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Account accountant accounting standards 
Withum
DECEMBER 2, 2024
When it comes to accounting methods, businesses primarily choose between two approaches: cash basis accounting and accrual basis accounting. Understanding the key differences between cash vs. accrual accounting is essential as this decision impacts financial reporting, cash flow management and long-term planning.
SMBAccountant
JANUARY 4, 2023
New rules are going into effect for lease accounting which may change how small businesses who follow Generally Accepted Accounting Principles (GAAP) think about and reporting leases. The new lease accounting rules seek to make the impact ofleases more transparent within financial statements. Permalink
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ThomsonReuters
JUNE 6, 2022
When you can flag changes in accounting, auditing, and tax that clients didn’t know about, and help them manage commercial impacts with innovative solutions, then you’re well on your way to gaining their trust. But how do you stay current on accounting and auditing standards when there are new developments happening all the time?
Accounting Today
NOVEMBER 8, 2023
The International Public Sector Accounting Standards Board has issued an accounting standard for governments around the world to use for reporting on retirement plans.
Accounting Today
SEPTEMBER 25, 2024
The proposed amendments would clarify guidance on hedge accounting and address issues that arose from the global reference rate reform initiative.
CPA Practice
OCTOBER 18, 2024
Hosts Brian Tankersley, CPA, and Randy Johnston review TimeCredit AI, an AI assistant for technical accountants. Tankersley, CPA.CITP, CGMA 00:00 Randy, welcome to the accounting Technology Lab sponsored by CPA practice advisor. So for our auditing friends on the call, talk to me a little bit about accounting memos.
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Accounting Today
FEBRUARY 23, 2024
It's not just the 150-hour rule for obtaining a CPA license that may be the culprit for the talent shortage, according to an academic study.
SMBAccountant
DECEMBER 2, 2020
Many small business government contractors are exempt from complying with cost accounting standards (CAS) and defined by the code of federal regulations (CFR). However, compliance with generally accepted accounting principles (GAAP) is required. These should be integrated in any federal contractors accounting policies.
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CPA Practice
MAY 1, 2024
The Board of Trustees of the Financial Accounting Foundation ( FAF ) is seeking nominations for new members to join the Financial Accounting Standards Advisory Council ( FASAC ) for an initial one-year term beginning January 1, 2025. The FASAC is the primary advisory body to the Financial Accounting Standards Board ( FASB ).
CPA Practice
JUNE 28, 2023
By Emily Fish, director of product accounting at LeaseQuery Within the lease accounting standards, there are exceptions to help entities determine which leases are in scope and which are not. First and foremost, the lease accounting standards apply to all entities—there isn’t an exception for an entity or industry as a whole.
Withum
DECEMBER 14, 2023
On December 13, 2023, the Financial Accounting Standards Board (FASB) finalized Accounting Standards Update (ASU) 2023-08 “Accounting for and Disclosure of Crypto Assets”. Contact Us The post Accounting Standards Update 2023-08: FASB’s New Crypto Accounting Guidance appeared first on Withum.
Cherry Bekaert
NOVEMBER 6, 2023
Contact Us The post Cost Accounting Standard Considerations for a Growing GovCon appeared first on Cherry Bekaert.
Withum
NOVEMBER 3, 2023
The subject of accounting standards is of utmost importance in the business world. With the ever-evolving nature of the global economy, it becomes imperative to align accounting practices and regulations with the changing needs of organizations. This is a change from previous lease guidance under ASC 840 – Leases.
CPA Practice
FEBRUARY 1, 2023
As expected, the Financial Accounting Standard Board (FASB) voted on Wednesday to issue an exposure draft of a new accounting standard that would require companies to measure cryptocurrency assets, like Bitcoin and Ethereum, using fair value accounting, with gains and losses recorded in current period comprehensive income.
