Randal DeHart

AUGUST 9, 2024

Understanding financial statements might sound daunting, but small business owners like you must stay on top of your game. Each financial report offers unique insights into your company's economic status. Let's look at the critical components of financial statements and why they matter to construction contractors.

financial statements 87

financial statements Construction Gaming quickbooks 87

Accounting Today

AUGUST 29, 2024

As economic conditions fluctuate and accounting standards evolve, auditors face increasing challenges in evaluating how organizations estimate and report credit losses and providing a comprehensive overview of credit loss assessment in financial statement audits.

financial statements 94

financial statements audit auditor accounting standards 94

Accounting Today

JUNE 4, 2024

ChatGPT accurately predicted earnings directions 60% of the time versus 52.71% for human analysts.

financial statements 98

financial statements 98

CPA Practice

SEPTEMBER 24, 2024

The AICPA is seeking to amend its standard related to financial statement preparation, which would clarify that a CPA wouldn’t be required to apply AR-C Section 70, Preparation of Financial Statements, when financial statements are prepared as a byproduct of a client advisory services (CAS) engagement.

financial statements 69

financial statements cpas CPA audit 69

Accounting Today

JULY 31, 2024

The International Accounting Standards Board published a consultation document with eight proposed illustrative examples to show how companies could apply International Financial Reporting Standards when reporting the effects of climate-related and other types of uncertainties in their financial statements.

financial statements 75

financial statements international accounting standards accounting standards Account 75

RogerRossmeisl

MARCH 14, 2021

Plan early to engage a fraud expert to review financial statements and other documents for signs that you could be dealing with a dishonest seller. Subtle warning signs When reviewing a seller’s financial statements, forensic experts look for subtle warning signs of fraud.

financial statements 244

financial statements CPA Sales 244

RogerRossmeisl

JULY 17, 2024

To make an acquisition more enticing, sellers could fake rent rolls, financial statements or other documents that indicate an asset’s profitability. Staying current on common schemes and red flags also may enable you to identify risky transactions before you put down any money.

Real Estate 252

Real Estate CPA financial statements cpa firm 252

RogerRossmeisl

MAY 30, 2022

Financial statements are an important source of data for valuing a business. To help clarify matters, experts often make various adjustments to the financials. But they tell only part of the story. Here are some examples. Here are some examples. Historical data is less relevant if operations are expected to change in the future.

financial statements 216

financial statements Legal CPA 216

RogerRossmeisl

JUNE 24, 2024

When valuing a business, experts often look beyond the company’s financial statements. Management interviews and document requests may provide additional objective insight into how much the owners believe the business is worth.

financial statements 238

financial statements CPA 238

RogerRossmeisl

MAY 15, 2023

Valuing a business requires more effort than just plugging numbers from the financial statements into a spreadsheet or artificial intelligence software program. Financial statements, tax returns and marketing materials tell only part of the story.

tax return 211

tax return financial statements CPA Retail 211

RogerRossmeisl

MAY 8, 2022

Many fraud investigations focus on financial statements. Because cash is the most commonly stolen business asset, fraud experts regularly scrutinize statements of cash flow for signs of misappropriation and fraudulent disbursements. Unusual changes Your statement of cash flows shows how cash changed during the year.

forensic accounting 236

forensic accounting accounting and finance financial statements CPA 236

RogerRossmeisl

NOVEMBER 13, 2022

So valuators conducting an appraisal might ask management about the company’s internal controls — its policies and procedures to protect assets and ensure reliable financial statements. Gauging fraud risk Business value is a function of risk and return, and one critical risk factor companies face is fraud.

financial statements 235

financial statements CPA 235

RogerRossmeisl

MAY 5, 2022

An experienced business valuation professional considers more than just a company’s financial statements when quantifying its value.

financial statements 221

financial statements CPA 221

TaxConnex

JANUARY 2, 2024

There are two primary reasons to estimate the prior period sales tax exposure: The data will assist in determining a mitigation strategy; and  If you are publicly traded, you are required to disclose the exposure on the financial statements if it meets the reportable criteria/thresholds.

Sales 264

Sales Tax financial statements audit 264

RogerRossmeisl

JANUARY 26, 2022

This financial statement reports “book values” for the company’s assets and liabilities. The cost (or asset-based) approach to valuing a business focuses on the balance sheet. Here’s how the cost approach works and when it might be an appropriate method of valuation.

Real Estate 214

Real Estate accounting principles CPA financial statements 214

RogerRossmeisl

NOVEMBER 6, 2023

When preparing a business valuation, quantitative data — from tax returns, financial statements, contracts and other sources — is important. But there’s more to a company than numbers. Qualitative factors also contribute to a company’s overall value. Websites and marketing materials can provide only limited insight.

tax return 210

tax return CPA financial statements Tax 210

SMBAccountant

JULY 14, 2020

One of the most common errors made by executives in a small startup is assuming that the reporting basis for accurate financial statements can be changed by clicking the single button at the top of the QuickBooks report. It seems simple, but in reality entails much more. Most small businesses choose to keep their books on cash basis.

