Posts Tagged ‘GAAP’

Accounting & Audit Alert- 10 financial statement areas to watch for COVID-related effects

The COVID-19 pandemic is still adversely affecting many businesses and not-for-profit organizations, but the effects vary, depending on the nature of operations and geographic location. Has your organization factored the effects of the pandemic into

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Posted In: Alerts & Advisories

Accounting & Audit Alert- Flash reports: Real-time financial reporting

Timely financial reporting is key to making informed business decisions. Managers need to know what’s in the pipeline to respond promptly and decisively. Unfortunately, it typically takes several weeks to prepare financial statements under U.S.

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Posted In: Alerts & Advisories

Accounting & Audit Alert- Financial statements: Take the time to read the entire story

A complete set of financial statements for your business contains three reports. Each serves a different purpose, but ultimately helps stakeholders — including managers, employees, investors and lenders — evaluate a company’s performance. Here’s an

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Accounting & Audit Alert- Auditing WIP

Many types of businesses — such as homebuilders and manufacturers — turn raw materials into finished products for customers. Production is a continuous process. So, any work that’s been started but isn’t yet completed before

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Accounting & Audit Alert- Follow the cutoff rules for revenue and expenses

Timing counts in financial reporting. Under the accrual method of accounting, the end of the accounting period serves as a strict “cutoff” for recognizing revenue and expenses. However, during the COVID-19 pandemic, managers may be

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Accounting & Audit Alert- Accounting methods: Private companies have options

Businesses need financial information that’s accurate, relevant and timely. The Securities and Exchange Commission requires publicly traded companies to follow U.S. Generally Accepted Accounting Principles (GAAP), often considered the “gold standard” in financial reporting in

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Accounting & Audit Alert- What’s “fair value” in an accounting context?

In recent years, the accounting rules for certain balance sheet items have transitioned from historical cost to “fair value.” Examples of assets that may currently be reported at fair value are asset retirement obligations, derivatives

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Accounting & Audit Alert- Liabilities for unused time off mount as pandemic lingers

During the pandemic, many employees have postponed using their allotted paid time off until COVID-related restrictions are lifted and safety concerns subside. This situation has caused an increase in accruals for certain employers. Here’s some

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Accounting & Audit Alert- Accounting for business combinations

If your company is planning to merge with or buy another business, your attention is probably on conducting due diligence and negotiating deal terms. But you also should address the post-closing financial reporting requirements for

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Accounting & Audit Alert- What’s on the FASB’s 2021 agenda?

In December 2020, Richard Jones stepped up as chairman of the Financial Accounting Standards Board (FASB). After meeting with stakeholders in early 2021, Jones identified a list of high-priority projects that he plans to tackle

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Posted In: Alerts & Advisories