Posts Tagged ‘GAAP’

Accounting & Audit Alert- Reporting discontinued operations today

Marketplace changes during the COVID-19 crisis have caused many companies to make major strategic shifts in their operations — and some changes are expected to be permanent. In certain cases, these pivot strategies may need

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Posted In: Alerts & Advisories

Accounting & Audit Alert- Levels of assurance: Choosing the right option for your business today

The COVID-19 crisis is causing private companies to re-evaluate the type of financial statements they should generate for 2020. Some are considering downgrading to a lower level of assurance to reduce financial reporting costs —

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Posted In: Alerts & Advisories

Accounting & Audit Alert- Lease or buy? Changes to accounting rules may change your mind

The rules for reporting leasing transactions are changing. Though these changes have been delayed until 2021 for private companies (and nonprofits), it’s important to know the possible effects on your financial statements as you renew

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Posted In: Alerts & Advisories

Accounting & Audit Alert- Reporting contingent liabilities

Contingent liabilities reflect amounts that your business might owe if a specific “triggering” event happens in the future. Sometimes companies are unclear when they’re required to report a contingent liability on their financial statements under

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Posted In: Alerts & Advisories

Accounting & Audit Alert- GAAP vs. tax-basis: Which is right for your business?

Most businesses report financial performance using U.S. Generally Accepted Accounting Principles (GAAP). But the income-tax-basis format can save time and money for some private companies. Here’s information to help you choose the financial reporting framework

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Accounting & Audit Alert- Valuing profits interests in LLCs

The use of so-called “profits interest” awards as a tool to attract and retain skilled workers has increased, as more companies are being structured as limited liability companies (LLCs), rather than as corporations. But accounting

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Accounting & Audit Alert- Nonprofits: New alternatives for reporting goodwill and other intangibles

Did you know that the Financial Accounting Standards Board (FASB) recently extended the simplified private-company accounting alternatives to not-for-profit organizations? Many merging nonprofits, including educational institutions and hospitals, welcome these practical expedients. Here are the

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Accounting & Audit Alert- Measuring fair value for financial reporting

Business assets are generally reported at the lower of cost or market value. Under this accounting principle, certain assets are reported at fair value, such as asset retirement obligations and derivatives. Fair value also comes

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Posted In: Alerts & Advisories

Accounting & Audit Alert- Getting a handle on intangibles

The average company’s balance sheet understates its value by 80%, according to Sarah Tomolonius, co-founder of the Sustainability Investment Leadership Council. Why? Intangible assets aren’t recorded on the balance sheet under U.S. Generally Accepted Accounting

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Posted In: Alerts & Advisories

Accounting & Audit Alert- Reporting discontinued operations

Financial reporting generally focuses on the results of continuing operations. But sometimes businesses sell (or retire) a product line, asset group or another component. In certain situations, such a disposal should be reported as a

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Posted In: Alerts & Advisories