CPA Practice

DECEMBER 14, 2023

The Financial Accounting Standards Board ( FASB ) has issued an Accounting Standards Update (ASU) that addresses requests for improved income tax disclosures from investors, lenders, creditors, and other allocators of capital (collectively, “investors”) that use the financial statements to make capital allocation decisions.

income tax 110

income tax Tax accounting standards financial statements 110

Withum

MARCH 1, 2024

In November 2023, the Financial Accounting Standards Board (FASB) issued a new Accounting Standards Update (ASU) to improve disclosures related to reportable segments. Segment information allows users of the financial statements to better understand the activities that comprise a company’s business.

Non-Profits 80

Non-Profits financial statements accounting standards Account 80

ThomsonReuters

FEBRUARY 8, 2024

Therefore, when serving business clients, it is important that accounting professionals have the right framework to ensure that proper financial reporting procedures are in place to help with accounting assumptions. What are the main accounting assumptions? Let’s take a closer look at each one. dollars, euros, etc.)

Account 96

Account accountant accounted accounting principles 96

Cherry Bekaert

FEBRUARY 27, 2024

On December 14, 2023, the Financial Accounting Standards Board (FASB) expanded income tax disclosure requirements for public and private companies. The expanded disclosure requirements are detailed in Accounting Standards Update No. 2023-09 (ASU 2023-09) and increase transparency of a filer’s global taxes.

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LSLCPAs

MARCH 11, 2024

The month-end close process is a critical aspect of financial management for organizations of all sizes. Timely and accurate month-end close processes.

Government 59

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CPA Practice

MARCH 1, 2024

The Financial Accounting Foundation has started its effectiveness review—which includes a public comment period—of the Private Company Council, the panel that advises the Financial Accounting Standards Board on private company matters. Any proposed changes to GAAP are subject to endorsement by the FASB.

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Anders CPA

JANUARY 8, 2024

Jeanne Dee, CPA/CGMA, audit and assurance partner at Anders CPAs + Advisors (Anders), has been appointed to the Financial Accounting Standards Board (FASB) Not-for-Profit Advisory Committee (NAC) effective January 1, 2024. As one of the six new NAC members, Jeanne will serve a four-year term ending on December 31, 2027.

Missouri 98

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CPA Practice

FEBRUARY 21, 2023

The CAMT imposes a 15% minimum tax on the adjusted financial statement income of large corporations for taxable years beginning in 2023. Large corporations, including insurance companies, with average annual adjusted financial statement income exceeding $1 billion are the taxpayers generally affected by the CAMT, the IRS said.

financial statements 97

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Withum

JANUARY 12, 2024

A Purchase Price Allocation (“PPA”) is a financial accounting process that takes place after a business acquisition or merger. The purpose of a PPA is to determine the fair value of the acquired assets and liabilities, which is essential for accurate financial reporting. What is a PPA? Why Do I Need One?

Real Estate 75

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CPA Practice

OCTOBER 9, 2023

The Financial Accounting Standards Board ( FASB ) has issued an Accounting Standards Update (ASU) that incorporates certain U.S. Securities and Exchange Commission (SEC) disclosure requirements into the FASB Accounting Standards Codification.

accounting principles 110

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Cherry Bekaert

SEPTEMBER 22, 2023

Contributors: Graham Michitsch, Senior Manager On September 6, 2023, the Financial Accounting Standards Board voted on cryptocurrency accounting and set in place a new rule that business must use fair-value accounting for certain crypto assets that meet the predefined criteria, such as bitcoin.

Account 105

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CPA Practice

MARCH 16, 2023

The Financial Accounting Standards Board released a proposed Accounting Standards Update (ASU) on Wednesday that addresses requests from investors for improved income tax disclosures.

income tax 111

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CPA Practice

DECEMBER 13, 2023

The Financial Accounting Standards Board ( FASB ) has published an Accounting Standards Update (ASU) intended to improve the accounting for and disclosure of certain crypto assets. Early adoption is permitted for both interim and annual financial statements that have not yet been issued (or made available for issuance).

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CPA Practice

SEPTEMBER 7, 2023

The Financial Accounting Standards Board (FASB) unanimously approved new rules on Sept. I think we heard overwhelmingly from investors that allocate capital based on the use of financial statements that this will provide them better information to make their decisions.” I think this [standard] moves the needle there.

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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.

accrual accounting 98

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Cherry Bekaert

FEBRUARY 12, 2024

On December 14, 2023, the Financial Accounting Standards Board (FASB) issued final guidance concerning income tax disclosures, labeled Accounting Standards Update No. Early adoption is permissible for unaudited annual financial statements. 2023-09 (ASU 2023-09).

income tax 105

income tax Tax accounting standards financial statements 105

MineralTree

OCTOBER 5, 2023

Its primary purpose is to ensure the accuracy and completeness of financial records so that financial statements can be prepared for internal and external reporting purposes. Inaccurate expense reporting can impact financial statements and can create errors that the AP team must take time and resources to reconcile.

