Cherry Bekaert

MAY 9, 2024

The Governmental Accounting Standards Board (GASB) has issued Statement No. 102, Certain Risk Disclosures , to provide users of government financial statements with essential information about risks related to a government’s vulnerabilities due to certain concentrations or constraints.

financial statements 95

financial statements Government Manufacturing accounting and finance 95

Cherry Bekaert

APRIL 16, 2024

The Governmental Accounting Standards Board (GASB) recently issued Statement No. 102, which adds new disclosure requirements for governments. Numerous risks loom over state and local governments, which could impair their service delivery or hinder their capacity to fulfill obligations in a timely manner.

Government 96

Government accounting standards financial statements audit 96

Cherry Bekaert

FEBRUARY 23, 2024

The Governmental Accounting Standards Board (GASB) recently issued Statement No. 101, Compensated Absences, to update the recognition, measurement and disclosure requirements for compensated absences in state and local governments.

accounting standards 93

accounting standards Government financial statements audit 93

CPA Practice

JULY 23, 2024

Investors, accounting firms, and other stakeholders have until Oct. 21 to provide comments on a new proposed Accounting Standards Update (ASU) issued by the Financial Accounting Standards Board (FASB) on Tuesday that aims to clarify rules on derivative accounting.

accountant 122

accountant Account accounted accounting principles 122

Cherry Bekaert

JANUARY 24, 2024

Contributors: DeWanna Coleman Governmental Accounting Standards Board (“GASB”) Statement No. 100, Accounting Changes and Error Corrections—an amendment of GASB Statement No. One government might report an accounting change, while another government might report a similar change as an error correction.

accounting principles 99

accounting principles accountant Account accounted 99

SMBAccountant

NOVEMBER 21, 2022

Financials statements and performance are no different. If incorrect or inaccurate data is used or missing, the financial performance and indicators used to determine success, value, creditworthiness, and financial viability are also not correct. Most of us are familiar with the saying “garbage in, garbage out”.

accountant 130

accountant Account accounted bookkeeping 130

ThomsonReuters

FEBRUARY 8, 2024

Therefore, when serving business clients, it is important that accounting professionals have the right framework to ensure that proper financial reporting procedures are in place to help with accounting assumptions. What are the main accounting assumptions? Let’s take a closer look at each one. dollars, euros, etc.)

accountant 96

accountant Account accounted accounting principles 96

Withum

SEPTEMBER 19, 2024

The Governmental Accounting Standards Board (GASB) issued Statement No. 101 to provide updated guidance on the recognition and measurement of compensated absences for government entities. Objective of GASB Statement No. 101 The primary objective of GASB Statement No.

Government 59

Government accrual accounting financial statements accounting standards 59

CPA Practice

NOVEMBER 25, 2024

The Governmental Accounting Standards Board (GASB) issued two exposure drafts on Monday: one on a proposed standard on subsequent events and the other a proposed update to an implementation guide in the form of questions and answers intended to clarify, explain, or elaborate on certain GASB pronouncements.

accounting principles 108

accounting principles financial statements accounting standards audit 108

Katz,Sapper&Miller

FEBRUARY 27, 2020

The Governmental Accounting Standards Board (GASB) has created a single approach to accounting for and reporting of leases with the issuance of GASB Statement No. 87, Leases (Statement 87). State and local governments should expect Statement 87 to have a significant impact on their financial statements.

Government 55

Government accountant Account accounted 55

CPA Practice

MAY 28, 2024

The Governmental Accounting Standards Board (GASB) has issued guidance designed to improve key components of the financial reporting model—the blueprint for governmental financial reports. GASB Statement No.

Government 52

Government financial statements accounting standards Account 52

Anders CPA

JANUARY 8, 2024

Jeanne Dee, CPA/CGMA, audit and assurance partner at Anders CPAs + Advisors (Anders), has been appointed to the Financial Accounting Standards Board (FASB) Not-for-Profit Advisory Committee (NAC) effective January 1, 2024. As one of the six new NAC members, Jeanne will serve a four-year term ending on December 31, 2027.

Missouri 98

Missouri audit accounting principles public accounting 98

Cherry Bekaert

MAY 9, 2024

For many architecture and engineering (A&E) firms, overhead rate audits are a critical aspect of financial management since they can be a great way for firms to recoup incurred costs necessary to run their business from the government. The firm should ensure that its financial statements are accurate and up to date.

audit 115

audit auditor Transportation Government 115

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.

accrual accounting 98

accrual accounting accounting principles accounts payable accounting standards 98

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.

financial statements 111

financial statements accounting and finance accounting standards Finance 111

SkagitCountyTaxServices

JUNE 8, 2022

If the last 20 years of the economy’s highs and lows, downturns and headlines taught us anything about business, it’s that complete and transparent accounting is in everyone’s best interest. One independent organization working to keep companies’ books clear and honest is the Financial Accountant Standards Board.

accounting principles 88

accounting principles accounting standards accrual accounting Education 88

Cherry Bekaert

MAY 22, 2023

Over the last year, governmental financial statement preparers’ attention has shifted from Leases to SBITAs, leaving some to wonder about Public-Private Partnerships (P3s). In its broadest sense, a vendor/customer relationship with a government can be considered a P3. A lease might also be considered a P3.

Hospitality 98

Hospitality Construction accounting and finance Government 98

Cherry Bekaert

JANUARY 19, 2023

Contributor: Jack McKee, Manager | Government & Public Sector Governmental Accounting Standards Board (GASB) Statement 96 provides guidance and addresses how the costs and investments for subscription-based information technology arrangements (SBITAs) are accounted for and disclosed by governmental entities.

