LSLCPAs

SEPTEMBER 3, 2024

Calling all local government finance departments! Let’s talk about your financial statements, which can be your Annual Comprehensive Financial Report (ACFR), Popular Annual Financial Report (PAFR), budget book, or even a small monthly report. Maybe you’d like to. Maybe you’d like to.

financial statements 52

financial statements Government Finance cpas 52

Accounting Today

JULY 7, 2022

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financial statements 98

financial statements accounting standards Government accounted 98

CTP

OCTOBER 28, 2024

On the tax filing and compliance side, you might produce financial statements for that family on a regular basis. By guiding clients on what type of entity to establish and what the governance documents should include, you can help ensure they achieve maximum tax savings. This may operate similarly to an enterprise.

Tax 105

Tax Government Real Estate payroll tax 105

TaxConnex

JANUARY 2, 2024

Sales and use taxes collected on behalf of the government are considered government funds upon collection. You could be at risk for heavy penalty and fees depending on your sales tax exposure. How do you estimate your exposure, how do you rectify it and move forward to compliance?

Sales 264

Sales Tax financial statements audit 264

Cherry Bekaert

AUGUST 31, 2023

Contributors: Jack McKee, Manager, Government & Public Sector With staffing challenges and exceedingly more complex Government Accounting Standards Board (GASB) requirements , many government and public sector organizations are finding it difficult to focus on their core mission and deliver results for constituents.

Government 98

Government accounted Account accountant 98

Going Concern

JANUARY 8, 2024

Refresher: Municipalities across the US are at risk of having their credit ratings downgraded or withdrawn by S&P Global Ratings because staffing shortages have delayed financial disclosure documents. The firm works with the local governments to compile information for the audit throughout the year.

Wyoming 126

Wyoming audit Government Montana 126

Going Concern

MARCH 8, 2023

The Financial Reporting Council has fined PwC £7.5 Babcock conducts most of its business with the government, particularly the Ministry of Defence (don’t @ us, that’s how they spell it across the pond). million ($8.9

audit 105

audit Government auditor financial statements 105

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

Withum

MARCH 4, 2025

The Governmental Accounting Standards Board (GASB) issued Statement No. 103: Financial Reporting Model Improvements to provide updated guidance on several areas of the financial reporting model. It is the most significant update to the financial reporting model since GASB Statement No.

financial statements 52

financial statements Government accounting and finance accounting standards 52

CPA Practice

NOVEMBER 11, 2024

Validis : With notable improvements in financial statement ingestion, the ability to read financials from all accounting systems, and a preliminary partnership with Suralink , this audit support product may be the most improved year over year. TeamMate : Provides a suite of audit management and analytics tools.

accounting firms 111

accounting firms Technology accounted Account 111

Going Concern

JANUARY 3, 2025

Public audits are falling behind throughout central Maine [ Portland Press Herald ] Across central Maine, government agencies regularly seek the services of audit firms, which inspect financial records to ensure they are accurate and ensure financial procedures are being followed. Audit firms face a unique set of challenges.

auditor 98

auditor audit Rhode Island cpa firm 98

ThomsonReuters

JANUARY 9, 2025

The extensive reliance on manual spreadsheets and inconsistent policies, coupled with data fragmentation from a lack of standardization and centralization, increases the complexity of corporate governance processes. Highlights: Accurate statutory reporting is crucial to prevent financial and reputational risks.

Technology 52

Technology Government financial statements Tax 52

ThomsonReuters

NOVEMBER 7, 2024

← Blog home As the global business environment continues to evolve, the 2024 State of Corporate ESG report by Thomson Reuters Institute sheds light on the shifting dynamics of Environmental, Social, and Governance (ESG) initiatives.

Technology 97

Technology Manufacturing financial statements Tax 97

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. Digging Into GASB Statement No. 101 Here’s an in-depth look at GASB Statement No. Objective of GASB Statement No.

Government 59

Government accrual accounting financial statements accounting standards 59

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. 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

Going Concern

NOVEMBER 8, 2024

Municipal Messes Delayed audit finds ‘material weaknesses’ in Elton’s finances and procedures [ KPLC (Louisiana)] The town agreed to address such deficiencies including timely adopting an operating budget, hiring someone qualified to prepare financial statements, and submitting required paperwork to the Legislative Auditor’s Office by the due date.

Florida 98

Florida Mississippi audit auditor 98

Going Concern

MARCH 17, 2023

creating general ledgers, organizing financial statements, and handling pricing and invoicing. The rival operatives, who spoke on condition of anonymity, say the leaks scandal gave the Greens and the Labor government an excuse to scrutinise their public sector work yet again. The rule would make the U.S.

