Posts Tagged ‘Accounting’

Accounting & Audit Alert- Reporting profits interest awards

During the pandemic, cash has been tight for many small businesses, which may make it hard to attract and retain skilled workers. In lieu of providing cash bonuses or annual raises, some companies may decide

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Posted In: Alerts & Advisories

Accounting & Audit Alert- Updated guidance for impairment testing: When to consider triggering events

On March 30, the Financial Accounting Standards Board (FASB) published an updated accounting standard on events that trigger an impairment test under U.S. Generally Accepted Accounting Principles (GAAP). This simplified alternative may provide relief to

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Accounting & Audit Alert- 4 ways to improve the effectiveness of your audit committee

Audit committees face many challenges in 2021. As the economy rebounds from the COVID-19 pandemic, there are new dimensions to the oversight roles and responsibilities of the audit committees. Consider taking these following four steps

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Accounting & Audit Alert- How auditors assess cyber risks

Data security is a critical part of the audit risk assessment. If your financial statements are audited, your audit team will tailor their procedures to answer critical questions about cyber risks and the effectiveness of

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Accounting & Audit Alert- Making sense of your statement of cash flows

The statement of cash flows essentially tells you about cash entering and leaving a business. It’s arguably the most misunderstood and underappreciated part of a company’s annual report. After all, a business that reports positive

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Accounting & Audit Alert- Analytical procedures can help make your audit more efficient

The use of audit analytics can help during the planning and review stages of the audit. But analytics can have an even bigger impact when these procedures are used to supplement substantive testing during fieldwork.

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Accounting & Audit Alert- Reporting restricted cash

Your company’s financial statements should be transparent about any restrictions on cash. Are your reporting practices in compliance with the current accounting guidance? The basics Restricted cash is a separate category of “cash and cash

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Accounting & Audit Alert- Financial keys to securing a commercial loan

Does your business need a loan? Before contacting your bank, it’s important to gather all relevant financial information to prove your business is creditworthy. By anticipating information requests, you can expedite the application process and

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Accounting & Audit Alert- Footnote disclosures: The story behind the numbers

The footnotes to your company’s financial statements give investors and lenders insight into account balances, accounting practices and potential risk factors — knowledge that’s vital to making well-informed business and investment decisions. Here are four

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Accounting & Audit Alert- Accounting for property, plant and equipment assets

Businesses and not-for-profit entities capitalize machines, furniture, buildings, and other property, plant and equipment (PPE) assets on their balance sheets. Here’s a refresher on some common questions about how to properly report these long-lived assets

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Posted In: Alerts & Advisories