Technology 98

Technology Government accounting standards financial statements 98

Accounting Today

NOVEMBER 25, 2024

The Governmental Accounting Standards Board issued an exposure draft on how to account for transactions that occur after the date of the financial statements.

accounting standards 64

accounting standards financial statements accounted Account 64

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?

Non-Profits 82

Non-Profits financial statements accounts payable accounting and finance 82

Cherry Bekaert

JUNE 20, 2024

More than 20 years after issuing Statement No. 103, Financial Reporting Model Improvements (GASB 103). Governments should disclose the program, function, or identifiable activity to which an unusual or infrequent item is related and whether it is within the control of management.

financial statements 64

financial statements Government accounting and finance accounting standards 64

Cherry Bekaert

JUNE 27, 2024

In Part 1 of our series on Contractor Business Systems, we explore the requirements for a government-approved adequate accounting system as outlined in DFARS 252.242-7006 and required by Federal Acquisition Regulation (FAR) 16.301-3 in the award of a cost-reimbursable type contract.

accounting system 52

accounting system Government audit accountant 52

CPA Practice

SEPTEMBER 1, 2023

More than 90% of companies in 90 countries are prioritizing Environmental, Social and Governance (ESG) goals. 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.

accounting and finance 98

accounting and finance Non-Profits accounting standards Finance 98

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. For summaries of standards issued in the first three quarters, view our previous rundowns here.

income tax 95

income tax financial statements accounting standards Tax 95

ThomsonReuters

OCTOBER 18, 2024

Statutory reporting is a critical process for multinational corporations, involving the preparation and submission of financial statements to comply with legal obligations across various jurisdictions. Key components of statutory reports include financial statements and ESG disclosures, enhancing stakeholder trust and governance.

Non-Profits 52

Non-Profits Legal financial statements tax return 52

CPA Practice

JULY 24, 2024

Business life cycle accounting and reporting challenges For private companies, these challenges can mean fewer staffers who understand accounting standards, internal systems that are either incomplete or not implemented properly, and potentially insufficient audit preparation when the company goes public.

accountant 104

accountant Account accounted audit 104

CPA Practice

APRIL 26, 2023

At the same time, these entities have an increased need for accounting transparency – and not just because it’s the right thing to do, but also because citizens are demanding it. Without a standard accounting method, such committed future liabilities and their related intangible assets are not included on financial statements.

accounting principles 75

accounting principles New Jersey Government financial statements 75

CPA Practice

APRIL 26, 2024

User PCC members noted that the required disclosures in Topic 832, Government Assistance, are important to help users understand the accounting for government grants received by the private companies that they work with. PCC members discussed various ways to educate stakeholders on this Accounting Standards Update.

accounting standards 64

accounting standards Government financial statements Education 64

Withum

AUGUST 19, 2024

The Government Accounting Standards Board (GASB) recently issued Statement Number 102, Certain Risk Disclosures (“GASB 102”). GASB 102 requires state and local governments to disclose material concentrations and constraints in the notes of the financial statements.

financial statements 52

financial statements Control Spend Government accounting and finance 52

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. 10 on the infrastructure assets project, which the standard-setting board said is in its “relatively early stage.”

financial statements 59

financial statements Government accounting standards Account 59

ThomsonReuters

DECEMBER 6, 2022

The spotlight on environmental, social, and governance (ESG) continues to intensify as businesses are increasingly being called upon to disclose more about their ESG performance and strategies. Risks and opportunities related to ESG matters may have an unfavorable, favorable, or neutral effect on financial statements.

auditor 59

auditor accountant Account accounted 59

CPA Practice

JUNE 4, 2024

More than a decade after they were approved by the Governmental Accounting Standards Board (GASB), a post-implementation review (PIR) report released on June 3 found that the board’s pension standards—GASB 67 and GASB 68—met their goals. In June 2012, the GASB approved Statement No.

accounting standards 52

accounting standards financial statements Education Government 52

Withum

JUNE 14, 2023

Companies will have to disclose specific ESG information that regulators and accounting standards require. ESG reporting standards are transitioning from the wild west to ridged government and accounting-imposed standards. Each jurisdiction will require its own IFRS sustainable reporting requirements.

international accounting standards 59

international accounting standards accounting standards audit Agriculture 59

Cherry Bekaert

FEBRUARY 19, 2024

Contributor: Anthony Walsh The Governmental Accounting Standards Board (GASB) has issued Statement No. 101, Compensated Absences , to update the recognition, measurement and disclosure requirements for compensated absences in state and local governments. This new guidance supersedes GASB Statement No.

financial statements 59

financial statements Government payroll payroll tax 59

Cherry Bekaert

JULY 29, 2024

The Financial Accounting Standards Board (FASB) did not issue any new Accounting Standard Updates (ASUs) in the second quarter of 2024, while the Government Accounting Standards Board (GASB) issued one new GASB Statement. Second Quarter 2024 Newly Issued Standards GASB Statement No.

accounting standards 52

accounting standards accounting and finance income tax Government 52

CPA Practice

AUGUST 23, 2023

The Financial Accounting Standards Board (FASB) issued a new standard on Wednesday that addresses the accounting for contributions made to a joint venture, upon formation, in a joint venture’s separate financial statements. A government may also be a member of the group.

accountant 52

accountant Account accounted accounting standards 52

Going Concern

MARCH 8, 2024

Among other findings, the SEC found that CSH violated Rule 2-01 of Regulation S-X (the Rule) by providing prohibited non-audit services to Lordstown while also engaged in auditing Lordstown’s financial statements (which were then used in connection with Lordstown’s registration statements and periodic reports filed with the SEC).

audit 100

audit auditor New York Legal 100