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How to navigate accounting assumptions

ThomsonReuters

Accounting assumptions, along with accounting principles and concepts, provide professionals with the necessary framework for preparing financial statements. There are four fundamental accounting assumptions that form the foundation of financial statement preparation. What are the main accounting assumptions? dollars, euros, etc.)

Account 96
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Watch out for regulatory progress on the supply-chain finance front 

ThomsonReuters

You’re better able to control your cash flows and avoid supply disruptions, which can help optimize working capital. The SEC warned in CF Disclosure Guidance: Topic No. Members of the FASB have also cautioned against a lack of transparency, saying that these programs can distort cash flow cycles. .

Finance 98
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Top accounting issues in 2023

ThomsonReuters

It is based on eight predictors of misreporting, including whether earnings are supported by cash flows. Capitalization of overhead costs: Large inventory valuation errors can appear on the balance sheet and related cost of goods sold on the income statement by not applying overhead calculations.

Account 52
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Understanding the proportional amortization method

ThomsonReuters

The investment amortization and tax benefits are presented on a net basis in the income tax line item of the income statement. The investor’s projected yield, which is based solely on the cash flows from the income tax credits and other income tax benefits, is positive. Blog What is bond amortization?

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Accounting advisory: What you need to know

ThomsonReuters

In today’s ultra-competitive business landscape, being an accountant means far more than preparing tax returns or compiling financial statements. Advisory Roundtables are virtual peer-to-peer events to connect and share with peers about best practices, challenges, and hot topics.

Account 88
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Financial Reporting in the COVID-19 Era for Accounting Professionals

ThomsonReuters

To address the many accounting and financial reporting challenges triggered by COVID-19, accounting professionals must know what to watch for when preparing financial disclosure statements this year—and how technology can guide and empower them in the process. The first and most important topic to address is going concern and liquidity.

Account 52
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What is Managerial Accounting and How Does it Differ from Financial Accounting?

Snyder

It focuses not only on the P&L statements but also helps build connections across business units and design systems, enhance business performance, and implement innovative strategic measures. Managerial accounting also investigates three main topics in running a small business: Reviewing products. Launching new products.