NZ IFRS 15 Revenue from Contracts with Customers is the new accounting standard that will replace existing revenue standards and pronouncements in providing guidance on how to account for revenue. The new standard is effective for annual periods from 1 January 2018 and at a minimum one comparative (1 January 2017) period would need to be presented.
In the wake of Fletcher Building’s proﬁt downgrade announcement, there has been a lot of talk about the building industry’s ability to cope with the demands of the current construction peak. It can be said that some companies are over-trading and run the risk of becoming victims of their own success.
Managing the growth phase of any business can be a daunting task. You need to add more services that compliment your existing portfolio and support your current client or customer base but finding that right fit can be hard.
The number of businesses that lose control of their financial situation due to poor management of their finances is significant. This is why we created SR Books, a service that provides accredited Bookkeepers who have been hand picked and matched to our clients based on their skill set.
Following the completion of a major client project, Staples Rodway was asked to put together a case study, not only to show how happy our client was with the result of a brand new IT infrastructure that was built within budget and time frame, but also to help guide other organisations to achieve the same.
In New Zealand many dairy farms are currently owned and operated as family businesses, handed down through the generations, but with volatile payouts and ever increasing land values, will this be the case in the future?
So why do businesses go through the budgeting/planning process? Budgeting provides users with a financial framework they can work within. Budgets encourage businesses to look ahead into a finite period of time and establish a plan outlining objectives they wish to achieve and how they will be achieved, whether the objectives are financial or non-financial.
Times are changing and the expectation of directors’ responsibilities have increased and changed. This is as a result of the economic and regulatory influences driven by global financial issues and local factors such as the finance company failures and the Pike River tragedy. These issues put the spotlight on directors, resulting in legislative and regulatory compliance becoming more demanding.