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UK Tightens Accounting Standards As Corporate Collapses Continue

PYMNTS

More high-profile corporate collapses in the U.K. 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.

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CFOs Brace For Loan Disruption Amid Accounting Changes

PYMNTS

Corporates are gearing up to manage a whole slew of accounting standards changes in the coming years, but one of the more immediate effects involves how leases are recorded on financial statements. Some companies may seek legal advice on adopting the new standards or interpreting loan covenants.

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FAQs Business Owners Need to Know About The 3 Essential Financial Reports

inDinero Accounting

Sometimes there’s just no avoiding accounting speak. One business area with lots of corporate accounting terms is preparing the three essential (3E) financial reports : the profit & loss statement, the balance sheet, and the cash flow statement. Financial Statement FAQs.

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Ways to prevent financial reporting errors

ThomsonReuters

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.