Remove accountant Remove accounting standards Remove financial statements
article thumbnail

The Ripple Effect of Tariffs: Inventory, Pricing and Financial Statements

Withum

Because of this, business owners and managers will need to contemplate the impacts of tariffs on their financial reporting process. Manufacturing businesses that utilize standard costing for their inventory also need to consider the impact of tariff costs on their costing process. Are Tariffs Considered Inventoriable Costs?

article thumbnail

Understanding Cash vs. Accrual Accounting

Withum

When it comes to accounting methods, businesses primarily choose between two approaches: cash basis accounting and accrual basis accounting. Understanding the key differences between cash vs. accrual accounting is essential as this decision impacts financial reporting, cash flow management and long-term planning.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

The accountant's advantage over technology in fraud prevention

Accounting Today

Accountants are central to bridging this gap. Without active accountant involvement, organizations risk over-relying on passive technological defenses. Accountants who grasp these behavioral dynamics are better equipped to lead businesses through the emotional and operational challenges of building stronger defenses.

article thumbnail

FP&A Reports Every Organization Needs to Succeed

Acterys

Errors in financial planning and analysis (FP&A) reports can set entire departments, or even the whole company, off course. More than half (59%) of accountants admit to making several errors per month, Gartner research found. Financial reporting provides a retrospective view of your company’s financial status.

article thumbnail

Inside GASB's far-reaching agenda

Accounting Today

The Governmental Accounting Standards Board is juggling a variety of projects to improve accounting for state and local governments as they come under pressure from the threat of reduced funding from the federal government. "If All rights reserved. But in todays environment, its at least something they have to consider."

article thumbnail

FASB Looks to Add New Rules on Accounting For Government Grants by Businesses

CPA Practice

A new proposal that would establish authoritative guidance on the accounting for government grants received by businesses was issued by the Financial Accounting Standards Board (FASB) on Nov. When applying that guidance by analogy, business entities may not apply all of that guidance,” the FASB said in its proposal.

article thumbnail

FASB Seeks Comments on Proposal to Clarify Guidance on Identifying the Accounting Acquirer in Business Combinations

CPA Practice

The Financial Accounting Standards Board (FASB) has published a proposed Accounting Standards Update (ASU) intended to improve the requirements for identifying the accounting acquirer in FASB Accounting Standards Codification Topic 805, Business Combinations.