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Along this journey, influential organizations such as FASB and InternationalAccountingStandards Board have played a major role in establishing and maintaining GAAP standards across different jurisdictions and industries worldwide. Not all organizations need to worry about GAAP.
What is the indirect method of accounting for cash flow? How are accountspayable handled on a cash flow statement? If you have a specific question about how to get the most out of your business financials, inDinero’s accounting and tax experts are here to help. IFRS is the global accountingstandard.
If you complete work for a customer in March but get paid in April, under accrual accounting you’d record the payment in March, but with cash accounting you’d record it in April. Most small businesses use cash accounting because it’s simpler. There’s no accounts receivable or accountspayable ledger—only money received or paid.
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