Cherry Bekaert
JANUARY 30, 2024
In the third episode of Cherry Bekaert’s Cost Accounting Standards (CAS) podcast series, Brendan Halloran , a Director with Cherry Bekaert Advisory, is joined by Jeffery Annessa , a Senior Manager in Cherry Bekaert’s Government Contractor Industry practice, to discuss CAS implications during mergers and acquisitions.
SMBAccountant
AUGUST 12, 2020
When working as a government contractor, these processes and policies need to be written, reviewed, and updated regularly to ensure compliance with the company’s own requirements, and the accounting standards demanded of contractors spending tax dollars.
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Cherry Bekaert
OCTOBER 17, 2023
Cost Accounting Standards (CAS) are 19 standards and rules promulgated by 41 U.S.C. These standards impact emerging small and large businesses alike. Contact Us The post Cost Accounting Standards (CAS): A Comprehensive Overview for Government Contractors appeared first on Cherry Bekaert.
Cherry Bekaert
FEBRUARY 27, 2024
On December 14, 2023, the Financial Accounting Standards Board (FASB) expanded income tax disclosure requirements for public and private companies. The expanded disclosure requirements are detailed in Accounting Standards Update No. 2023-09 (ASU 2023-09) and increase transparency of a filer’s global taxes.
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Accounting Today
OCTOBER 29, 2024
The Financial Accounting Standards Board issued a proposed accounting standards update to update the guidance on accounting for software, specifically when it comes to developing software for internal use.
Accounting Today
MAY 21, 2024
The Governmental Accounting Standards Board is getting ready to roll out new rules and proposals for state and local governments, including improvements to the financial reporting model, classification of capital assets, and measurement of infrastructure assets.
CPA Practice
JULY 23, 2024
Investors, accounting firms, and other stakeholders have until Oct. 21 to provide comments on a new proposed Accounting Standards Update (ASU) issued by the Financial Accounting Standards Board (FASB) on Tuesday that aims to clarify rules on derivative accounting. Issue 1: Derivatives scope refinements.
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Acterys
OCTOBER 20, 2024
More than half (59%) of accountants admit to making several errors per month, Gartner research found. It focuses on presenting financial data clearly and in accordance with accounting standards. Detailed Account Transactions A detailed account transactions report lists transactions by account or accounts over a specific period.
CPA Practice
FEBRUARY 13, 2023
Cost accounting and inventory management: This includes standard cost systems, activity-based costing, and cost-volume-profit analysis, among others. Lean accounting: This is a management accounting approach that aligns with the principles of Lean manufacturing, including reducing waste and maximizing value.
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Accounting Today
MARCH 22, 2024
The Financial Accounting Standards Board decided to pursue targeted improvements to its rules for accounting for and disclosing software costs, instead of a single overarching model.
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SMBAccountant
NOVEMBER 21, 2022
Managers want to hand off their accounting and let it happen in its own vacuum. Unfortunately, this isn’t quite how accounting functions. Accounting requires input from all levels of the company. The accountant didn’t know, so they didn’t include that cash in the projection. In it, the role of management was emphasized.
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Cherry Bekaert
AUGUST 22, 2024
Contributor: John Ford In June 2024, the Cost Accounting Standards Board (CASB) published three significant actions in the Federal Register. Section 820 of Public Law 114-328 directed the Board to conform CAS to Generally Accepted Accounting Principles (GAAP) to the maximum extent practicable.
Cherry Bekaert
JULY 30, 2024
In the fourth episode of Cherry Bekaert’s Cost Accounting Standards (CAS) podcast series, Brendan Halloran , a Director in Cherry Bekaert’s Government Contracting Industry practice, is joined by Jeff Annessa , a Senior Manager in the Firm’s Government Contracting practice.
CPA Practice
NOVEMBER 25, 2024
The Financial Accounting Standards Board (FASB) has issued the report on Post-Implementation Review: Revenue from Contracts with Customers (Topic 606).
Accounting Insight
APRIL 25, 2023
As someone working in the accounting industry , I know first hand how important it is to keep your finger on the pulse and stay up to date with the latest accounting standards, regulations, and best practices. How Can AI Help Accountants? The post ChatGPT & The Accounting Industry: How Can AI Help Accountants?
