Accounting
UFASS USC Foresight Account Standards Systems
About USCOne Dollar Software House and other ebusiness information
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AccountingUFASS USC Foresight Account Standards Systems |
One Dollar Software House and other ebusiness information |
Welcome!  We have a new site, www.ufass.com.hk, for users and future users of our UFASS. As mentioned, the UFASS has versions for SMEs in HK and Macau. SMEs can order the system as from Jul., 1, 2007. From now on, this site will provide information about accounting and the standards. IFAC is now running a global survey about Financial Reports. International Financial Reporting Standards will be announced at the end of 2007, so it is important for IFAC to get information from SMEs etc. Check: IFAC Launches Survey on the Financial Reporting Supply Chain USC Jun. 2, 2007. Finally, IFAC has called for comment about the IFRS for Small and Medium-sized Entities, with deadline in Oct. 2007. That means the international standard may be finalized before the end of 2007. Since we have followed this case, w have made adjustments to meet both the local (SME-FRS) and international versions for our future customers. As when will Hong Kong follow the international standard remains unclear. But we believe that Hong Kong may be among the first regions to adapt. Of course, it is not only the government or accounting problem. Most SMEs may face the bank or financial investors with different or additional requirements over the SME-FRS. USC Mar. 14, 2007. The corporate fraud cases have initialized a lot of changes in accounting. Until now, the process is continuing. Companies of all sizes will have to face the challenge and it is certain that not only the accountants are involved. Despite of the burdens or costs, it is the opportunity to refresh our management and financial controls for a better and prosperous future. Financial reports are served as the tool for shareholders, investors, banks, government etc. to understand the actual performance and prospects of corporations. Now, all accounting must follow the regulations or guidelines for SOX, GAAP, FRS etc. We have designed the UFASS (USC Foresight Accounting Standards Systems) HK Version as a tool for accounting. This HK Version is to meet the SME-FRS by HKICPA for all SMEs in Hong Kong, the Guidelines by IFAC etc. To meet the Standards and for the benefit of SMEs, there are many functions developed for accountants to work efficiently and for CEOs to get information and internal controls on their accounts. This is developed as product and to be supplied in CUSTOM style to meet individual accounting needs. Note: The SME-FRS is applied to corporations qualified according to section 141D of the Companies Ordinance. The simple size test covers: Annual revenue<=HK$50 million total assets<=HK$50 million number of employees<=50 Corporation must meet two of the above conditions and all shareholders agreed to use the SME-FRS. Universal Supplies Co. ( About USC) |
Information for accounting 2008.01.15 New IFAC Paper Examines Suitability of Proposed IFRs For SMEs to Micro-Entities 2007.10.04 Extended comment submission deadline for IFRS for SMEs 2007.09.13 New IFAC Exposure Drafts: Project Appraisal Using Discounted Cash Flow International Management Accounting Statement 2007.08.21 New IFAC Paper Focuses on Internal Control From a Risk-Based Perspective 2007.08.19 Rwanda: Adopt International Accounting Standards 2007.08.15 Institutional fraud is on the rise 2007.08.04 Japan to unify accounting standards by 2011 - paper 2007.08.03 IFAC Reaches Out to World's Accountants Through Expanded Multilingual Website 2007.07.21 Ten Things About Financial Statement Fraud by Deloitte Forensic Center 2007.06.21 MPI Group releases "Is Conventional Accounting a Threat to Your Lean Initiative?" 2007.06.12 Professional Accountants are advised to join... UN confirmed to adopt International Public Sector Accounting Standards United Nations Adopts IFAC's International Public Sector Accounting Standards More.... Accounting Problem Accounting is usually the most stable unit of a corporation....cont' Links International Federation of Accountants More... |
Information: 2008.01.15 New IFAC Paper Examines Suitability of Proposed IFRs For SMEs to Micro-Entities 2007.10.04 Extended comment submission deadline for IFRS for SMEs 2007.09.13 New IFAC Exposure Drafts: Project Appraisal Using Discounted Cash Flow International Management Accounting Statement 2007.08.21 New IFAC Paper Focuses on Internal Control From a Risk-Based Perspective 2007.08.19 Rwanda: Adopt International Accounting Standards 2007.08.15 Institutional fraud is on the rise 2007.08.04 Japan to unify accounting standards by 2011 - paper 2007.08.03 IFAC Reaches Out to World's Accountants Through Expanded Multilingual Website 2007.07.21 Ten Things About Financial Statement Fraud by Deloitte Forensic Center 2007.06.21 MPI Group releases "Is Conventional Accounting a Threat to Your Lean Initiative?" 