Accounting Insight

OCTOBER 17, 2024

Balance Sheet Companies are required to prepare a certain number of documents called financial statements. It should be called what it is: a statement of assets, liabilities and equity. But instead accountants decided to put together these two rather bizarre nouns. Their accounts show either a profit or a loss.

financial statements 105

financial statements accountant Account accounted 105

Randal DeHart

AUGUST 9, 2024

Understanding financial statements might sound daunting, but small business owners like you must stay on top of your game. Each financial report offers unique insights into your company's economic status. Let's look at the critical components of financial statements and why they matter to construction contractors.

financial statements 111

financial statements Construction Gaming quickbooks 111

Summit CPA

SEPTEMBER 5, 2024

Did you know there are hidden business levers in your financial statements? By fully understanding your financial statements inside and out, you can identify methods to alter your business cash flow. That’s right.

financial statements 105

financial statements business tax CPA Tax 105

Cherry Bekaert

FEBRUARY 22, 2024

Financial statement issuers must assess many items when planning to file a registration statement with the U.S. Securities and Exchange Commission (SEC), including which financial statements are required to be included in the registration statement. Rule 3-12 has a filing calendar for U.S.

financial statements 110

financial statements international accounting standards audit accounting standards 110

CPA Practice

JUNE 18, 2024

AI tools like ChatGPT can be used to streamline financial statement analysis and other client accounting service tasks. Here’s an example of what it can do with an income statement. Seek Professional Help: Accountant: Get a detailed financial analysis to identify other possible cost saving opportunities.

financial statements 122

financial statements Transportation payroll Legal 122

RogerRossmeisl

AUGUST 18, 2021

Forensic accountants are professionals who have received specialized training to uncover fraud and protect against fraud threats. They’re uniquely qualified to review financial statements and business records and to interview employees to find evidence of misrepresentations and theft.

forensic accounting 225

forensic accounting accountant Account accounted 225

CPA Practice

NOVEMBER 11, 2024

We track the top products in every category and discuss them in our weekly podcasts in The Accounting Technology Lab. In the coming months, my K2 organization and this column will continue to cover useful AI tools for Client Accounting Services (CAS), tax, and audit. Trullion could be a replacement for DataSnipper.

accounting firms 111

accounting firms Technology accountant Account 111

Accounting Today

AUGUST 29, 2024

As economic conditions fluctuate and accounting standards evolve, auditors face increasing challenges in evaluating how organizations estimate and report credit losses and providing a comprehensive overview of credit loss assessment in financial statement audits.

financial statements 94

financial statements audit auditor accounting standards 94

CPA Practice

OCTOBER 31, 2024

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.

accounting standards 111

accounting standards accountant Account accounted 111

Acterys

OCTOBER 20, 2024

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.

financial statements 130

financial statements accounting and finance accounting standards Sales 130

CPA Practice

NOVEMBER 19, 2024

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.

Government 115

Government accountant Account accounted 115

SMBAccountant

JULY 14, 2020

One of the most common errors made by executives in a small startup is assuming that the reporting basis for accurate financial statements can be changed by clicking the single button at the top of the QuickBooks report. This is the simplest form as your books match your bank account. Using cash basis accounting, Doe Co.

Government 246

Government accrual accounting quickbooks accountant 246

Withum

DECEMBER 18, 2024

Finance teams planning for their year-end financial statement audit have an even longer list of things to think about at the end of the year, including income statements, balance sheets, and, finally, the income tax provisions and disclosures that must be presented in the financial statements.

Tax 122

Tax auditor financial statements income tax 122

Withum

JANUARY 30, 2025

Understanding the financial statement audit process and planning ahead can save time, reduce stress and ensure accurate results. In this guide, well walk through the key financial audit preparation steps, explain key differences between AICPA and PCAOB audits and provide actionable tips to streamline the external audit process.

audit 100

audit financial statements auditor accounting principles 100

SMBAccountant

JANUARY 4, 2023

New rules are going into effect for lease accounting which may change how small businesses who follow Generally Accepted Accounting Principles (GAAP) think about and reporting leases. Under the old rules, financial reporting requirements were determined based on whether a contract was considered a capital or operating lease.

accountant 246

accountant Account accounted accounting standards 246

CPA Practice

NOVEMBER 1, 2024

Tankersley, CPA.CITP, CGMA 00:00 Welcome to the accounting Technology Lab, sponsored by CPA practice advisor. With your hosts, Randy Johnston and Brian Tankersley, Randy Johnston 00:10 welcome to the accounting Technology Lab. Line they list sage accounting. So what would do you think our listeners should know about sift?

Technology 111

Technology accountant Account accounted 111

CPA Practice

NOVEMBER 7, 2024

This year’s report presents the IRS’s current financial position and discusses key financial topics. It highlights the programs, accomplishments, challenges and management’s accountability for the resources entrusted to the IRS. generally accepted accounting principles.

accounting principles 115

accounting principles financial statements Government Tax 115

RogerRossmeisl

FEBRUARY 25, 2024

Although financial statement fraud is the least common form of occupational theft (9% of incidents), it costs organizations the most in financial losses, according to the Association of Certified Fraud Examiners. Businesses defrauded by financial statement schemes had median losses of $593,000.

accounting principles 160

accounting principles financial statements accountant Account 160

CPA Practice

OCTOBER 17, 2024

The Governmental Accounting Standards Board ( GASB ) has issued guidance that establishes requirements for certain types of capital assets to be disclosed separately for purposes of note disclosures. GASB Statement No. This is designed to allow users to make informed decisions about these and to evaluate accountability.

