Cherry Bekaert

JUNE 25, 2024

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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Withum

DECEMBER 2, 2024

What Is Cash Basis Accounting? Cash basis accounting is a straightforward method in which revenue and expenses are recorded only when cash is exchanged. In other words, transactions are documented when money moves in or out of the bank account.

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inDinero Accounting

JUNE 29, 2023

Generally Accepted Accounting Principles (GAAP) are a set of accounting principles, standards, and procedures that define accepted accounting practice at a particular time. Its purpose is to ensure that financial statements provide an accurate and transparent view of the company’s financial condition and operations.

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CPA Practice

AUGUST 22, 2023

LLM-powered Software can automatically read customer contracts and match information in signed sales documents to those like Salesforce and NetSuite, monitoring for inconsistencies so that they can be flagged to the right person and immediately addressed.

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ThomsonReuters

APRIL 5, 2024

Furthermore, interim tax reporting contributes to the accuracy and reliability of financial statements. By ensuring that interim tax provisions are properly recorded and reported, companies can enhance the credibility and transparency of their financial information. This will provide a baseline for making necessary adjustments.

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Going Concern

OCTOBER 12, 2023

Peter Meehan, the engagement partner for financial years ended 31 December 2014, 2015, and 2016, and additional audit work in 2017, got a £500,000 fine — reduced by 30% to £350,000 — for his blatant lack of supervision on Carillion.

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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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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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Withum

DECEMBER 16, 2024

On November 27, 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting Improvements to Reportable Segment Disclosures. However, broker-dealers filing financials for only one period or year need only apply the standard to the presented periods.

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CPA Practice

OCTOBER 11, 2024

Several Governmental Accounting Standards Board (GASB) proposals regarding the accounting and financial reporting for infrastructure assets are on the table for stakeholders to review and provide feedback. The GASB issued a preliminary views document Oct.

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MineralTree

OCTOBER 5, 2023

Its primary purpose is to ensure the accuracy and completeness of financial records so that financial statements can be prepared for internal and external reporting purposes. For example, they may reconcile vendor statements with the AP ledger to ensure there are no discrepancies or missed invoices.

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Withum

JANUARY 27, 2023

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.

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Accounting Insight

MAY 20, 2024

As a cloud-based application, it provides seamless assistance in preparing, reviewing, and delivering professionally formatted and accurate financial statements. Caseware Financials automates financial statement preparation through a tailored checklist, importing and mapping data directly from Excel, CSV, and accounting packages.

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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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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?

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ThomsonReuters

FEBRUARY 1, 2024

What are the GAAP accounting rules? Established by the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB) , GAAP is a set of standardized accounting rules, requirements, and practices to guide how financial statements are prepared and presented.

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CPA Practice

MAY 29, 2024

We have identified five common accounting challenges and steps that can be taken to mitigate them. Time constraints One of the top issues shared by accountants is around time constraints. The lack of sufficient time to properly review financial reports and documents can lead to errors or missed deadlines.

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accountant Account accounted Technology 59

CPA Practice

NOVEMBER 14, 2024

The Financial Accounting Standards Board (FASB) is calling on academics, accountants, auditors, lenders, financial statement preparers, and other stakeholders to provide their views on financial key performance indicators (KPIs). The FASB on Nov.

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Cherry Bekaert

JULY 30, 2024

When performing an IPO readiness assessment, we often start with the accounting basics, including analyzing the company’s policies and procedures, chart of accounts structure, most recent draft of financial statements, and trial balance. It is worth taking the time to get yours right.

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PYMNTS

MAY 3, 2019

The publication reported Thursday (May 2) that the International Financial Reporting Standards will apply to organizations across 140 countries, shifting the way businesses account for their leases in financial statements. “Investors could then ask, ‘What are you doing with all this free cash?'”

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ThomsonReuters

JANUARY 12, 2023

The primary role of an accountant is to handle a variety of tasks including tax preparation, financial planning and audits. . Essentially, the work completed by an accountant is certified by an auditor. . The purpose of conducting an audit is to obtain an independent opinion about a company’s financial statements.

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Snyder

NOVEMBER 22, 2022

It’s essential to keep in mind all these small details of the whole picture to provide your business with up-to-date information about the accounting process. help to understand the financial situation better. The Fantastic Four of accounting. In short, accounting principles matter…a lot. Cost principle.

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Ryan Lazanis

APRIL 18, 2023

However, these tasks can be time-consuming and prone to errors, which can result in delayed payments, inaccurate financial reporting, and, ultimately, negative impacts on the company’s bottom line. AI can also help with document management, enabling auditors to easily locate and access relevant financial records and data.

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Withum

JUNE 3, 2024

Once this is completed, the team should determine efficient emergency evacuation plans, establish secured on-site or offsite storage sites for critical operating documents and information technology, evaluate existing and necessary insurance coverage, and consider the need for reserves to cover emergency repairs and insurance deductibles.

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accountant Account accounted financial statements 52

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 differences between GAAP and IFRS?

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Menzies

FEBRUARY 13, 2023

Menzies LLP - A leading chartered accountancy firm. Instead of employing specialists to prepare their accounts and make sure all their documentation is in order, some businesses are attempting to do it themselves. If finance teams are unaware of the latest standards there is a risk of IFRS compliance issues arising.

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inDinero Accounting

MAY 1, 2024

Let’s break it down in simpler terms and discuss why each major financial statement is so important. Think of financial reporting as a way to show everyone—your team, potential investors, and even the government—how your business is doing financially.

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ThomsonReuters

JANUARY 18, 2024

Examining financial documents and financial transactions to ensure compliance and rectify any discrepancies. 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.

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Cherry Bekaert

JULY 20, 2023

Standard setters have been relatively inactive this year. The Financial Accounting Standards Board (FASB) has issued only two new Accounting Standard Updates (ASUs) and the Government Accounting Standards Board (GASB) has not issued any new GASB Statements in 2023.

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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).

accountant 52

accountant Account accounted Technology 52

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. Different people should execute these functions to ensure the risk of fraud is reduced.

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Accounting Seed

JANUARY 4, 2023

Even in the 21st century, it’s still possible to do your bookkeeping with paper spreadsheets or account books. If manual accounting works for you, nobody can force you to change. Accounting standards are the same whether you use ledgers or laptops. What is Automated Accounting?

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Basis 365

SEPTEMBER 18, 2024

An income statement, also known as a profit and loss (P&L) statement, is a crucial financial document that provides a detailed summary of a company's revenues, expenses, and profits or losses over a specific period. What is an Income Statement?

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Cherry Bekaert

JUNE 27, 2024

The SF 1408 and DCAA Pre-Award Accounting System Adequacy Checklist, which is available on the DCAA website, should be used by contractors new to government contracting to document how their accounting system is designed to meet the SF 1408 criteria.

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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.

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ThomsonReuters

MAY 6, 2021

A discounted cash flow approach is a type of “income approach” or “present value technique,” two terms used frequently in the FASB Accounting Standards Codification®. In some cases, a contract or a set of financial statements may be a good starting point to gauge potential cash flows.

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Going Concern

AUGUST 2, 2024

Thai court orders class action against Deloitte over Stark fraud case [ Reuters ] A Thai court will allow a class action suit against the local arm of accounting firm Deloitte over its audit of scandal-hit Stark Corporation, it said in a document on Wednesday. PwC chief’s $1.2m

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