inDinero Accounting

JUNE 24, 2021

Sometimes there’s just no avoiding accounting speak. One business area with lots of corporate accounting terms is preparing the three essential (3E) financial reports : the profit & loss statement, the balance sheet, and the cash flow statement. What is a profit & loss statement? Income Statement FAQs.

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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. So, what are the GAAP accounting rules?

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ThomsonReuters

JANUARY 18, 2024

Additionally, depending on the type of firm, accountants may be involved in more advisory-centric responsibilities, such as analyzing financial data and providing clients with strategic guidance and recommendations on how to reduce costs and boost profitability. How can accountants be more efficient?

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DMCL

APRIL 11, 2022

The budget introduces a new rule that deems profits from the “flipping” of residential real estate to be business income that is fully taxed and not eligible for the principal residence exemption. Elimination of the deferral of tax on investment income by using Non-Canadian Controlled Private Corporations (CCPC).

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ThomsonReuters

APRIL 18, 2023

Ironing out the frequent problems that accountants face can help firms remain competitive, better attract and retain talent, and ultimately drive greater profitability. The lease accounting standard became effective in 2019 for public companies. but there are several common hurdles that often run industry wide.

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Cherry Bekaert

SEPTEMBER 8, 2023

Charging or allocating fees and expenses related to a portfolio investment on a non-pro rata basis, unless the allocation approach is fair and equitable and the adviser distributes advance written notice of the approach and a description of how it is fair and equitable.

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Withum

FEBRUARY 1, 2023

However, prepackaged food is still limited to 50% and entertainment is still non-deductible. Section 179 expensing election is an option for profitable business that engage in less than $3,500,000 of investments in eligible 179 property in the given year. This applies to tax years 2021 and 2022.

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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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Cherry Bekaert

FEBRUARY 8, 2023

Standard setters were relatively inactive this past year. The Financial Accounting Standards Board (FASB) issued only six new Accounting Standard Updates (ASUs) and the Government Accounting Standards Board (GASB) issued only three new GASB Statements in 2022.

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