Global accounting convergence plan seen on track

Global accounting rulemakers are still on track with a plan to accelerate convergence between international and U.S. accounting rules, a top international accounting standard-setter said on Monday.
The London-based IASB sets accounting rules, known as International Financial Reporting Standards (IFRS), which are used in more than 100 countries.
Accounting rulemakers have been working for years to come up with common accounting standards, but last year decided to accelerate the process as the U.S. Securities and Exchange Commission proposed a road map that would require U.S. companies to use IFRS instead of U.S. Generally Accepted Accounting Principles (GAAP) by 2014.......
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Bookkeeping Services

Bookkeeping, commonly referred to as keeping the books, is the process of keeping full, accurate, up-to-date business records. Proper bookkeeping can help businesses effectively manage cash flow, stay abreast of profits and losses, and develop plans for the future based on financial trends. Furthermore, accurate bookkeeping is required by both federal and local tax agencies.

Bookkeeping involves making a record of the monies received by a business as well as the monies paid out. It encompasses money a company owes to vendors, employees, tax agencies, contractors and any other individual or entity. Likewise, accurate records of amounts owed to a company by outside individuals and organizations are also recorded in a company's books.

Bookkeeping systems:

Two common bookkeeping systems used by businesses and other organizations are the single-entry bookkeeping system and the double-entry bookkeeping system. Single-entry bookkeeping uses only income and expense accounts, recorded primarily in a revenue and expense journal. Single-entry bookkeeping is adequate for many small businesses. Double-entry bookkeeping requires posting (recording) each transaction twice, using debits and credits.

Avicennas professional bookkeeping services cover the entire scope of bookkeeping and customers have the flexibility to choose what they require.
Our Outsourced Bookkeeping Services are focused at helping our customers with the management, accounting and tax preparation needs, thereby reducing their finance and accounts operating costs. We take responsibility for all aspects of your bookkeeping and accounting, we can manage your payroll processing and we can provide total backup support.
* Bank Reconciliation
* Financial statement report
* Payroll processing