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The Cost Approach to Valuing a Business

RogerRossmeisl

Generally Accepted Accounting Principles (GAAP), assets are recorded at historic cost. Book value vs. fair market value Amounts reported on a company’s balance sheet for its assets and liabilities may not reflect their fair market value to a potential buyer or seller. One reason is that, under U.S.

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Financial Audit Preparation Steps: Expert Tips for An External Audit Process 

Withum

Engage a qualified CPA firm and align on prioritization of financial statement areas for GAAP compliance. Focus on GAAP Compliance Review your accounting policies to ensure they align with Generally Accepted Accounting Principles (GAAP). Build a timeline that aligns with your reporting deadlines.

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How to Use the Cost Approach to Value a Business

RogerRossmeisl

Generally Accepted Accounting Principles (GAAP), assets are recorded at historic cost. The post How to Use the Cost Approach to Value a Business appeared first on Roger Rossmeisl, CPA. There are three key reasons that book value may not reflect fair market value to a hypothetical buyer or seller: 1. Use of historic cost.

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Changes to Lease Accounting Rules (ASC 842)

SMBAccountant

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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Early Revenue Recognition: Not Just Bad Accounting, But Fraud

RogerRossmeisl

To comply with Generally Accepted Accounting Principles and preserve your company’s reputation, you must prevent such activities on your watch. Early revenue recognition, which distorts profits and can artificially boost a business’s financial profile, is popular among financial statement fraud perpetrators.

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CPA Firm Management Expert Michael Hsu Wants to Help Elevate Your Practice

CPA Practice

Michael Hsu, CPA founded DeepSky as a management consulting company that uses accounting principles to aid entrepreneurs in growing their businesses. What makes this coursework special is that it is based on founder W. Michael Hsu’s, real-life failures and ultimate successes. In 2009, W.

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Preparing for Your First Audit – Steps to Follow for Consumer Products Companies

Withum

Determine Who Will Be Responsible Prior to preparing for your audit or even engaging a CPA firm for that matter, a company should first designate who will be overseeing the audit process. Delays in providing account schedules, requesting underlying support, or answering auditor inquiries will lead to delays in the audit timeline.

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