AP Automation 76

AP Automation accounts payable AP Processes accounting and finance 76

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.

auditor 59

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Cherry Bekaert

OCTOBER 25, 2023

The Financial Accounting Standards Board (FASB) has issued Accounting Standard Update (ASU) 2023-03 through ASU 2023-06. However, three of the four ASUs pertain to SEC guidance contained in the Codification and there were no new standards issued by the Government Accounting Standards Board (GASB) this quarter.

financial statements 111

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Withum

DECEMBER 14, 2023

On December 13, 2023, the Financial Accounting Standards Board (FASB) finalized Accounting Standards Update (ASU) 2023-08 “Accounting for and Disclosure of Crypto Assets”. Entities are able to early adopt the ASU for both interim and annual financial statements that have not yet been issued or made available for issuance.

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Withum

NOVEMBER 8, 2022

Has the Financial Accounting Standards Board (FASB) just saved us from unfavorable accounting? On October 12, 2022, the FASB issued a board ruling that certain crypto assets should be measured at fair value. Who’s Affected by This Ruling?

Account 80

Account accountant accounted financial statements 80

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.,

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Withum

DECEMBER 19, 2023

The new guidance issued in Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2016-13 is effective for fiscal years beginning after December 31, 2022 for these companies. The overhauled model for estimating the collectability of receivables is here for private companies and smaller reporting companies.

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CPA Practice

AUGUST 23, 2023

The Financial Accounting Standards Board (FASB) issued a new standard on Wednesday that addresses the accounting for contributions made to a joint venture, upon formation, in a joint venture’s separate financial statements.

Account 52

Account accountant accounted accounting standards 52

CPA Practice

AUGUST 1, 2023

The Financial Accounting Standards Board ( FASB ) has published a proposed Accounting Standards Update (ASU) intended to provide investors with more decision-useful information about a public business entity’s expenses. Stakeholders are encouraged to review and provide comment on the proposal by October 30, 2023.

accounting standards 52

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Going Concern

OCTOBER 7, 2022

Financial Reporting Council (FRC) on Thursday announced it opened an investigation into accounting firm Mazars regarding its audit of financial statements at Studio Retail Group. Private company CFOs grapple with new lease accounting [ CFO Dive ]. And that data needs to be clear, dependable, and verifiable.

Illinois 84

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CPA Practice

MARCH 24, 2023

The Financial Accounting Standards Board (FASB) on Thursday published an exposure draft of its proposed accounting rules on how companies should report certain types of crypto assets and digital currencies.

Account 111

Account accountant accounted accounting standards 111

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.

Account 105

Account accountant accounted financial statements 105

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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inDinero Accounting

APRIL 30, 2021

Mission-based organizations in compliance with Generally Accepted Accounting Principles (GAAP) should prepare these financial statements: Statement of Financial Position (Balance Sheet) provides a picture of the NFP’s assets and liabilities. The nonprofit term for the financial statement makes it explicit.

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ThomsonReuters

FEBRUARY 1, 2024

What are the GAAP accounting rules? Established by the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB) , GAAP is a set of standardized accounting rules, requirements, and practices to guide how financial statements are prepared and presented.

Non-Profits 52

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ThomsonReuters

JANUARY 18, 2024

Accounting assumptions In an effort to help ensure information is reliable and consisten t, accounting assumptions are a set of guidelines that indicate how a company operates and business transactions are recorded. Accountant vs. CPA vs. tax preparer: What are the differences?

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CPA Practice

MARCH 7, 2023

Today’s CPAs need deeper skill sets, more competencies and greater knowledge of emerging technologies and their impact on tax, accounting and audit,” explains the AICPA in unveiling blueprints for the 2024 CPA Exam.

Technology 137

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Generate Accounting

MARCH 25, 2022

This includes financial summaries with a statement of profit or loss, as well as a statement of financial position. This is important as you may not previously completed financial statements. The post Important New Disclosure Rules for Trusts appeared first on Generate Accounting.

accrual accounting 52

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Generate Accounting

MARCH 25, 2022

This includes financial summaries with a statement of profit or loss, as well as a statement of financial position. This is important as you may not previously completed financial statements. The post Important New Disclosure Rules for Trusts appeared first on Generate Accounting.

accrual accounting 52

accrual accounting Non-Profits financial statements Tax 52

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. With tons of philanthropic activity happening in the cryptocurrency space, should your organization pursue digital assets?

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SkagitCountyTaxServices

JUNE 8, 2022

If the last 20 years of the economy’s highs and lows, downturns and headlines taught us anything about business, it’s that complete and transparent accounting is in everyone’s best interest. One independent organization working to keep companies’ books clear and honest is the Financial Accountant Standards Board.

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