Government 246

Government accrual accounting quickbooks Account 246

RogerRossmeisl

JULY 16, 2023

Look at the numbers During the due diligence process of a merger or acquisition, forensic experts review financial statements for subtle warning signs of fraud. To ensure the transaction is what it appears to be, acquaint yourself with the issues and include a forensic accounting expert on your deal team.

forensic accounting 198

forensic accounting financial statements Legal CPA 198

RogerRossmeisl

JULY 17, 2022

The cost (or asset) approach specifically focuses on this part of a company’s financial statements. The balance sheet — which shows a company’s assets and liabilities — is a logical starting point for valuing certain types of businesses. Here’s an overview to help you understand this valuation technique. How does it work?

accounting principles 194

accounting principles CPA financial statements Account 194

RogerRossmeisl

FEBRUARY 25, 2024

Although financial statement fraud is the least common form of occupational theft (9% of incidents), it costs organizations the most in financial losses, according to the Association of Certified Fraud Examiners. Businesses defrauded by financial statement schemes had median losses of $593,000.

accounting principles 117

accounting principles financial statements Account accountant 117

Acterys

OCTOBER 20, 2024

Financial reporting provides a retrospective view of your company’s financial status. It focuses on presenting financial data clearly and in accordance with accounting standards. This process involves generating financial statements based on historical data, with an emphasis on compliance and established procedures.

financial statements 130

financial statements accounting and finance accounting standards Sales 130

RogerRossmeisl

OCTOBER 29, 2023

It’s also a common financial statement adjustment that valuators make when valuing a business. Reasonable compensation is an issue that comes into play in divorce, shareholder disputes and tax cases. Although experts are often hired to make the calculations, business owners and attorneys should understand how they do it.

financial statements 176

financial statements CPA Sales Tax 176

RogerRossmeisl

MAY 5, 2023

Before a business goes on the market, a valuation pro can help address the following critical items: Financial statements. Audited financial statements offer prospective buyers greater assurance than reviews, The post Selling a Private Business?

financial statements 144

financial statements audit CPA Sales 144

RogerRossmeisl

AUGUST 18, 2021

They’re uniquely qualified to review financial statements and business records and to interview employees to find evidence of misrepresentations and theft. Forensic accountants are professionals who have received specialized training to uncover fraud and protect against fraud threats.

forensic accounting 172

forensic accounting Account accountant accounted 172

SMBAccountant

NOVEMBER 4, 2021

This is why all 3 financial statements (balance sheet, profit and loss or income statement, and cashflow statement) are imperative to review and understand. For cash basis financials, the difference in net income and cashflow will be less. A company pays cash for things that don’t show up on the profit and loss.

financial statements 246

financial statements Account accounted accountant 246

RogerRossmeisl

FEBRUARY 20, 2023

So, prospective financial statements can be subjective and risky, especially in today’s volatile marketplace. Professional skepticism When evaluating prospective financials, valuators must exercise professional judgment and consider making adjustments where necessary. However, no one can see into the future.

financial statements 167

financial statements CPA 167

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

RogerRossmeisl

FEBRUARY 14, 2023

Challenging the status quo The last three to five years of financial statements are usually on the list of documents experts use to value a business. With some companies, it’s possible to simply take historical financial statements and apply an assumed growth rate into perpetuity.

financial statements 130

financial statements CPA 130

Accounting Today

JULY 12, 2024

The Financial Accounting Standards Board released a new chapter of its Conceptual Framework on the measurement of items recognized in financial statements, while also drawing that project to a close.

accounting standards 124

accounting standards financial statements financial accounting Account 124

Acterys

JULY 12, 2023

In the dynamic world of finance, where strategic decisions shape the course of businesses, mastering vertical analysis can help you simplify your statement, make critical financial decisions, and understand the underlying composition and trends that drive your business’ financial performance. Why Use Vertical Analysis?

financial statements 130

financial statements accounting and finance accounts payable Sales 130

CPA Practice

JANUARY 11, 2024

The new statement is meant to provide financial statement users with information about certain risks when circumstances make a government vulnerable to a heightened possibility of loss or harm. GASB Statement No. The concentration or constraint is known to the government prior to issuing the financial statements.

financial statements 105

financial statements Control Spend Government accounting standards 105

Acterys

SEPTEMBER 25, 2023

However, there are simple ways to take advantage of Power BI’s financial reporting capabilities combined with a comprehensive suite of visuals and advanced features. Learn more about financial reporting with Power BI and how you can unlock the power of write-back Power BI planning, create financial statements and manage models effectively.

financial statements 130

financial statements NetSuite quickbooks accounting system 130

Withum

DECEMBER 18, 2024

Finance teams planning for their year-end financial statement audit have an even longer list of things to think about at the end of the year, including income statements, balance sheets, and, finally, the income tax provisions and disclosures that must be presented in the financial statements.

Tax 93

Tax auditor financial statements income tax 93

BurklandAssociates

MARCH 7, 2023

The deferred revenue schedule is an important tool to manage cash flow and ensure your startup's financial statements accurately reflect its position. The post Deferred Revenue Schedule for Startups appeared first on Burkland.

financial statements 130

financial statements accountant Account accounted 130

CPA Practice

DECEMBER 22, 2023

Financial Statement Manipulation Manipulation of financial statements is another common form of fraud. To identify financial statement fraud, organizations should conduct variance analyses, benchmarking and regular review of financial statements.

Expense Reimbursements 117

Expense Reimbursements payroll general ledger financial statements 117