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Financial Audit Preparation Steps: Expert Tips for An External Audit Process 

Withum

Engage a qualified CPA firm and align on prioritization of financial statement areas for GAAP compliance. Focus on GAAP Compliance Review your accounting policies to ensure they align with Generally Accepted Accounting Principles (GAAP). Build a timeline that aligns with your reporting deadlines.

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Monday Morning Accounting News Brief: PwC Consolation Prizes; Al Pacino’s Accountant Ripped Him Off | 10.21.24

Going Concern

Financial reporting data has become extremely structured and repeatable across all enterprises because it’s guided by the standards set out through generally accepted accounting principles (GAAP), which are governed by the Financial Accounting Standards Board (FASB). Everybody measures the same things, in the same way.

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Top 6 Benefits of Outsourcing Accounting Services for Your Business in 2025

Analytix Finance & Accounting

Ready to streamline your CPA firm’s operations and boost growth? Download our free whitepaper , “How to Enhance Operational Efficiency in CPA Firms” and start transforming your processes today.

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The Cost Approach to Valuing a Business

RogerRossmeisl

Generally Accepted Accounting Principles (GAAP), assets are recorded at historic cost. Book value vs. fair market value Amounts reported on a company’s balance sheet for its assets and liabilities may not reflect their fair market value to a potential buyer or seller. One reason is that, under U.S.

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How to Use the Cost Approach to Value a Business

RogerRossmeisl

Generally Accepted Accounting Principles (GAAP), assets are recorded at historic cost. The post How to Use the Cost Approach to Value a Business appeared first on Roger Rossmeisl, CPA. There are three key reasons that book value may not reflect fair market value to a hypothetical buyer or seller: 1. Use of historic cost.

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Changes to Lease Accounting Rules (ASC 842)

SMBAccountant

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.

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Early Revenue Recognition: Not Just Bad Accounting, But Fraud

RogerRossmeisl

To comply with Generally Accepted Accounting Principles and preserve your company’s reputation, you must prevent such activities on your watch. Early revenue recognition, which distorts profits and can artificially boost a business’s financial profile, is popular among financial statement fraud perpetrators.