financial statements 128

financial statements accounting standards Sales Government 128

GrowthForceBlog

DECEMBER 19, 2024

How to Identify and Fix Year-End Reporting Errors in Nonprofits: Before finalizing your year-end financial reports, you should scan through them carefully. Make sure that all of your accounts (bank, credit card, and loan) have been reconciled to their statements. During this review, you should be looking for.

financial statements 113

financial statements accountant accounted Account 113

Going Concern

NOVEMBER 4, 2024

HR Dive discusses the recent CPE situation at EY : A recent scandal involving online training at Ernst & Young has pulled back the curtain on the time and ethical pressures accountants and finance teams are under to balance the demands of client work with ongoing professional training requirements.

accountant 105

accountant Account accounted auditor 105

CPA Practice

NOVEMBER 4, 2024

A new standard requiring public companies to disclose, in interim and annual reporting periods, additional information about certain expenses in the notes to financial statements was finalized by the Financial Accounting Standards Board (FASB) on Nov.

financial statements 116

financial statements accounting standards financial accounting Sales 116

CPA Practice

NOVEMBER 5, 2024

million to settle a Securities and Exchange Commission lawsuit that alleges that two former executives committed accounting fraud at the Stamford-based company. The accounting problems came to light in April 2023, when Lovesac’s finance team found that approximately $2.2 The company then restated those statements. (TNS) Nov.

general ledger 98

general ledger auditor Connecticut accounting principles 98

CPA Practice

OCTOBER 24, 2024

The Public Company Accounting Oversight Board (PCAOB) posted three new resources on Oct. Firms will be required to annually evaluate their quality control system and report the results of their evaluation to the PCAOB on new Form QC, which would be certified by key firm personnel to reinforce individual accountability.

auditor 126

auditor audit financial statements accounting firms 126

Going Concern

JUNE 5, 2025

Struggling to Find Remote Accounting Talent? If your firm or internal team is having a tough time sourcing qualified remote tax and accounting professionals, you’re not alone—and you’re not out of options. We’ve Got You Covered.

Real Estate 52

Real Estate Tax accountant Account 52

CPA Practice

NOVEMBER 25, 2024

The Governmental Accounting Standards Board (GASB) issued two exposure drafts on Monday: one on a proposed standard on subsequent events and the other a proposed update to an implementation guide in the form of questions and answers intended to clarify, explain, or elaborate on certain GASB pronouncements. 21, 2025.

financial statements 108

financial statements accounting principles accounting standards audit 108

CPA Practice

NOVEMBER 25, 2024

The Financial Accounting Standards Board (FASB) has issued the report on Post-Implementation Review: Revenue from Contracts with Customers (Topic 606). During the Revenue PIR process, we obtained an even greater appreciation for our stakeholders’ commitment to the high-quality implementation of a standard,” stated FASB Chair Richard R.

accounting standards 111

accounting standards financial statements financial accounting Account 111

Basis 365

MARCH 18, 2025

These classifications impact not just company operations but also the complexity of financial management. As businesses grow, so do their accounting and bookkeeping needs. However, as revenue and expenses increase, they quickly reach a point where financial visibility and efficiency become a challenge.

accrual accounting 64

accrual accounting bookkeeping accountant Account 64

CPA Practice

DECEMBER 6, 2024

Tankersley, CPA.CITP, CGMA 00:00 Welcome to the accounting Technology Lab, sponsored by CPA practice advisor, with your hosts, Randy Johnston and Brian Tankersley. Randy Johnston 00:10 welcome to the accounting Technology Lab. And so its a its good that theyve got the APIs and everything in here. Is it perfect yet? Sure, its not.

Technology 98

Technology accountant Account accounted 98

Withum

NOVEMBER 12, 2024

Understanding when audited financial statements of a retirement plan are required to be attached to a Form 5500 is an important part of demonstrating fiduciary responsibility over the plan and preventing unnecessary fines for an invalid filing of the 5500. The plan holds no employer securities. mutual funds, variable annuities).

audit 122

audit financial statements Account accountant 122

inDinero Tax Tips

JANUARY 1, 2025

When youre building a tech startup, accounting probably doesnt feel very exciting. But, as a Y Combinator funded company and referral partner, weve noticed a pattern: promising startups regularly fail because of poor financial management. Is Your Business Financially Ready to Raise Funding? Accrual accounting is a bit trickier.

accrual accounting 59

accrual accounting accountant Account accounted 59

CPA Practice

MAY 12, 2025

Proper financial reporting is essential for not-for-profit organizations to maintain transparency, donor confidence, and regulatory compliance. But despite their best intentions, many NFPs consistently make critical errors in their financial statements.

financial statements 103

financial statements Account accountant accounted 103

AccountingDepartment

JANUARY 21, 2025

However, in a fast-evolving economic landscape, relying solely on monthly reports or quarterly financial statements is slowly becoming obsolete. It's the roadmap that guides decisions, uncovers opportunities, and highlights risks.

Gaming 114

Gaming financial statements quickbooks Account 114

CPA Practice

MARCH 31, 2025

The revised language clarifies that while not required to be applied, the accountant is not precluded from applying AR-C section 70, in whole or in part.

financial statements 104

financial statements accountant accounted Account 104

RogerRossmeisl

MAY 8, 2022

Many fraud investigations focus on financial statements. Because cash is the most commonly stolen business asset, fraud experts regularly scrutinize statements of cash flow for signs of misappropriation and fraudulent disbursements. Unusual changes Your statement of cash flows shows how cash changed during the year.

forensic accounting 246

forensic accounting accounting and finance financial statements CPA 246