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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.

Account 246
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Financial Audit Preparation Steps: Expert Tips for An External Audit Process 

Withum

Understanding the financial statement audit process and planning ahead can save time, reduce stress and ensure accurate results. In this guide, well walk through the key financial audit preparation steps, explain key differences between AICPA and PCAOB audits and provide actionable tips to streamline the external audit process.

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FP&A Reports Every Organization Needs to Succeed

Acterys

Errors in financial planning and analysis (FP&A) reports can set entire departments, or even the whole company, off course. More than half (59%) of accountants admit to making several errors per month, Gartner research found. Financial reporting provides a retrospective view of your company’s financial status.

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Construction Accounting Concepts You Can Benefit From Today

Randal DeHart

As a small business owner, you know that managing your finances is crucial to the success of your business. But with so many accounting principles and practices, it can be challenging to know where to start. This guide will break down the essential accounting principles that every small business owner should know.

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Lovesac to Pay SEC $1.5 Million to Settle Claims of Hidden Expenses

CPA Practice

The accounting problems came to light in April 2023, when Lovesac’s finance team found that approximately $2.2 In mid-August 2023, Lovesac submitted a filing to the SEC that disclosed that its previously filed financial statements for the 2023 fiscal year and first quarter of 2024 were no longer reliable, according to the lawsuit.

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Checklist for Small Business Startups

SMBAccountant

Are you a small business owner seeking expert guidance on accounting practices? Navigating the complexities of financial management is crucial to the success of any business. Bank Accounts (Find a bank) Before any spending gets underway, open a bank account with your EIN.

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GAAP: What It Is and Why Your Investors Expect It

inDinero Accounting

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)?