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.

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Snyder

NOVEMBER 22, 2022

What are basic accounting principles? What is accounting software? Basic accounting and its secrets. The Fantastic Four of accounting. Accounting principles: Why are they so important for any business? Basic accounting principles. Accrual principle. Contents: 1.

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CPA Practice

MARCH 20, 2024

The Securities and Exchange Commission has accepted the 2024 GAAP Financial Reporting Taxonomy (GRT) and the 2024 SEC Reporting Taxonomy (SRT), collectively known as the “ GAAP Taxonomy ,” the Financial Accounting Standards Board (FASB) said on March 19. In addition, the FASB finalized the 2024 DQC Rules Taxonomy (DQCRT).

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CPA Practice

OCTOBER 9, 2023

The Financial Accounting Standards Board ( FASB ) has issued an Accounting Standards Update (ASU) that incorporates certain U.S. Securities and Exchange Commission (SEC) disclosure requirements into the FASB Accounting Standards Codification. In SEC Release No.

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Cherry Bekaert

JUNE 25, 2024

Among those regulations are the Cost Accounting Standards (CAS), which are one of the most common challenges faced by emerging government contractors. Compliance with CAS is a contractual obligation, and failure to adhere to these standards can result in financial penalties, contract adjustments and contract termination.

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Cherry Bekaert

JANUARY 24, 2024

Contributors: DeWanna Coleman Governmental Accounting Standards Board (“GASB”) Statement No. 100, Accounting Changes and Error Corrections—an amendment of GASB Statement No. This category also includes the implementation of new accounting pronouncements. 62, is in effect for fiscal years beginning after June 15, 2023.

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CPA Practice

DECEMBER 19, 2023

The Financial Accounting Standards Board (FASB) on Dec. The 2024 GRT contains updates for accounting standards and other recommended improvements, including those required for Securities and Exchange Commission Release Nos.

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ThomsonReuters

FEBRUARY 8, 2024

Therefore, when serving business clients, it is important that accounting professionals have the right framework to ensure that proper financial reporting procedures are in place to help with accounting assumptions. What are the main accounting assumptions?

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CPA Practice

AUGUST 10, 2023

In this role, Decker will be responsible for leading the firm’s various professional practices, including Accounting Principles, Independence, SEC Regulatory Matters and the Professional Practice Director group. Kendra Decker will serve as the national managing partner of the firm’s Professional Practice, effective immediately.

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CPA Practice

DECEMBER 22, 2023

The Financial Accounting Standards Board has issued a proposed new chapter of its Conceptual Framework related to the measurement of items recognized in financial statements. The Conceptual Framework is a body of interrelated objectives and fundamentals that provides the FASB with a useful tool as it sets standards.

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GrowthForceBlog

JULY 24, 2024

Key Takeaways Industry-Specific Financial Reporting Challenges for Architecture Firms: Many businesses are subject to the rules and recommendations put forth by the Financial Accounting Standards Board's (FASB) generally accepted accounting principles (GAAP). GAAP regulates the way.

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CPA Practice

NOVEMBER 19, 2024

A new proposal that would establish authoritative guidance on the accounting for government grants received by businesses was issued by the Financial Accounting Standards Board (FASB) on Nov.

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Withum

DECEMBER 2, 2024

Moreover, cash basis accounting is not compliant with Generally Accepted Accounting Principles (GAAP), as established by the Financial Accounting Standards Board (FASB). GAAP mandates the use of accrual accounting, meaning businesses relying solely on cash basis accounting may face compliance issues.

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Cherry Bekaert

FEBRUARY 13, 2024

Governmental Accounting Standards Board (GASB) Statement No. 100, Accounting Changes and Error Corrections, an amendment of GASB Statement No. This accounting pronouncement is intended to streamline the reporting of accounting changes and error corrections, as well as the related disclosures in governmental financial reporting.

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CPA Practice

NOVEMBER 25, 2024

The Governmental Accounting Standards Board (GASB) issued two exposure drafts on Monday: one on a proposed standard on subsequent events and the other a proposed update to an implementation guide in the form of questions and answers intended to clarify, explain, or elaborate on certain GASB pronouncements. 21, 2025.

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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.

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Katz,Sapper&Miller

APRIL 24, 2019

The Governmental Accounting Standards Board (GASB) regularly issues GASB statements to set accounting and financial reporting standards for state and local governments that follow generally accepted accounting principles in the United States (U.S. Below are select statements that were recently issued.

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SkagitCountyTaxServices

JUNE 8, 2022

If the last 20 years of the economy’s highs and lows, downturns and headlines taught us anything about business, it’s that complete and transparent accounting is in everyone’s best interest. One independent organization working to keep companies’ books clear and honest is the Financial Accountant Standards Board. Principles.

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CPA Practice

FEBRUARY 13, 2023

Automation and digitalization of accounting processes: This includes the use of software systems, cloud computing, and artificial intelligence in the accounting process. Financial planning and analysis: This involves forecasting and budgeting, financial reporting and analysis, and performance management.