Government 97

Government Gambling audit CPA 97

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. What Does GASB 102 Change?

financial statements 95

financial statements Government Manufacturing accounting and finance 95

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 accounted 52

Cherry Bekaert

JANUARY 24, 2024

One of the challenges with the prior period adjustment guidance in GASB 62 was that financial statement preparers were unsure how to apply the guidance in certain situations, which led to a lack of consistency across governments. GASB Statement No. This may deter governments from ever demoting funds to non-major.

accounting principles 99

accounting principles accounted Account accountant 99

Withum

JANUARY 29, 2025

This course has a clear objective introducing the students to financial accounting, the accounting cycle, fundamental accounting concepts for business transactions, and preparing and analyzing financial statements. Yet a 40-page financial statement comprises five pages of numbers and 35 pages of words!

financial statements 52

financial statements accounting and finance accounting principles financial accounting 52

Accounting Insight

JANUARY 22, 2025

Validates AI-powered algorithms automate the financial statement review process. has revolutionized the way BDO approaches financial statement reviews, seamlessly integrated into our workflows and delivered unparalleled efficiency and accuracy. Plans to localize Validate are due to be announced in the future.

Technology 52

Technology audit financial statements accounting and finance 52

CPA Practice

AUGUST 16, 2024

Privately held applicants will be required to submit audited financial statements prepared in accordance with U.S. Not be under investigation by, or in litigation with, any government agency that would limit the IRS’s access to current tax records.

Tax 105

Tax accounting principles tax return financial statements 105

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

ThomsonReuters

MARCH 17, 2025

As financial reporting complexities grow, firms must adapt their methodology and maintain clear, detailed records that demonstrate compliance with these evolving standards. For example, PPCs Guide to PCAOB Audits includes all the guidance and practice aids your firm needs to perform both an integrated audit and a financial statement audit.

audit 52

audit auditor Technology financial statements 52

Going Concern

OCTOBER 2, 2023

877,300 USD) of which $1 million went to the Ontario Government and $200,000 went to CPA Ontario to cover costs of investigation and prosecution. Also, the firm was not registered or licensed by the relevant provincial CPA body to perform audits of the financial statements in the respective jurisdiction. million CDN (approx.

public accounting 116

public accounting audit financial statements CPA 116

LSLCPAs

MARCH 11, 2024

It involves reconciling key financial accounts, verifying transactions are captured and in the correct account, and preparing monthly financial statements to provide an accurate snapshot of a organization’s financial health throughout the year. Timely and accurate month-end close processes.

Government 59

Government Finance cpas accounting and finance 59

CPA Practice

OCTOBER 31, 2024

By examining the components of GAAP financial statements and the FAR’s directives on cost allocation, we aim to furnish contractors with the knowledge and examples to develop a chart of accounts. We recommend following the convention outlined below for the first character for a government contractor’s chart of accounts.

accounted 121

accounted Account accountant Government 121

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”.

accounted 130

accounted Account accountant bookkeeping 130

ThomsonReuters

MAY 16, 2024

These improvements aim to ensure the fairness of financial statements and boost stakeholder confidence. This includes ensuring that the audit is properly planned and performed to obtain reasonable assurance about whether the financial statements are free of material misstatement , whether due to error or fraud.

auditor 98

auditor audit financial statements Government 98

Going Concern

JANUARY 9, 2025

Restatements of financial statements and management reports on internal control over financial reporting (ICFR) that were audited by the firm over the past three years. See also Project on Government Oversight’s 2019 banger “ How an Agency You’ve Never Heard of Is Leaving the Economy at Risk.”

audit 125

audit auditor Education accounting firms 125

Cherry Bekaert

JUNE 25, 2024

Contributors: Jeffrey Annessa , Artan Ivezaj Government contracts often come with specific requirements, conditions and regulations. Among those regulations are the Cost Accounting Standards (CAS), which are one of the most common challenges faced by emerging government contractors.

accounting standards 52

accounting standards cost accounting Government accounted 52

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

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

SMBAccountant

MAY 17, 2024

Navigating the complexities of financial management is crucial to the success of any business. Establishing a core understanding of key accounting principles not only instills confidence but also ensures compliance with accounting and government regulations. sole proprietorship, LLC, corporation).

accounting software 130

accounting software Legal tax return financial statements 130

CPA Practice

JULY 23, 2024

The proposed ASU is expected to (1) reduce the cost and complexity of evaluating whether these contracts are derivatives, (2) better portray the economics of those contracts in the financial statements, and (3) reduce diversity in practice resulting from changing interpretations of the existing guidance,” the FASB said.

accounted 122

accounted Account accountant accounting principles 122

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. What Are the Requirements for an Adequate Accounting System?

accounting system 52

accounting system Government audit accounted 52