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    International School best of education worldwide 

     

    International School of Texas | Leaners and Leaders Together. Hear what headmistress Grainne O'Reilly says about the school in this video profile:

    I’m Grainne O’Reilly, and I’m the Headmistress of the International School of Texas.

    I’ve been very privileged to be part of the international world now for about 15 years. I have over 30 years experience in the world of education.

    The International School of Texas is really the epitome of everything that is the very, very best in education worldwide. It is an opportunity that has arisen out of a group of parents seeking the absolute best that can possibly be achieved on behalf of their children.

    We are supported by the standards of the British National Curriculum, so we’re talking about very, very high standards. One of the reasons for choosing the British National Curriculum as the backdrop to our standards is because it is considered to be a broad and balanced curriculum; a curriculum that feeds the whole child, academically, intellectually, socially, emotionally and culturally. We have small class sizes with very good ratios. We teach Mandarin Chinese and we teach Spanish from the age of three.

    We’re looking at the physical process of PE, and swimming. We’re looking at art, we’re looking at drama, we’re looking at performance, dance, and music. Brain Friendly learning and Positive Behavior go hand-in-hand, and I truly believe that every school wherever one may be in the world should have positive, a whole schools positive behavior model. The child should always know what to expect. They always know that they’re going to be treated tremendously fairly. They always know that they’re going to be treated with great respect.

    At the International School of Texas currently we take children between the ages of three to eleven. Now that would be the equivalent to well before pre-school, any sort of pre-school experience in this country, and right through to what would be the equivalent here of fifth grade. We are going to be developing our middle school, so we’re going to be growing organically, through to sixth grade, seventh grade, and eighth grade. This is not a day-care experience in any way whatsoever; this is a very robust, a very challenging, a very academic, and indeed a very wonderful school experience. We have a beautiful campus. It’s set on a hill above Lake Travis with beautiful views.

    We’re set on eight acres, it’s a garden setting, its safe, and secure. As a selective private school it is tremendously important that I meet every single family individually; every child and of course the parents. Its really not the children that I’m choosing, most often it is the families that I’m choosing, because I want families to come to me who really do understand what we do; who applaud and celebrate what we do, and who are going to applause and celebrate their children in the same way that we do it. We don’t test children in our school we continually assess them. So, what we are able to do is really get to the root of what the child has learned, what they need to learn, and how we can challenge them. Basically they have learned how to learn.

    They are life-long learners, and that’s what we’re setting out to achieve. It’s a tremendously positive experience, and it’s something that works with every child, not only in the greater Austin area, not only in Texas, but I would certainly … well, I wouldn’t hesitate to say in the world.

    If you feel that the International School of Texas maybe the right set for your family, for your children, we would really encourage you to contact us, give us a call, and we will organize a tour for you, and I really look forward to meeting you.

  • Oil and Gas - Property Accounting Types

    I am Jon Gwynn. I am David Hill, Tax Manager.

    Today we're going to talk a little bit about oil and gas depletion both from a U.S. GAAP perspective as well as a tax perspective. I am the audit director for the firm, so I'll talk a little bit about the two U.S. GAAP methods that are accepted. They are called successful efforts and full cost and David will talk a little about the tax methods.

    Right. Now for the tax methods there are two types, there is percentage depletion and there is cost depletion.

    Under U.S. GAAP there are two generally accepted methods to account for oil and gas properties, successful efforts and full cost. So, as a small business if you are just starting to decide on which method to use, there are a bunch of different ideas that go into choosing the method.

    Full cost is probably the easiest to account for, it doesn't take a lot of time, it groups all of your properties together by continent or a region. Successful efforts you have to go to a lower level of accounting forward by well, property, fields.

    So if you have the resources to do the accounting forward I would recommend successful efforts. One of the main reasons for that is if we ever do adopt IFRS successful efforts right now is the most closely aligned with companies that are doing IFRS accounting.

    A couple of other considerations to look into. Full cost method, if you sell properties or if you drill a dry hole then you don't get necessarily a benefit out of it on your income statement, it all just remains within that property group. So there is no real P&L impact to it.

    Okay, I am going to talk about the tax methods for deducting depletion. Jon covered earlier the cost method, and that is also allowed for tax, but we use a little bit different base versus the same formula. That's allowable method, and there is also another one percentage depletion. This is allowed by Congress and this is available for people who own property in the U.S. in your own economic interest. It's not available if you own a refinery or you are a retailer.

    Now what this is, is it's deduction is a 15% of your gross proceeds. And what this does is it gives you that deduction in tax return, which helps minimize your tax liability. It is subject to limits though, one is it's done on a property by property basis and you can't create a loss with depletion, so is that 100% of all your taxable income.

    Now the other one is the 65% and this is for everything you do not just oil and gas. In this scenario you can't take it below that level and that's the only two limitations for percentage depletion on your tax return.

    So these are some of the ideas we want to give you on how to account for your oil and gas properties and the way to do depletion.

    If you have any questions or need us to help you out in any way please give us a call, we're at PriceKubecka.

    For almost two decades, the PriceKubecka Dallas CPA firm has been providing professional tax, audit, and accounting solutions, strategies and assistance for businesses in the Dallas Fort Worth Metroplex and other regional cities. Our team includes seasoned professionals that bring experience from both the private sector and larger, national CPA firms. This synergy of experience enables us to provide unparalleled expertise and specialization to large firms and small businesses alike — all with the personalized attention and responsiveness you deserve.

    PriceKubecka is a professional, strategy-driven CPA accounting firm with the know-how to improve profitability and take the anxiety out of tax, audit and accounting issues. We focus on meeting the accounting, tax and auditing needs of companies on the move — like yours — ensuring your financial situation is in line with your overall business strategy. Let us provide your business the peace of mind it needs to flourish.

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