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What Public Companies Need to Know: FASB’s New Lease Accounting Standard

By | 2017-08-18T17:34:34+00:00 August 18th, 2017|Audit & Accounting|

Recently, the Financial Accounting Standards Board (FASB) issued its long-awaited, new lease accounting standard update, ASU No. 2016-02, Leases (Topic 842). This ASU affects the financial statements of companies that lease real property, equipment, vehicles and other fixed assets. Here are four things public companies need to know to implement and be compliant with [...]

Get your financial statements on track

By | 2017-07-07T17:26:42+00:00 July 7th, 2017|Audit & Accounting|

Do you procrastinate when it comes to closing your books and deliver your year-end financial statements late? Lenders and investors may think the worst if a company’s financial statements aren’t submitted in a timely manner. Here are three assumptions your stakeholders could make when your business has a late financial statement. 1. You’re hiding negative results No [...]

How can your company’s income statement improve business operations?

By | 2017-06-15T00:29:43+00:00 June 15th, 2017|Audit & Accounting|

By midyear, most businesses that follow U.S. Generally Accepted Accounting Principles (GAAP) have issued their year-end financial statements. But how many have actually used them to improve business operations in the future? Producing financial statements is more than a matter of compliance — owners and managers can use them to analyze performance and find ways [...]

6 Common Not-For-Profit Accounting Mistakes

By | 2017-07-28T18:38:58+00:00 June 11th, 2017|Audit & Accounting, Non-profits|

With almost any organization, your accounting function is important and should be reviewed regularly. I have seen the following six errors made by not-for-profits organizations. Make sure your finance department addresses each area.

FASB Revises Reporting Requirements for Employee Share-Based Payments

By | 2017-06-01T00:16:33+00:00 June 1st, 2017|Audit & Accounting|

Has your company found the process of reporting share based payments, such as employee stock options and restricted stock, overly complex? The Financial Accounting Standards Board (FASB) agrees — and it has simplified the rules starting in 2017 for public companies and 2018 for private companies. Here’s how. Old rules Under current U.S. Generally Accepted [...]

Map your company’s success with pro forma financials

By | 2017-05-24T13:41:54+00:00 May 16th, 2017|Audit & Accounting|

Running a business is like going on a road trip — and a detailed business plan that includes a set of pro forma financials can serve as a road map that improves your odds of arriving on time and on budget. If your plan doesn’t cover the prospective quantitative details in pro formas, expect to [...]

3 financial statements you should know

By | 2017-05-24T13:42:02+00:00 April 7th, 2017|Audit & Accounting|

Successful business people have a solid understanding of the three financial statements prepared under U.S. Generally Accepted Accounting Principles (GAAP). A complete set of financial statements helps stakeholders — including managers, investors and lenders — evaluate a company’s financial condition and results. Here’s an overview of each report. 1. Income statement The income statement (also [...]

3 steps to ensure a smooth external audit

By | 2017-05-24T13:42:03+00:00 January 30th, 2017|Audit & Accounting|

If your company issues audited financial statements and follows a calendar year end, these steps are a part of your external auditing procedures. Once the engagement letter is signed, the process begins with preliminary financial statements and possible year-end physical inventory counts. However, audits can be complicated, so taking time to additionally streamline audit fieldwork [...]

One Key Step in Your Audit

By | 2016-12-14T01:40:33+00:00 December 14th, 2016|Audit & Accounting|

When performing an audit, CPAs send confirmation letters to outside parties typically via the U.S. Postal Service (and often through email) in accordance with Interim Auditing Standard AU Section 330, The Confirmation Process. Confirmation responses may be used to verify account balances, as well as unusual contractual terms and transactions. But the use of confirmations sometimes [...]

Reporting contingent liabilities

By | 2016-11-12T00:56:03+00:00 November 14th, 2016|Audit & Accounting|

Deciding whether to disclose pending litigation, a government investigation or another contingent liability is a highly sensitive matter, especially for public companies. Investors and other stakeholders want information about impending risks that may affect your company’s future performance. But you want to avoid alarming investors with losses that are unlikely to occur or disclosing your [...]

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