Posts Tagged ‘GAAP’
By Edelstein on May 1, 2023
Generally Accepted Accounting Principles (GAAP) is generally considered the gold standard in financial reporting in the United States. But private and public entities may sometimes use non-GAAP metrics in their disclosures and press releases or
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Posted In: Alerts & Advisories
By Edelstein on March 27, 2023
Deferred taxes are a confusing topic — and the accounting rules for reporting these items often seem to defy the logic of real-world economics. Here’s a brief overview to help clarify matters. What are deferred
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Posted In: Alerts & Advisories
By Edelstein on February 13, 2023
It can be challenging to keep track of which accounting rules are changing, when the changes kick in and for which types of entities. Plus, implementing the necessary revisions to your organization’s procedures and systems
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Posted In: Alerts & Advisories
By Edelstein on December 19, 2022
What do Tesla cars, smart TVs and equipment used for making french fries have in common? The answer is embedded software, according to recent comments by Financial Accounting Standards Board (FASB) Vice Chair James Kroeker.
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Posted In: Alerts & Advisories
By Edelstein on November 14, 2022
How accurate is the amount reported in your company’s perpetual inventory system? To best answer that question, a physical count is essential at year end. For calendar-year entities, year end is fast approaching on December
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Posted In: Alerts & Advisories
By Edelstein on November 7, 2022
Does your company use supplier finance programs to buy goods or services? If so, and if you must adhere to U.S. Generally Accepted Accounting Principles (GAAP), there will be changes starting next year. At that
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Posted In: Alerts & Advisories
By Edelstein on September 12, 2022
In today’s volatile market conditions, it’s important to review your accounts receivable ledger and consider writing off stale, uncollectible accounts. The methods that you’ve used in the past to evaluate bad debts may no longer
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Posted In: Alerts & Advisories
By Edelstein on September 6, 2022
The Financial Accounting Standards Board (FASB) could have congressional lobbyists nipping at its heels over a “book minimum tax” rule in the newly enacted Inflation Reduction Act of 2022 (IRA). This would be the first
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Posted In: Alerts & Advisories
By Edelstein on August 8, 2022
Auditors commonly use confirmations to verify such items as cash, accounts receivable, accounts payable, employee benefit plans and pending litigation. Under U.S. Generally Accepted Auditing Standards, an external confirmation is “a direct response to the
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Posted In: Alerts & Advisories
By Edelstein on August 1, 2022
Under U.S. Generally Accepted Accounting Principles (GAAP), financial statements are normally prepared based on the assumption that the company will continue normal business operations into the future. When liquidation is imminent, the liquidation basis of
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Posted In: Alerts & Advisories