Cherry Bekaert

FEBRUARY 23, 2024

The Governmental Accounting Standards Board (GASB) recently issued Statement No. The statement aims to provide financial statement users with improved and comparable information regarding compensated absences by establishing a unified model for recognizing and measuring compensated absences.

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ThomsonReuters

JANUARY 12, 2023

Amidst a complex audit environment, today’s accountants have many opportunities to take advantage of technology and specialize in up-and-coming focus areas. One of these specialties is ESG audits. . What is an ESG audit? Like any audit, ESG audits can be internal or external. Who performs an ESG audit?

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Going Concern

MARCH 4, 2022

Deloitte considers Russia pull out as pressure grows on western firms to exit [ Financial News ] Deloitte is considering pulling out of Russia, becoming the first Big Four audit firm to do so as pressure grows on Western companies to cut ties with the country following its invasion of Ukraine.

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ThomsonReuters

APRIL 5, 2024

Furthermore, interim tax reporting contributes to the accuracy and reliability of financial statements. By ensuring that interim tax provisions are properly recorded and reported, companies can enhance the credibility and transparency of their financial information.

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Cherry Bekaert

MARCH 6, 2024

Offering Simple Solutions to Complex Requirements Growing businesses are challenged when complying with financial statement tax reporting requirements. Cherry Bekaert’s tax team brings expertise in both industry and public accounting to deliver a tailored solution.

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ThomsonReuters

NOVEMBER 8, 2022

Who needs to know : Small, midsize and large finance and accounting professionals that prepare or audit financial statements in compliance with US GAAP. Want more clarity around how to account for revenue-generating contracts in business combinations? Accounting Standards Update (ASU) No.

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Cherry Bekaert

APRIL 16, 2024

The Governmental Accounting Standards Board (GASB) recently issued Statement No. To address this gap, Statement No. 102, which adds new disclosure requirements for governments.

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Menzies

DECEMBER 6, 2023

FRS 101 is a framework that allows qualifying subsidiaries to benefit from a reduced disclosure requirement in their individual financial statements. This means that these entities can provide less information in their financial statements, while still complying with accounting standards.

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Cherry Bekaert

JANUARY 24, 2024

Contributors: DeWanna Coleman Governmental Accounting Standards Board (“GASB”) Statement No. 100, Accounting Changes and Error Corrections—an amendment of GASB Statement No. GASB 100 will apply to all governmental entities and will impact how entities define an accounting error or change. GASB Statement No.

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Accounting Insight

MAY 1, 2024

Before delving into the potential impact of AI in accounting, it’s essential to understand the role AI plays in modern accounting practices. In modern accounting, AI is being used to automate several tasks, including data entry, invoice processing and financial statement analysis.

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inDinero Accounting

JUNE 29, 2023

Generally Accepted Accounting Principles (GAAP) are a set of accounting principles, standards, and procedures that define accepted accounting practice at a particular time. Its purpose is to ensure that financial statements provide an accurate and transparent view of the company’s financial condition and operations.

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Menzies

JANUARY 7, 2024

We help you to navigate through annual reporting requirements and explain why adherence to the Financial Reporting Standard (FRS 102) goes beyond the basics outlined by the FCA. We provide audit, accounts preparation and corporate finance services to help our clients with compliance and operational efficiencies.

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Withum

JUNE 14, 2023

Companies will have to disclose specific ESG information that regulators and accounting standards require. ESG reporting standards are transitioning from the wild west to ridged government and accounting-imposed standards. Below is a summary of some sustainability reporting standards companies will be subject to.

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Basis 365

MARCH 23, 2023

A balance sheet is a financial statement that shows your business's assets, liabilities, and equity at a specific time. It's one of the most important financial documents to help you make informed decisions, plan for the future, and secure financing. If your balance sheet isn’t correct, your income statement is incorrect.

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CPA Practice

APRIL 26, 2024

Accounting for and Disclosures of Software Costs: FASB staff provided PCC members with an update on the project, including the Board’s recent decision to pursue targeted improvements to Subtopic 350-40, Intangibles—Goodwill and Other—Internal-Use Software.

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ThomsonReuters

DECEMBER 6, 2022

Shedding light on the tie between ESG matters and their direct or indirect impact on a company’s financial statements, the Financial Accounting Standard Board (FASB) published in 2021 the Intersection of Environmental, Social, and Governance Matters With Financial Accounting Standards.

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CPA Practice

AUGUST 22, 2023

ASC 606 Assurance & Audit Most revenue accounting teams struggle to get sufficient ASC 606 review coverage on their customer contract population. This results in an amount of risk that can result in a material misstatement in their financial statements.

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Going Concern

NOVEMBER 18, 2022

More than 150 retired EY partners have written to the accounting firm’s leadership objecting to the radical plan to split its consulting and audit businesses. KPMG blocked from Abu Dhabi audits as it elects new regional boss [ Financial Times ]. Defense Department fails another audit, but makes progress [ The Hill ].

