PYMNTS

OCTOBER 9, 2018

Banks and businesses alike are heading toward the 11th hour of changes in accounting standards, which will have a major impact on how companies report financial metrics and performance. Experts say the move will not go unnoticed when the accounting standards begin to take effect for public companies in 2021.

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Withum

MARCH 17, 2025

For importers of raw materials or finished goods, Accounting Standards Codification (ASC) 330: Inventory requires that all costs necessary to bring a product to its saleable state should be classified as inventory. Are Tariffs Considered Inventoriable Costs? Contact Us Have questions and need answers?

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PYMNTS

JUNE 24, 2019

Financial regulators are considering allowing smaller businesses (SMBs) more time to comply with sweeping changes in lease accounting standards, which experts have said will place a significant burden as organizations work to comply with the requirements. We’ll ask you for input on this as well.”

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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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PYMNTS

JANUARY 10, 2019

According to IFAC, incorporating accountants and finance departments in a firm’s risk management strategy can be a critical component of helping businesses understand that risk management is not only about avoiding risky situations, but also aiding in the development of business strategy and identifying opportunity.

Finance 74

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LSLCPAs

DECEMBER 17, 2021

The Financial Accounting Standards Board FASB rejected the Pennsylvania Institute of CPA’s (PICPA) request for a two-year extension of the lease accounting standard’s due date. The lease standard takes effect for nonpublic entities for fiscal years beginning after Dec.

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Accounting Today

SEPTEMBER 30, 2022

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CPA Practice

NOVEMBER 25, 2024

The Board of Trustees of the Financial Accounting Foundation (FAF) has announced the appointment of Robert W. Scott to a five-year term on the Governmental Accounting Standards Board (GASB). Scott currently serves as the director of finance and administration for the city of Brookfield, Wisconsin.

Wisconsin 52

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PYMNTS

DECEMBER 12, 2019

Securities and Exchange Commission is turning its attention to a lack of transparency within corporates’ investor disclosures as more businesses use supply chain financing. Reports in Bloomberg Tax this week said SEC Corporation Finance Deputy Chief Accountant Lindsay McCord spoke Tuesday (Dec. Rising Criticism.

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Withum

MARCH 11, 2024

Accounting Standards Update (“ASU”) 2022-04 Liabilities – Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Programs is effective for fiscal years ending on or after December 15, 2022, which means it is effective beginning with fiscal years ending on December 31, 2023.

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PYMNTS

MARCH 6, 2019

Corporate accounting standards are changing, with the Financial Accounting Standards Board adopting new standards in ways companies report on leases, hedging and other financial activity. In the U.K., In the U.S., But researchers warn that corporates continue to find ways to hide the bad news.

Finance 55

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Shay CPA

FEBRUARY 19, 2025

Accrual accounting can be somewhat complicated, especially for software as a service (SaaS) companies, so we have a guide to help you better understand it. Theres another similar component of GAAP thats relatively new and applies to many startups: lease accounting. As of 2022, all U.S. And this isnt just an audit-specific to-do.

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Shay CPA

FEBRUARY 12, 2025

Because of the Financial Accounting Standards Boards (FASBs) Accounting Standards Codification (ASC) 606 , its mandated that companies use whats called revenue recognition. This means only putting something on your books as revenue as youve actually earned the money.

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CPA Practice

FEBRUARY 13, 2023

Lean accounting: This is a management accounting approach that aligns with the principles of Lean manufacturing, including reducing waste and maximizing value. Automation and digitalization of accounting processes: This includes the use of software systems, cloud computing, and artificial intelligence in the accounting process.

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Going Concern

JANUARY 25, 2023

When Thomson Reuters reported late last year that the Financial Accounting Standards Board (FASB) had proposed an eighth round of changes to lease accounting rules 1 , accounting and finance execs around the country channeled their inner Charlie Browns with a collective, “Good grief!”

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Withum

AUGUST 21, 2023

One of the groundbreaking innovations poised to revolutionize finance is tokenization. Accountants will be instrumental in designing and reviewing these smart contracts to ensure compliance with accounting standards and regulations.

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Shay CPA

APRIL 3, 2024

GAAP stands for Generally Accepted Accounting Principles. These guidelines come from two trusted sources: the Governmental Accounting Standards Board (GASB) and the Financial Accounting Standards Board (FASB). QuickBooks Online), make sure all of your bank accounts sync with it. They widely apply to U.S.-based

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CPA Practice

SEPTEMBER 1, 2023

While it is exciting that organizations are stepping up to pursue responsible practices en masse , the reality is that the onus to comply with related reporting requirements is on accounting and finance professionals. Achieving a successful ESG reporting framework often boils down to a well-defined system of controls and procedures.

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ThomsonReuters

NOVEMBER 8, 2022

SEC Accounting and Reporting Update (SARU): No. Who needs to know : Small, midsize and large finance and accounting professionals that prepare or audit financial statements in compliance with US GAAP. Want more clarity around how to account for revenue-generating contracts in business combinations?

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Cherry Bekaert

AUGUST 31, 2023

Contributors: Jack McKee, Manager, Government & Public Sector With staffing challenges and exceedingly more complex Government Accounting Standards Board (GASB) requirements , many government and public sector organizations are finding it difficult to focus on their core mission and deliver results for constituents.

