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Navigating Audited Financial Statements for E-Commerce Startups: A Comprehensive Guide

Withum

As these companies gain traction and seek external investments, audited financial statements play a crucial role in instilling trust among stakeholders, investors, and potential partners. 10 Key Steps Here are the key steps startup e-commerce companies can take to prepare for their audited financial statements.

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How to Use ChatGPT to Create Forms and Templates for Accounting Firms

CPA Practice

Request for Information (RFI) Form: To formally request additional information or clarification from clients on specific financial matters. Internal Audit Checklist: For conducting audits within the firm to ensure compliance with accounting standards and regulations.

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Protect Your Clients’ Banking Relationships by Adhering to New Lease Accounting Standards

CPA Practice

Therefore, filing for exceptions on financial statements could bring your clients oversight ramifications and put their bank relationships at risk. If your clients do need GAAP exceptions for this year’s financial statements, it’s best to first ensure the bank is aware and has approved their use.

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Overview of Cost Accounting Standards (CAS) for Government Contractors

Cherry Bekaert

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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5 Ways Accountants Can Use AI Right Now

CPA Practice

This results in an amount of risk that can result in a material misstatement in their financial statements. Large Language Model-enabled software allows companies to read 100% of their customer contracts, surface non-standard terms from an ASC 606 perspective and generate ASC 606 accounting memos for audit.

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The Impact of New Lease Standards on Debt Covenants

CPA Practice

But particularly if your clients are primarily private companies, there’s a task you can do right now to save both yourself and them problems later: Make sure your clients talk to their banks about how the ASC 842 lease accounting standard could affect their debt covenants. This doesn’t impact the income statement.

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It’s Time To Adopt the New Lease Standard

Withum

If you have not already taken steps to implement the new lease accounting standard ( Leases (Topic 842) or “ASC 842”), now is the time to do so. ASC 842 significantly changes the presentation of leases for leasees on the financial statements and expands related footnote disclosures.