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Going Concern

OCTOBER 7, 2022

Accounting’s Big Lie — and How to Fix It [ Project on Government Oversight ] A colossal conflict of interest compromises the auditing of public companies and the financial security of everyone who depends on them. FRC probing Mazars audit of Studio Retail Group [ Compliance Week ] The U.K. Firm Watch. ?FRC

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Basis 365

APRIL 25, 2023

Importance of Cleaning Up the Books Accurate Financial Reporting: Clean and organized books are essential for accurate financial reporting. By ensuring that all transactions are recorded correctly, you can generate accurate financial statements, such as the income statement, balance sheet, and cash flow statement.

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CPA Practice

FEBRUARY 22, 2024

On a positive note, the study found over half of companies use the Sustainability Accounting Standards Board (SASB) Standards and the Task Force on Climate-related Financial Disclosures (TCFD) Framework, which should ease the transition to the International Sustainability Standards Board (ISSB) standards released last year.

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Going Concern

JANUARY 9, 2023

A PCAOB inspections leader offers his insight to auditors at a conference: “The role of the financial statement auditor and the auditing profession continues to be a noble endeavor that has never been more needed and vital to our economic stability and the well-being of our capital markets,” said George Botic, CPA.

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CPA Practice

JANUARY 17, 2024

Auditing information spread across multiple sheets becomes laborious and prone to human error. Focus on Inputs Accounting teams can focus on the accuracy of data inputs when using lease accounting software that effortlessly and reliably calculates the many required outputs.

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Withum

DECEMBER 5, 2023

Accounting Standards Update 2021-07 Determining the Current Price of an Underlying Share for Equity-Classified Share-Based Awards was issued to address concerns raised by stakeholders about the cost and complexity of determining the fair value of equity classified share awards for private companies.

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Withum

JUNE 14, 2023

(pronounced SEE-sil) CECL (Current Expected Credit Loss) is a new accounting standard that affects how companies account for credit losses. CECL is formalized by the Financial Authority Standards Board (“FASB”) in accounting standard codification (“ASC”) 326.

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Going Concern

MARCH 24, 2023

Stanton was licensed as a certified public accountant in New York in 1988 and had previously run his own firm. EY, KPMG and the fallout of two accounting scandals [ Financial Times Opinion ] It is not just shareholders that have become ever more cautious in the wake of one of Europe’s largest accounting scandals.

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Cherry Bekaert

SEPTEMBER 8, 2023

The Final Rules retained much of the key requirements from the proposed rules, including the annual audit requirement for each private fund, preparation and distribution of detailed fund-level information in quarterly statements, fairness opinions for adviser-led secondaries, and books and records amendments.

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Anders CPA

JULY 6, 2022

One of those being the accounting involved in combining businesses. To help simplify purchase accounting for business combinations involving private companies, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-18 back in December 2014.

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Going Concern

APRIL 7, 2023

Big Four Auditors and Consultants Need Liability—And a Divorce [ Bloomberg Tax ] Part of the problem is the revolving door of personnel between the major accounting firms and the banks they purport to audit. ’s accounts drew scrutiny from regulators, the firm’s plan to secure a U.K.

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CPA Practice

APRIL 11, 2023

The Financial Accounting Standards Board ( FASB ) will host a fireside chat on Tuesday, April 11, 2023, from approximately 1:00 – 1:30 p.m. and former SEC chief accountant. EDT, with Rich Jones, FASB Chair and Wes Bricker, PwC – Vice Chair US/Mexico Trust Solutions Co-Leader, current chair for XBRL International Inc.,

accounting standards 52

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Anders CPA

AUGUST 17, 2022

While some of the hype around cryptocurrency has cooled off, we believe it’s here to stay and have dedicated resources to understanding the tax, audit and financial accounting effects of digital currencies.

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Cherry Bekaert

FEBRUARY 19, 2024

Contributor: Anthony Walsh The Governmental Accounting Standards Board (GASB) has issued Statement No. This new guidance supersedes GASB Statement No. This new guidance supersedes GASB Statement No. The goal of Statement No. 101, but it was removed in the final statement.

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Withum

JANUARY 29, 2024

4] PE and VC Fund management and the board of directors reporting their financial statements under Generally Accepted Accounting Principles (GAAP) may face unique issues in reporting the fair value of their investments in the context of these dynamics. and the realization of a decrease from peak value in 2021 of 73%. [3]

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ThomsonReuters

APRIL 18, 2023

Deliver accounting and compliance news alerts so practitioners are regularly provided critical accounting, audit, and corporate finance developments, along with expert analysis. The lease accounting standard became effective in 2019 for public companies.

Account 52

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ThomsonReuters

APRIL 18, 2023

To help ensure that financial reporting is transparent and investors have the most accurate and timely information they need to make informed investment decisions, public companies must disclose certain financial, and other information, to investors. What are the differences between GAAP and IFRS?

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ThomsonReuters

JANUARY 18, 2024

Responsibilities around AI in accounting Further illustrating this point are the advancements in innovative technology, such as AI, and its impact on the profession. In fact, more boards and audit committees are, or will be, looking for accountants who understand AI ’ s potential and limitations.

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Ryan Lazanis

APRIL 18, 2023

AI in accounting refers to the use of artificial intelligence (AI) technologies, such as machine learning algorithms and natural language processing, to automate and enhance various accounting processes. This includes tasks such as financial reporting, audit and compliance, fraud detection, and data analysis.

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