GFS Consulting was one of the “early adopters” and began using Microsoft VISTA during October 2007.

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Within the Revenue, Receivables and Receipts processes, the Cash Receipts is the final process, wherein all the hard work throughout the organization comes to fruition – the organization collects cash for goods and services that is has provided. Read more »

Similar to the Revenue recognition process, for most companies the $ value of their Accounts Receivable represents one of the largest assets on their Balance Sheets, and accordingly, these amounts are usually very significant / material. Therefore, the SOX Business Process should be carefully reviewed and tested to ensure that no internal control gaps exist that could result in financial reporting misstatements. Read more »

Canada will be adopting International Financial Reporting Standards (IFRS), effective January 1, 2011. This means that companies, for comparative purposes, will also be required to have their 2010 results reported using IFRS. Read more »

“Blue Ocean Strategy” is fairly recent and excellent body of research and knowledge about strategic planning, contained within a book by the same name authored by W. Chan Kim and Renee Mauborgne, professors of strategy and management of INSEAD. Read more »

C-SOX:  RRR Test procedures

Revenue recognition has been the area where the majority of accounting misreporting and restatements have occurred. Read more »