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. However, FASB Concepts Statements are nonauthoritative.

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ThomsonReuters

FEBRUARY 8, 2024

Accounting assumptions, along with accounting principles and concepts, provide professionals with the necessary framework for preparing financial statements. It should be noted that accounting assumptions are not based on subjective opinions or guesstimates.

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ThomsonReuters

FEBRUARY 1, 2024

GAAP rules for outstanding checks Staying up to date with GAAP standards Accurately tracking and presenting financial information can be complex, even for smaller organizations. Enter Generally Accepted Accounting Principles, more commonly known as GAAP. What are the GAAP accounting rules? Let’s take a closer look.

Non-Profits 52

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Cherry Bekaert

FEBRUARY 12, 2024

The Financial Accounting Standards Board (FASB) released final guidance regarding income tax disclosures on December 14, 2023. Accounting Standards Update No. Business entities may be required to further disaggregate information by taxing jurisdictions when quantitative thresholds are exceeded.

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Withum

OCTOBER 11, 2023

Even more of the TCJA provisions expire in 2026, including the elimination of the pass-through (199A) deduction and an increase in the top individual income tax rates to 39.6%. Contact Us For more information on this topic, please contact a member of Withum’s Business Tax Services Team.

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ThomsonReuters

JANUARY 18, 2024

“The accountants’ roles and responsibilities remain the same when it comes to ensuring the input is accurate and the output is correct and not misleading.” The goal: to ensure that financial information is consistently and accurately reported. Article How to become an accounting consultant (and why).

Account 59

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Cherry Bekaert

FEBRUARY 8, 2023

Standard setters were relatively inactive this past year. The Financial Accounting Standards Board (FASB) issued only six new Accounting Standard Updates (ASUs) and the Government Accounting Standards Board (GASB) issued only three new GASB Statements in 2022.

Non-Profits 40

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Cherry Bekaert

JANUARY 29, 2024

The Financial Accounting Standards Board (FASB) issued nine Accounting Standard Updates (ASUs), and the Government Accounting Standards Board (GASB) issued only one new GASB Statement in 2023. The latest issue of the Rundown features a summary of the new standards issued in the fourth quarter 2023.

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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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inDinero Accounting

JUNE 24, 2021

One business area with lots of corporate accounting terms is preparing the three essential (3E) financial reports : the profit & loss statement, the balance sheet, and the cash flow statement. In this article, you’ll find the essential information to 38 FAQs about business financial statements and links to further reading.

Non-Profits 75

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Going Concern

DECEMBER 23, 2022

PCAOB Proposes Tighter Requirements for Audit Firms Verifying Outside Information About Clients [ Wall Street Journal ]. Under the current rule, audit firms must send out requests, typically electronically, asking a third party to confirm the accuracy of certain information, such as the amount of accounts receivable.

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