CPA Practice

MARCH 16, 2023

The Financial Accounting Standards Board released a proposed Accounting Standards Update (ASU) on Wednesday that addresses requests from investors for improved income tax disclosures.

income tax 111

income tax Tax accounting standards financial statements 111

CPA Practice

OCTOBER 17, 2024

The Governmental Accounting Standards Board ( GASB ) has issued guidance that establishes requirements for certain types of capital assets to be disclosed separately for purposes of note disclosures. GASB Statement No. Recent GASB pronouncements like Statement Nos.

financial statements 128

financial statements accounting standards Sales Government 128

CPA Practice

JUNE 24, 2024

Here are some recommended forms and templates that can be valuable: Client Onboarding Form: To gather essential information from new clients, including contact details, business nature, and financial information. Additionally, they should be regularly updated to comply with evolving accounting standards and regulations.

accounting firms 124

accounting firms cpa firm Account accounted 124

CPA Practice

NOVEMBER 27, 2023

The Financial Accounting Standards Board (FASB) on Monday approved new rules that are expected to improve disclosures about a public company’s reportable segments and provide more information to investors about a segment’s expenses. The changes outlined in Accounting Standards Update (ASU) No.

accounting standards 125

accounting standards financial statements financial accounting accounted 125

Going Concern

JULY 23, 2024

Exactly what they said was: The PCAOB’s standard-setting agenda includes a research project to assess whether there is a need for guidance, changes to PCAOB standards, or other regulatory actions in light of the increased use of technology-based tools in the preparation and subsequent audit of financial statements.

audit 118

audit financial statements accounting standards Legal 118

CPA Practice

OCTOBER 31, 2024

The Financial Accounting Standards Board (FASB) has published a proposed Accounting Standards Update (ASU) intended to improve the requirements for identifying the accounting acquirer in FASB Accounting Standards Codification Topic 805, Business Combinations.

accounting standards 111

accounting standards Account accounted accountant 111

CPA Practice

NOVEMBER 4, 2024

A new standard requiring public companies to disclose, in interim and annual reporting periods, additional information about certain expenses in the notes to financial statements was finalized by the Financial Accounting Standards Board (FASB) on Nov.

financial statements 116

financial statements accounting standards financial accounting Sales 116

CPA Practice

JANUARY 11, 2024

The Governmental Accounting Standards Board has issued new guidance that requires state and local governments to disclose information about certain risks. GASB Statement No. This would allow users to make informed decisions about these and to evaluate accountability. Earlier application is encouraged.

financial statements 105

financial statements Control Spend Government accounting standards 105

CPA Practice

NOVEMBER 25, 2024

The Financial Accounting Standards Board (FASB) has issued the report on Post-Implementation Review: Revenue from Contracts with Customers (Topic 606). Jones and Technical Director Jackson M.

accounting standards 111

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SMBAccountant

NOVEMBER 21, 2022

When clients start with us, they often question the amount of information that we request. “My My old bookkeeper didn’t ask for all this” is a statement we hear often. Managers want to hand off their accounting and let it happen in its own vacuum. Unfortunately, this isn’t quite how accounting functions. Permalink

Account 130

Account accounted accountant bookkeeping 130

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.

Account 122

Account accounted accountant accounting principles 122

CPA Practice

JULY 15, 2024

The Financial Accounting Standards Board (FASB) issued a new chapter of its Conceptual Framework related to the measurement of items recognized in financial statements on July 12, marking the end of this multiyear project.

accounting concepts 104

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CPA Practice

OCTOBER 9, 2023

The Financial Accounting Standards Board ( FASB ) has issued an Accounting Standards Update (ASU) that incorporates certain U.S. Securities and Exchange Commission (SEC) disclosure requirements into the FASB Accounting Standards Codification. In SEC Release No.

accounting principles 110

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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. What are the main accounting assumptions?

Account 96

Account accounted accountant accounting principles 96

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

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CPA Practice

JUNE 2, 2023

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.

accounting standards 52

accounting standards Account accounted accountant 52

CPA Practice

DECEMBER 22, 2023

The Financial Accounting Standards Board has issued a proposed new chapter of its Conceptual Framework related to the measurement of items recognized in financial statements. A Statement of Financial Accounting Concepts is nonauthoritative and does not establish or change generally accepted accounting principles.

accounting principles 104

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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.

accounting standards 52

accounting standards cost accounting Government Account 52

Withum

MARCH 1, 2024

In November 2023, the Financial Accounting Standards Board (FASB) issued a new Accounting Standards Update (ASU) to improve disclosures related to reportable segments. Segment information allows users of the financial statements to better understand the activities that comprise a company’s business.

