Going Concern

JULY 29, 2022

note: fans of accounting news — all two of you — are encouraged to sign up for our newsletter to get headlines delivered to your inbox twice a week on Tuesday and Friday. It puts pressure on what companies report in their financial statements, the rules for which are crafted by the Financial Accounting Standards Board.

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PYMNTS

OCTOBER 1, 2019

have led the Financial Reporting Council (FRC) to enact more stringent accounting standards, The Guardian reported on Monday (Sept. According to reports, the FRC issued an updated going concern standard, adding “significantly stronger requirements” for U.K. More high-profile corporate collapses in the U.K.

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Accounting Insight

MAY 20, 2024

Caseware International , a global leader in cloud-enabled audit, financial reporting and data analytics solutions, today announced the launch of Caseware Financials for the UK market.

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Going Concern

APRIL 15, 2024

The audit opinions they issue typically have meaning and value because the firms operate with public trust. In the public company audit arena, this transparency is maintained through PCAOB inspections of auditors. If finalized by the Board, the proposed chapter would become Chapter 6 of FASB Concepts Statement 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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Going Concern

DECEMBER 2, 2022

The following is a discussion of what I have found to be the most common reasons why people leave public accounting. Audit committee disclosures increase, right along with workload [ Journal of Accountancy ]. The Pentagon Can’t Count: It’s Time to Reinvent the Audit [ War on the Rocks ].

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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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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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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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Going Concern

JANUARY 11, 2024

The application or implementation of auditing, quality control, and independence standards related to the audits of the financial statements of domestic and/or foreign public companies or broker-dealers registered with the SEC. Exclude lengthy or excessive quotations from accounting or auditing literature.

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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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Cherry Bekaert

AUGUST 31, 2023

Contributors: Jack McKee, Manager, Government & Public Sector With staffing challenges and exceedingly more complex Government Accounting Standards Board (GASB) requirements , many government and public sector organizations are finding it difficult to focus on their core mission and deliver results for constituents.

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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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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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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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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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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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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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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

MAY 29, 2024

Compliance Staying up-to-date with the latest regulations is crucial in the accounting profession to ensure compliance with evolving requirements and to avoid costly penalties or legal issues. When accountants demonstrate strong regulatory knowledge and competence, they maintain professional credibility.

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Going Concern

JANUARY 20, 2023

PwC sees off Deloitte to retain HSBC audit worth up to $1bn [ Financial Times ] PwC has retained the most valuable audit contract on the London Stock Exchange after overcoming a challenge from Deloitte to sign off the accounts of HSBC until 2034. In 2020, it said the process would be complete by 2026.

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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

APRIL 18, 2023

Financial statements contain critical information about a company’s financial position, cash flows, and results of operations. They paint a picture of the company’s financial position and business performance and help management, investors, and other stakeholders make more informed economic decisions.

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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 3, 2023

How will AI affect accounting jobs? Thomson Reuters ] While 51% of accounting professionals believe that ChatGPT and generative AI should be applied to tax, accounting, and audit work, opinions are divided about the usefulness of AI tools. Aspects of Proposed Accounting Standards Update (ASU) 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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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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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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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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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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Going Concern

FEBRUARY 17, 2023

The revelation that Mr Endow reportedly ran the fund working as a partner at the firm, one of the world’s largest accounting and consulting firms, has raised concerns across the firm’s partnership. Those creditors include the UK tax authority, HMRC. Neither KPMG nor the official receiver would confirm the size of the settlement.

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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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