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. A Statement of Financial Accounting Concepts is nonauthoritative and does not establish or change generally accepted accounting principles.

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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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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. Under the old rules, financial reporting requirements were determined based on whether a contract was considered a capital or operating lease.

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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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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. As one of the six new NAC members, Jeanne will serve a four-year term ending on December 31, 2027.

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Withum

JANUARY 12, 2024

Obtaining a PPA is important for several reasons, particularly the following: Accurate Financial Reporting PPAs ensure that the financial statements of the acquiring company accurately reflect the fair value of the assets and liabilities acquired in the business combination.

Real Estate 75

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Cherry Bekaert

MARCH 6, 2024

Offering Simple Solutions to Complex Requirements Growing businesses are challenged when complying with financial statement tax reporting requirements. Cherry Bekaert’s tax team brings expertise in both industry and public accounting to deliver a tailored solution.

Tax 52

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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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CPA Practice

MARCH 1, 2024

The Financial Accounting Foundation has started its effectiveness review—which includes a public comment period—of the Private Company Council, the panel that advises the Financial Accounting Standards Board on private company matters. Any proposed changes to GAAP are subject to endorsement by the FASB.

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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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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.

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CPA Practice

AUGUST 23, 2023

The Financial Accounting Standards Board (FASB) issued a new standard on Wednesday that addresses the accounting for contributions made to a joint venture, upon formation, in a joint venture’s separate financial statements.

accountant 52

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Basis 365

FEBRUARY 20, 2023

A balance sheet is a financial statement that shows your business's assets, liabilities, and equity at a specific time. It's one of the most important financial documents to help you make informed decisions, plan for the future, and secure financing. What is a Balance Sheet?

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Basis 365

JULY 28, 2023

Tech products often involve complex sales arrangements, such as subscription-based models, multi-element accounts, and bundled services. Determining when and how to recognize revenue becomes complicated, requiring careful adherence to accounting principles.

Technology 52

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Cherry Bekaert

OCTOBER 25, 2023

After a period of relative inactivity, standard setters have issued four new standards. The Financial Accounting Standards Board (FASB) has issued Accounting Standard Update (ASU) 2023-03 through ASU 2023-06.

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ThomsonReuters

APRIL 18, 2023

To help ensure that financial reporting is transparent and investors have the most accurate and timely information they need to make informed investment decisions, public companies must disclose certain financial, and other information, to investors. What are the GAAP standards? What are the differences between GAAP and IFRS?

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ThomsonReuters

FEBRUARY 1, 2024

Therefore, it is critical that organizations use standardize d accounting practices when reporting financial information to ensure the information is transparent, consistent, and comparable. Enter Generally Accepted Accounting Principles, more commonly known as GAAP. What are the GAAP accounting rules?

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ThomsonReuters

APRIL 6, 2023

GAAP for accounts payable and receivable The Generally Accepted Accounting Principles (GAAP) are a set of rules specific to the United States that are designed to provide oversight for accounting practices. The segregation of accounts payable and accounts receivable is important.

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KROST

APRIL 12, 2022

Securing credit, managing employees, and staying involved in the day-to-day running of the business creates a constant set of obstacles to be addressed by the business owner, leaving very little time for a life outside of work, let alone applying the latest accepted accounting principles. When should you consider adopting FRF for SMEs?

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CPA Practice

APRIL 26, 2023

At the same time, these entities have an increased need for accounting transparency – and not just because it’s the right thing to do, but also because citizens are demanding it. Without a standard accounting method, such committed future liabilities and their related intangible assets are not included on financial statements.

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Withum

JANUARY 29, 2024

4] PE and VC Fund management and the board of directors reporting their financial statements under Generally Accepted Accounting Principles (GAAP) may face unique issues in reporting the fair value of their investments in the context of these dynamics. and the realization of a decrease from peak value in 2021 of 73%. [3]

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inDinero Accounting

APRIL 30, 2021

Mission-based organizations in compliance with Generally Accepted Accounting Principles (GAAP) should prepare these financial statements: Statement of Financial Position (Balance Sheet) provides a picture of the NFP’s assets and liabilities. The nonprofit term for the financial statement makes it explicit.

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Cherry Bekaert

MAY 9, 2024

First, the auditor will review the A&E firm’s financial statements to gain an understanding of the business’s operations and overhead costs. The firm should ensure that its financial statements are accurate and up to date. Q: What is the process for an overhead rate audit? Q: Why is a FAR overhead audit needed?

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Cherry Bekaert

JUNE 27, 2024

In some instances, an accounting system review can be done by a third party versus an audit conducted by the government. Going through a third-party review can be used as a best practice to identify where you might need to tune up your policies and can also be leveraged as part of financial statement audits or reviews.

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Basis 365

SEPTEMBER 18, 2024

In this blog, we'll explore the significance of maintaining an accurate income statement and how it can propel your business towards sustained success. What is an Income Statement? An income statement is one of the three fundamental financial statements, alongside the balance sheet and cash flow statement.

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ThomsonReuters

JANUARY 18, 2024

Accounting assumptions In an effort to help ensure information is reliable and consisten t, accounting assumptions are a set of guidelines that indicate how a company operates and business transactions are recorded. The goal: to ensure that financial information is consistently and accurately reported.

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inDinero Accounting

JUNE 24, 2021

In this article, you’ll find the essential information to 38 FAQs about business financial statements and links to further reading. Financial Statement FAQs. What is a business financial statement? The business financial statement defined. Who uses business financial statements?

Non-Profits 65

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Basis 365

JULY 21, 2023

These challenges may require a perticular way to input the information in the accounting system to generate the output management needs to run their business or the implementation of a system that sits on top of the accounting system for the team to use in their day-to-day. A system is almost always needed to track your WIP.

accountant 52

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PYMNTS

MARCH 6, 2019

Corporate accounting standards are changing, with the Financial Accounting Standards Board adopting new standards in ways companies report on leases, hedging and other financial activity. In the U.K., In the U.S., But researchers warn that corporates continue to find ways to hide the bad news.

Finance 55

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Cherry Bekaert

SEPTEMBER 8, 2023

The Audit Rule Investment advisers subject to the Audit Rule are required to obtain an annual financial statement audit of the covered private funds they advise. The audited financial statements of a private fund must be delivered to its investors within 120 days of the private fund’s fiscal year-end.

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ThomsonReuters

APRIL 18, 2023

Accounting standards In recent years, the accounting profession has seen its share of changes in accounting standards , including the new revenue recognition standard and more recently, the new lease accounting standard (ASC 842). Therefore, cash flow statements must be accurate.

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Baruch Lev

JULY 11, 2021

The Wall Street Journal reported (July 1, 2021) that the International Accounting Standards Board (IASB), the accounting body that sets the financial reporting rules of public companies in more than 140 jurisdictions ? So, accounting standard-setters have their work cut out for them. but not in the U.S. —

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Ryan Lazanis

JUNE 8, 2023

3) Improve Skills Accounting forums act as knowledge exchange hubs, where members are welcome to ask others how to become more effective in tackling various processes. Members often seek advice and share their experiences on accounting principles, taxation, financial reporting, bookkeeping, and auditing.

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Withum

FEBRUARY 1, 2023

Lease Accounting – ASC 842 Considerations The FASB Accounting Standard update for ASC 842 (leases) is effective for fiscal years beginning after December 15, 2021, or calendar year December 31, 2022.

accounting and finance 52

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Snyder

MAY 27, 2022

While managerial accounting has already been explained, financial accounting hasn’t received enough attention. There are several points in this definition that allow us to differentiate managerial accounting from financial. Difference #6.

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