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Katz,Sapper&Miller

APRIL 20, 2018

In recent years, the Financial Accounting Standards Board (FASB) received feedback that revenue recognition guidance was fragmented at best, confusing at worst. In response to this feedback, the FASB issued Accounting Standards Update (ASU) No. Generally Accepted Accounting Principles (U.S.

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Katz,Sapper&Miller

SEPTEMBER 20, 2018

That means nearly all auto dealers will be impacted by the Financial Accounting Standards Board’s (FASB) update to the accounting standard for leases under U.S. generally accepted accounting principles (GAAP). 15, 2019, will affect both lessors and lessees in different ways.

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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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inDinero Accounting

JUNE 29, 2023

Accrual Accounting is a vital component of Generally Accepted Accounting Principles (GAAP). Understanding the principles of GAAP accrual accounting can be challenging and daunting; however, with the right guidance, it can be achieved. What are Generally Accepted Accounting Principles (GAAP)?

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Anders CPA

JANUARY 8, 2024

Jeanne Dee, CPA/CGMA, audit and assurance partner at Anders CPAs + Advisors (Anders), has been appointed to the Financial Accounting Standards Board (FASB) Not-for-Profit Advisory Committee (NAC) effective January 1, 2024.

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Acterys

OCTOBER 20, 2024

It focuses on presenting financial data clearly and in accordance with accounting standards. While financial reporting involves a detailed understanding of accounting standards, software, and tools, FP&A demands strong analytical skills, financial modeling, forecasting capabilities, and a deep understanding of industry dynamics.

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Katz,Sapper&Miller

NOVEMBER 22, 2019

In February 2016, the Financial Accounting Standards Board (FASB) issued one of the most sweeping changes to generally accepted accounting principles in the United States (GAAP) – Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842).

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Withum

OCTOBER 20, 2022

The new lease accounting standards under ASC 842 were effective for private companies beginning January 1, 2022. These new standards require companies to record substantially all leases on their balance sheets and will affect real estate leases for both tenants and landlords. Author: Lauren Riso | lriso@withum.com.

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Withum

JANUARY 12, 2024

This promotes transparency and compliance with accounting standards and regulations, such as Generally Accepted Accounting Principles (Accounting Standards Codification 805) or International Financial Reporting Standards, which mandate specific guidelines for the treatment of assets, liabilities, and goodwill in an acquisition.

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Katz,Sapper&Miller

MARCH 3, 2020

That means nearly all of these businesses will be impacted by the Financial Accounting Standards Board’s (FASB) update to the accounting standards for leases under generally accepted accounting principles in the United States (GAAP). 15, 2020, will affect both lessors and lessees.

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Katz,Sapper&Miller

MAY 20, 2020

The Financial Accounting Standards Board (FASB) regularly issues Accounting Standards Updates (ASUs) to make changes to the FASB Codification, the primary source of Accounting Principles Generally Accepted in the United States (GAAP).

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Katz,Sapper&Miller

JUNE 5, 2020

The Financial Accounting Standards Board (FASB) regularly issues Accounting Standards Updates (ASUs) to make changes to the FASB Codification, the primary source of Accounting Principles Generally Accepted in the United States (GAAP).

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Katz,Sapper&Miller

OCTOBER 30, 2020

The Financial Accounting Standards Board (FASB) regularly issues Accounting Standards Updates (ASUs) to make changes to the FASB Codification, the primary source of Accounting Principles Generally Accepted in the United States (GAAP). Below are select ASUs that were recently issued.

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Katz,Sapper&Miller

DECEMBER 17, 2019

The Financial Accounting Standards Board (FASB) regularly issues Accounting Standards Updates (ASUs) to make changes to the FASB Codification, the primary source of Accounting Principles Generally Accepted in the United States (GAAP). Below are select ASUs that were recently issued.

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inDinero Tax Tips

FEBRUARY 22, 2023

For an executive or business owner, keeping up to date with accounting regulations is low on the to-do list. However, you should make an exception for “Accounting Standards Codification Topic 606: Revenue from Contracts with Customer” often referred to as ‘ASC 606’ or ‘FASB ASC 606’ What Is ASC 606?

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PYMNTS

JUNE 10, 2019

Reports in The Block Crypto late last week said a group of California CPAs has sent a letter to the Financial Accounting Standards Board, a federal board that sets Generally Accepted Accounting Principles (GAAP), requesting that it consider establishing a task force to address a lack of clarity in cryptocurrency accounting standards.

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Basis 365

AUGUST 4, 2023

However, with the rise of SaaS, new accounting challenges have emerged, requiring careful navigation to ensure accurate financial reporting and compliance with accounting standards. Here we'll explore the top accounting issues faced by SaaS companies and how they tackle these complexities.

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Basis 365

AUGUST 4, 2023

However, with the rise of SaaS, new accounting challenges have emerged, requiring careful navigation to ensure accurate financial reporting and compliance with accounting standards. Here we'll explore the top accounting issues faced by SaaS companies and how they tackle these complexities.

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