Government 98

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Withum

MARCH 4, 2025

The Governmental Accounting Standards Board (GASB) issued Statement No. Description of capital asset and long-term financing activities. 103: Financial Reporting Model Improvements to provide updated guidance on several areas of the financial reporting model. Condensed financial information of the financial statements.

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PYMNTS

OCTOBER 25, 2019

Top accountancy firms are asking the Financial Accounting Standards Board (FASB) to clarify how corporates should report on supplier finance programs that are in place, according to Compliance Week reports on Friday (Oct. As the letter notes, U.S.

Finance 40

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PYMNTS

APRIL 29, 2020

Accounts receivable at many businesses continue[s] to grow as their customers hold onto cash,” Jason Brodmerkel, CPA, AICPA senior manager, Accounting Standards, said in the announcement. Providing liquidity for accounts receivable would help encourage growth and investments in business.”.

Finance 57

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CPA Practice

NOVEMBER 6, 2023

The program allows UMCS students to kickstart their careers by developing their accounting, finance, and business skills and earning prestigious professional qualifications alongside their university studies. research program, which explores the future of the finance profession in the age of disruption and uncertainty.

Texas 114

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Cherry Bekaert

MARCH 27, 2024

Additionally, DSTs are financed with non-recourse debt and the beneficiaries do not carry any personal liabilities under the loan. It is critical for an entity to understand how a DST would be accounted for under GAAP before proceeding with an investment. DSTs are becoming more popular as an alternative for Section 1031 exchanges.

Delaware 110

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CPA Practice

APRIL 10, 2024

Tapping the global talent pool The accounting profession is witnessing a remarkable trend: a growing number of accounting and finance professionals in other countries are expanding their expertise and showing a keen interest in collaborating with or working for U.S. accounting standards and practices.

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CPA Practice

OCTOBER 18, 2024

Before his time at the IMA, he served as a Senior Finance Analyst for Volkswagen Group Canada and as a Partner at the consulting firm Focused Management Information, where he assisted clients ranging from Hewlett Packard and Toyota Motor Credit to the Ontario Teacher’s Pension Plan and the Metropolitan Water District of Southern California.

CPA 110

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Cherry Bekaert

APRIL 26, 2024

The Financial Accounting Standards Board (FASB) issued two Accounting Standard Updates (ASUs) in the first quarter of 2024. The Government Accounting Standards Board (GASB) did not issue any new GASB Statements in the first quarter of 2024.

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PYMNTS

AUGUST 1, 2018

Trade finance is a critical part of cross-border trade, particularly for small businesses. The explosion of different kinds of trade finance enables businesses to address multiple areas of cash flow gaps for both buyers and suppliers, all with the same goal: keep the global trade gears turning. Defunct U.K. Defunct U.K.

Finance 40

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CPA Practice

MAY 18, 2023

Justin Chudzik (Pennsylvania), a graduate of the University of Pittsburgh with a Bachelor of Science in Business Administration (majoring in accounting) and a Master of Science in Accounting, is employed with the Financial Accounting Standards Board (FASB) in Norwalk, CT. Michael Paul Donnelly, Jr.

CPA 128

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inDinero Accounting

JUNE 29, 2023

The history of GAAP dates back to 1929 when the Committee on Accounting Procedure was founded by the American Institute of Accountants and tasked with developing uniform accounting standards. Learn more about the difference between cash and accrual accounting methods in another indinero deep dive.

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Cherry Bekaert

MARCH 14, 2023

Scoping For private companies, the first step we recommend performing as part of the adoption of CECL is to identify all in scope financing receivables. standby letters of credit and financial guarantees).

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Cherry Bekaert

OCTOBER 25, 2023

After a period of relative inactivity, standard setters have issued four new standards. The Financial Accounting Standards Board (FASB) has issued Accounting Standard Update (ASU) 2023-03 through ASU 2023-06. According to SAB 120, entities should consider whether observable market prices (e.g.,

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ThomsonReuters

OCTOBER 18, 2024

← Blog home In the industries of business and finance, statutory reporting is a cornerstone of transparency and compliance. By engaging in statutory reporting, corporations avoid significant fines, maintain their financial accuracy, and ensure timely submissions that meet all local compliance standards.

Non-Profits 52

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Cherry Bekaert

MARCH 27, 2024

Additionally, DSTs are financed with non-recourse debt and the beneficiaries do not carry any personal liabilities under the loan. It is critical for an entity to understand how a DST would be accounted for under GAAP before proceeding with an investment. DSTs are becoming more popular as an alternative for Section 1031 exchanges.

Delaware 98

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Basis 365

JUNE 29, 2023

When managing your company's finances, several roles come into play. Outsourced bookkeeping services allow you to focus on running your business while the bookkeeper handles finances. Two of the most important roles are the bookkeeper and the controller. But do you need both or can you get by with just one? What is a Bookkeeper?

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Cherry Bekaert

MAY 9, 2024

The Governmental Accounting Standards Board (GASB) has issued Statement No. 10, Accounting and Financial Reporting for Risk Financing and Related Insurance Issues , which states that risk is “defined variously as uncertainty of loss, chance of loss or the variance of actual from expected results.”

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