Non-Profits 80

Non-Profits financial statements accounting standards accounted 80

CPA Practice

SEPTEMBER 7, 2023

The Financial Accounting Standards Board (FASB) unanimously approved new rules on Sept. Our mission is to best reflect the economics of a transaction and provide investors and allocators of capital with the information they need. I think this [standard] moves the needle there.

accounting standards 98

accounting standards financial statements Account accounted 98

Cherry Bekaert

FEBRUARY 12, 2024

On December 14, 2023, the Financial Accounting Standards Board (FASB) issued final guidance concerning income tax disclosures, labeled Accounting Standards Update No. Early adoption is permissible for unaudited annual financial statements. 2023-09 (ASU 2023-09).

income tax 105

income tax Tax accounting standards financial statements 105

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. GASB 100 will apply to all governmental entities and will impact how entities define an accounting error or change. GASB Statement No.

accounting principles 99

accounting principles Account accounted accountant 99

Accounting Today

NOVEMBER 4, 2024

In response to demand from investors, public companies will be required to disclose more information about certain expenses in the notes to financial statements.

financial statements 111

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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

FEBRUARY 23, 2024

The Governmental Accounting Standards Board (GASB) recently issued Statement No. The statement aims to provide financial statement users with improved and comparable information regarding compensated absences by establishing a unified model for recognizing and measuring compensated absences.

accounting standards 93

accounting standards Government financial statements audit 93

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. A summary of those changes follows: Staff Accounting Bulletin No.

financial statements 111

financial statements accounting and finance accounting standards Finance 111

CPA Practice

MARCH 24, 2023

The Financial Accounting Standards Board (FASB) on Thursday published an exposure draft of its proposed accounting rules on how companies should report certain types of crypto assets and digital currencies.

Account 111

Account accounted accountant accounting standards 111

Withum

JANUARY 12, 2024

Obtaining a PPA is important for several reasons, particularly the following: Accurate Financial Reporting PPAs ensure that the financial statements of the acquiring company accurately reflect the fair value of the assets and liabilities acquired in the business combination.

Real Estate 75

Real Estate accounting standards financial statements accounting principles 75

Cherry Bekaert

SEPTEMBER 22, 2023

Contributors: Graham Michitsch, Senior Manager On September 6, 2023, the Financial Accounting Standards Board voted on cryptocurrency accounting and set in place a new rule that business must use fair-value accounting for certain crypto assets that meet the predefined criteria, such as bitcoin.

Account 105

Account accounted accountant accounting standards 105

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

Anders CPA

JULY 6, 2022

One of those being the accounting involved in combining businesses. To help simplify purchase accounting for business combinations involving private companies, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-18 back in December 2014.

Account 105

Account accounted accountant financial statements 105

Withum

DECEMBER 2, 2024

Moreover, cash basis accounting is not compliant with Generally Accepted Accounting Principles (GAAP), as established by the Financial Accounting Standards Board (FASB). GAAP mandates the use of accrual accounting, meaning businesses relying solely on cash basis accounting may face compliance issues.

accrual accounting 105

accrual accounting Account accounted accountant 105

CPA Practice

SEPTEMBER 25, 2024

The Financial Accounting Standards Board (FASB) released an exposure draft on Sept. 25 on a proposal that would clarify parts of its current guidance on hedge accounting and address several incremental hedge accounting issues arising from the global reference rate reform initiative.

Account 111

Account accounted accountant accounting standards 111

inDinero Accounting

JUNE 29, 2023

With this knowledge, you will gain insight into this important topic and have the tools needed to make informed decisions about their business practices. What are Generally Accepted Accounting Principles (GAAP)?

accrual accounting 91

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ThomsonReuters

APRIL 5, 2024

That’s because interim tax reporting plays a pivotal role in providing valuable financial information between annual reporting periods. Interim tax reports give stakeholders important financial information needed to evaluate tax-related risks and opportunities, and to make informed investment or lending decisions.

Tax 68

Tax income tax financial statements accounting standards 68

Basis 365

JUNE 29, 2023

A bookkeeper is responsible for maintaining accurate and up-to-date financial records for a business. They record transactions, reconcile accounts, and generate financial statements. In addition, bookkeepers typically handle day-to-day financial tasks such as invoicing, accounts payable, and accounts receivable.

bookkeeping 90

bookkeeping accounts payable basic accounting accounting and finance 90

Withum

OCTOBER 20, 2022

The new lease accounting standards under ASC 842 were effective for private companies beginning January 1, 2022. These new standards require companies to record substantially all leases on their balance sheets and will affect real estate leases for both tenants and landlords. Author: Lauren Riso | lriso@withum.com. Contact Us.

Real Estate 78

Real Estate Account accounted accountant 78