete and XBRL data tagging within financial and business reports will be replaced by Blockchain. The blog goes on to say --  As reported in  this article  from  Bloomberg BNA , speakers at the American Accounting Association conference held this week, including a FASB member and accounting technology experts, appear to have been downright hostile to XBRL (eXtensible Business Reporting Language). The blog basically said that XBRL is obsolete and XBRL will be replaced by Blockchain... In January 2018, I wrote an article in Strategic Finance Magazine about XBRL and Blockchain and how they ...
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TechTalk Blog - Could the US Municipal Bond Market Move Forward with XBRL for Better Financial Transparency and Accountability?

By David Colgren posted 08-07-2018
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Interesting that the Municipal Bond Rulemaking Board is seeking public comment about making the municipal bond market more transparent to the capital markets. Management accountants working in government agencies play a major rule in preparing municipal annual financial statements and notices of the occurrence of certain material events (including notices of defaults, rating downgrades, events of taxability, etc.) to protect the public interest. As of 2011, the municipal bond market was valued at $3.7 trillion. [2]  Yet, the  Electronic Municipal Market Access  system (EMMA) at  http://emma.msrb.org  operated by the  Municipal Securities Rulemaking ...
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TechTalk Blog - Momentum Builds for the International Public Sector Accounting Standards Board (IPSASB) to Use XBRL for Machine-Readable Federal Government Finance Reporting for Better Data Analytics

By David Colgren posted 08-06-2018
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Great comment letter from Rutgers University on the need for the IPSASB to move forward with XBRL to match private sector efforts. In the United States  the Government Accountability Office (GAO) reported that federal agencies exceeded $144 billion in improper payments in fiscal 2016 , up from   $137 billion   in 2015. Using machine-readable data reporting can help end improper payments (using taxpayer dollars) and lead to better government spending and accountability. Right now the US Government like the governments below DON'T HAVE A DIGITAL REPORTING STANDARD like XBRL for reporting -- we don't know where taxpayer dollars are being spent or can measure ...
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أسئلة وأجوبة: ملتقى الحوكمة في القطاع العام

By Ali Munajjed posted 07-30-2018
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بعد أن أقامت جمعية المحاسبين الإداريين بالرياض بالتعاون مع جامعة الأمير سلطان ملتقى عن الحوكمة في القطاع العام والذي شارك به كلا من الدكتور محمد آل عباس، عضو مجلس الشورى والدكتور عبد العزيز الوذناني، رئيس قسم المحاسبة في جامعة الفيصل والأستاذ حسن آل باحص، رئيس مجلس الجمعية لفرع الرياض.   نضع بين أيديكم أهم الأسئلة والأجوبة التي تم طرحها خلال الملتقى والذي تطرق إلى الحديث عن الحوكمة من وجهات نظر مختلفة والتحديثات التي تطرأ عليها من حين لآخر والطرق المتبعة في تطبيقها وكيفية نجاحها في ظل وجود مراجعة داخلية فعّالة، للحد من التحديات والعوائق التي تواجه عملية التطبيق وكيفية ارتباطها برؤية المملكة ٢٠٣٠.   أسئلة ملتقى الحوكمة في القطاع العام ...
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