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Accounting Today
JUNE 19, 2024
The unpredictable nature of digital assets stands out as both a defining characteristic and a significant challenge for investors and accounting professionals alike.
CPA Practice
OCTOBER 27, 2023
But really, Billy Scherba, CPA, is a carbon accountant. Billy Scherba Carbon accountants help companies understand what data matters to their carbon footprint, how to collect that data in a consistent manner, and how to use it to calculate the greenhouse-gas emissions they’re responsible for.
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RogerRossmeisl
APRIL 10, 2023
Generally Accepted Accounting Principles (GAAP), fair value is “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” This definition is found in Accounting Standards Codification (ASC) Topic 820, Fair Value Measurement.
MarkFriedlich
MARCH 30, 2020
The International Accounting Standards Board (IASB) has released the document, IFRS 9 and COVID-19—Accounting for Expected Credit Losses Applying IFRS 9 Financial Instruments in the Light of Current Uncertainty Resulting from the COVID-19 Pandemic.
Going Concern
JANUARY 25, 2023
When Thomson Reuters reported late last year that the Financial Accounting Standards Board (FASB) had proposed an eighth round of changes to lease accounting rules 1 , accounting and finance execs around the country channeled their inner Charlie Browns with a collective, “Good grief!”
105 
CPA Practice
JUNE 24, 2024
Here is the answer I got (since ChatGPT is nondeterministic, you won’t get the exact same answer I got.): For a CPA (Certified Public Accountant) firm, creating and utilizing various forms and templates can significantly streamline practice management tasks. I asked ChatGPT what forms it recommended for a CPA firm.
124 
CPA Practice
MARCH 18, 2025
Baldwin currently serves as the executive director of the Council of Internal Auditing for the State Budget and Management Office of the state of North Carolina.
Accounting Today
JANUARY 15, 2024
The International Federation of Accountants reviewed the most helpful research by academics, accounting organizations and firms on the role accountants are playing in ESG reporting and assurance.
128 
CPA Practice
SEPTEMBER 25, 2024
The Financial Accounting Standards Board (FASB) released an exposure draft on Sept. 25 on a proposal that would clarify parts of its current guidance on hedge accounting and address several incremental hedge accounting issues arising from the global reference rate reform initiative.
111 
Accounting Insight
NOVEMBER 5, 2024
IRIS Software Group , a leading global provider of accounting, edtech, HR and payroll solutions, today announced the launch of IRIS Elements Enterprise , the latest tier in its existing cloud-based accounting suite.
CPA Practice
MAY 29, 2024
The prospect of AI replacing accountants has stirred up some anxiety within the industry. Rather than seeing AI as a threat to their careers, accountants should view it as a catalyst that can help them work faster, smarter, and with greater impact. By Fady Hawatmeh.
122 
ThomsonReuters
FEBRUARY 8, 2024
Jump to: What are the main accounting assumptions? Going concern assumption: A closer look How do common accounting assumptions relate to GAAP? Staying up to date with GAAP standards Running an efficient and successful business isn’t easy. What are the main accounting assumptions? Let’s take a closer look at each one.
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CPA Practice
MARCH 24, 2023
The Financial Accounting Standards Board (FASB) on Thursday published an exposure draft of its proposed accounting rules on how companies should report certain types of crypto assets and digital currencies. Bitcoin and Ethereum would fall within those guidelines, but nonfungible tokens (NFTs) and certain stablecoins would not.
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MarkFriedlich
MARCH 30, 2020
The CARES Act (the “Act”) provides temporary relief from FASB Accounting Standards Update (ASU) No. Specifically, as worded in the Act, “no insured depository institution, bank holding company, or any affiliate thereof shall be required to comply with the Financial Accounting […].
Accounting Today
OCTOBER 10, 2024
The Governmental Accounting Standards Board is considering changes in the financial reporting rules for infrastructure assets and is looking for feedback.
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