2007.06.12 Professional Accountants are advised to join: IFAC Seeks Comments on Proposed Preface to New Management Accounting Guidance and Releases Guidance on Developing Codes of Conduct Basing on the information of ISAB, the Estimated project completion for final Standard (International SME Financial Reporting) will be issued in the second half of 2007. Small and Medium-sized Entities UN confirmed to adopt International Public Sector Accounting Standards United Nations Adopts IFAC's International Public Sector Accounting Standards Draft IFRS for SMEs by IASB in pdf format Latest draft of ED on SME Project now available Oh, another black sheep Accountant In Court Over 5.6bn Theft Bangladesh is taking accounting as corporate governance fundamental tool Accountants' role in corporate governance emphasised Nigeria is also working for the Standards NASB chairman tasks banks on accounting standards Accounting profession's regulatory reform completed now for HK Hong Kong Institute of CPAs Cheers the Passing of the Financial Reporting Council Bill Today IAESB of IFAC has released the new Competence Requirements for Audit Professionals New Standard on Auditor Competence issued by IFAC's International Accounting Education Standards Board Will tax shelter interest fine to accountant be a solution? Accountant Held Liable for Interest Expense from Tax Error The contribution of accounting is confirmed again. Study Finds Chartered Accountants Enhance Business Performance Auditing may be the highest earning industry from now on. Altera to restate 10 years of earnings SEC disciplinary action failure Some CPAs Escape State Disciplinary Actions A new type of asset: digital Estate Planning Hints for Intangibles and Digital Assets Back up account data is another daily work. June is Backup Awareness Month, But CPAs Are Aware Anyway Does pension disclosure go too far? Execs' Letters Rip FASB Pension Draft FASB has begun reviewing its guidance on one of the most complex areas of off-balance sheet reporting FASB Launches Review of Accounting for Leases Well, accountants need to credit the fine only, not need to pay SEC Accountant Fines Largely Go Unpaid Argument about Fair value of the IFRS Incomparable Accounting Standards Female may be better than male about money Number of Female Accountants Increasing Balance Sheet: Accounting fraud=jail+fine Who is the world's worst accountant? Get IFAC's new "Business Planning Guide: Practical Application for SMEs" (with registration) Benefits of adopting IFRS in the Middle East Accounting convergence to enhance access to capital Study proved the significance of financial index including the Z-score by Dr. Edward Altman in 1968 Financial Statements Still Significant In Predicting Bankruptcy What if you are not big, be good EU must 'urgently' address fears of collapse of a big 4 accounting firm Ethic number one: respect your boss US auditor jailed for cyber-snooping You can cheat anyone but not the taxation Jailed Survivor winner 'forgot to tell accountants' Can we trust their report any more? Ernst & Young Nixes Chinese Loans Report Bigger name, bigger case? Scandal rocks accounting firm Talk about ethics reaches from North to South Ethics for accountants? Audit standards will be applied to every company in USA Privately held firms facing SOX-like auditing standards Too many accountants in Bangladesh? Australia interested to recruit accountants from Bangladesh Do you want to be KPMG's former partners: Judge Grants Request To Make Some KPMG Documents Public Accounting Standards argument from leaked paper: PwC partners split over leaked paper It's good to have the comment from an accountant about accounting problem: Expert backs Enron's accounting practices This Oxera study on competition and choice in the audit market was commissioned in September 2005 by the Department of Trade and Industry (DTI) and the Financial Reporting Council (FRC). You can get the report as follow: Four better, four worse? Competition and choice in the audit market Does some one prepare a report for 'Tax shelter' to see who had profit and who had loss? KPMG offers deal to tax shelter clients With quite a number of finger pointing cases, it would be good to have the following statement: Accountant an invaluable asset to business Other news: China Revises Company Law to Boost Venture Capital, Accounting Firms Accountant accused of funding films with stolen money Links: International Federation of Accountants Financial Accounting Standards Board HK Institute of Certified Public Accountants ITAccountants Association HK Institute of Accredited Accounting Technicians The Society of Chinese Accountants and Auditors ACCA Hong Kong Inland Revenue Dept. HK The Chinese Institute of Certified Public Accountants |
Accounting Problem Accounting is usually the most stable unit of a corporation. Accounting managers are always working quietly. As we know, accounting job would not have extra benefit like marketing etc., yet if the corporation would close down, the accountant might be the last one to go. This is a special job for dedicated person and this position is almost the first one all corporations of any size must have. Of course, some corporations may choose to outsource the accounting work to auditing firm. It may be so if the financial transactions are very few and the corporation does not need any financial reports, financial indexes to perform. In recent years, when cases like ENRON happened, the accounting of corporation suddenly moved to the front line of concern, leading to a revolution of accounting practice. The Sarbanes-Oxley Act of 2002, followed by the Financial Reporting Standards of IFAC (International Federation of Accountants) and regional Financial Reporting Standards of almost every country. Code of Ethic is again re-stated and enforced for public and professional accountants. Besides a few bad guys, most accountants are bothered by all these events. Not only to meet the new requirements, accountants have to face the accusation and the distrust attitude that never happened before. Although our company can concentrate on software development for SMEs in Hong Kong and China for the time being, yet we believe that it would be good to have information and perhaps communication among all accountants. We welcome comment and inquiries, please email to:uscimage@netvigator.com Related blogs of Mr. F. H. Tong: accountingufas.blogspot.com onlineprotection.blogspot.com Recommendation www.edwardlowe.org The entrepreneurship Web site of the Edward Lowe Foundation provides hundreds of articles with options and solutions to problems for owners and CEOs of growing businesses based on the experience of other successful business owners. The site has no advertising, and registration is not required. From Owner's blog about accounting: http://accountingufas.blogspot.com MONDAY, JUNE 25, 2007 Audit report? Just a copy only! With more cases coming out, it seems that either our concept about audit report is wrong or it should have a new name. "PwC withdraws reports for bankrupt oil firm Yukos" "BDO Seidman snags guilty verdict" If you read these reports, you may agree with me that audit may have a new meaning, "an uncertain dressing inappropriately true". Of course, there is nothing wrong with the accusation about missing information and fictitious invoices. Basing on such saying by top audit firms, then it is the audit reports readers' problem. May be we do not need auditing at all because there is no way to safeguard against frauds. Or we may need another level of auditing, the audit of audited reports. Ever since the Enron case, there is too much bad news about accounting. So what is the ethics that required now? Oh, just for examination only. Friday, June 01, 2007 Finally, UFASS will be available It has been postponed one month, two months and I did not know when I would finish the project. Some told me that it was normal for IT project. I admit that there is no other way because I needed time to figure what to do with some difficult topic. The basic goal of the UFASS project is to meet the Financial Reporting Standards, regionally for HK and Macau. That is not hard for me because I have accounting and programming experience almost simultaneously. Reason for me to take up programming is because at that time I needed to prepare reports and I found that the available programs failed to give any support for me. So I asked my boss to buy a PC for me and a tool to get the data from the IBM 36, then I started to write programs to meet my needs. So what are the problems? First, it is a certainty that one day all financial reporting would be required to meet international standards. It is on the way as IFAC expected to have the final version at the end of 2007. Therefore, I need to be sure that UFASS users can face such change without additional works. Second, since big accounting frauds got the attention of everyone, CEOs have to take the responsibilities whenever such frauds happened. Of course, there are many cases that accountants were forced to do bad things due to bad CEOs or CFOs. That is not my concern because bad CEOs, even the corporations belong to SME group, will not be my clients. The best tool for them is Excel etc. that they can change anything they like. For my future clients, I have to prepare a way so that CEOs can access to the accounting easily. By further investigation, I read the reports from ACFE, viz. 2006, 2004 and 2002. I admit that I have astonished from the reports that accountants had been on top of white-collar crime. If you are owner or CEO of SME and have not yet read these reports, you must read it because you may not aware of some dangerous concept we have. In fact, I do not mean to work against accountants. Definitely now, I had been one of them for over twenty years and I got the experience of how hard for accountant to work when every other one in the office just failed to meet any documentation requirements. My UFASS will offer an efficient tool for accountants to meet the new requirement and a management tool for CEOs to safeguard against frauds. It is the system that we need to guarantee everyone is doing the right thing. Good guy may turn bad if there is the chance and some unexpected urgent need. When I first read management books years ago, I did admire the American way of management. It is based on system control and not human relationship, performance instead of years of services etc. Unfortunately there are many top ones in American tried to override the good system for personal gains and we have lots of examples. Well, I have decided that I need a date for me to offer UFASS to clients. Now, I have a new website for promotion, UFASS.COM.HK, starting today (Jun. 1, 2007) and orders will be accepted from Jul. 1, 2007. |