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.

income tax 98

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ThomsonReuters

FEBRUARY 8, 2024

Accounting assumptions, along with accounting principles and concepts, provide professionals with the necessary framework for preparing financial statements. It should be noted that accounting assumptions are not based on subjective opinions or guesstimates. What are the main accounting assumptions?

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CPA Practice

FEBRUARY 21, 2023

The information released last Friday is intended to be used until the IRS and Treasury release proposed regulations. The CAMT imposes a 15% minimum tax on the adjusted financial statement income of large corporations for taxable years beginning in 2023. The IRS and the Treasury Department on Feb.

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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.

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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?

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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. In SEC Release No.

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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. Our mission is to best reflect the economics of a transaction and provide investors and allocators of capital with the information they need. I think this [standard] moves the needle there.

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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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MineralTree

OCTOBER 5, 2023

The end of month close process plays a vital role in ensuring the accuracy, integrity, and transparency of financial records for businesses of all sizes. Making this monthly ritual effective and efficient can mean the difference between informed decision-making and costly errors. What Is the Month-End Close Process in Finance?

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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

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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.

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inDinero Accounting

JUNE 29, 2023

With this knowledge, you will gain insight into this important topic and have the tools needed to make informed decisions about their business practices. What are Generally Accepted Accounting Principles (GAAP)? Additionally, GAAP ensures that businesses remain compliant with government regulations regarding financial reporting.

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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. Companies can use its discretion and professional judgment to determine what information should inform its measurement process.

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ThomsonReuters

DECEMBER 6, 2022

Quality and reliable ESG information starts with solid reporting by company management, and auditors are ideally positioned to help build that trust and credibility. Given the increased focused on ESG, this blog marks the first in a series dedicated to ESG and its impacts on the accounting profession. Then there’s the tax implications.

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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.

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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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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

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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. 1, 2025, and early adoption is permitted.

Account 52

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Withum

NOVEMBER 8, 2022

Has the Financial Accounting Standards Board (FASB) just saved us from unfavorable accounting? For more information on this topic, please contact a member of Withum’s Not-for-Profit and Education Services Team. The post Crypto Currency Accounting Changes for Not-for-Profits appeared first on Withum.

Account 80

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ThomsonReuters

FEBRUARY 1, 2024

GAAP rules for outstanding checks Staying up to date with GAAP standards Accurately tracking and presenting financial information can be complex, even for smaller organizations. Enter Generally Accepted Accounting Principles, more commonly known as GAAP. What are the GAAP accounting rules? Let’s take a closer look.

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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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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. Just as is the case with any other disclosure information, CFOs must rely on other functional leaders in the company for information and data.

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Generate Accounting

MARCH 25, 2022

Any trust that receives income during the year will be required to report more information to Inland Revenue (IR) for the 2022 income year. From the 2022 tax year onwards more information will be required about a trust’s: earnings; settlements and settlors; beneficiaries and distributions; and persons with powers of appointment.

accrual accounting 52

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Generate Accounting

MARCH 25, 2022

Any trust that receives income during the year will be required to report more information to Inland Revenue (IR) for the 2022 income year. From the 2022 tax year onwards more information will be required about a trust’s: earnings; settlements and settlors; beneficiaries and distributions; and persons with powers of appointment.

accrual accounting 52

accrual accounting Non-Profits financial statements Tax 52

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?

accounting principles 52

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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.

Account 105

Account accountant accounted financial statements 105

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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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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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?

Account 59

Account accountant accounted tax preparation 59

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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Snyder

NOVEMBER 22, 2022

It’s essential to keep in mind all these small details of the whole picture to provide your business with up-to-date information about the accounting process. help to understand the financial situation better. As an accountant, you know that accounting principles are rules for reporting financial information.

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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

MARCH 21, 2023

Overview of New Guidance Last summer, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. Rationale The basis for this conclusion is that a contractual restriction prohibiting the sale of an equity security is not part of the unit of account of the equity security.

Sales 74

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Withum

NOVEMBER 8, 2022

Has the Financial Accounting Standards Board (FASB) just saved us from unfavorable accounting? This will allow for entities/organizations to present a more realistic financial statement, showing the current value of their crypto assets should they choose to liquidate them. Who’s Affected by This Ruling? Contact Us.

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CPA Practice

MARCH 23, 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 52

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Going Concern

NOVEMBER 18, 2022

KPMG has been blocked from winning new audit contracts in Abu Dhabi after regulators removed the Big Four firm from the list of accountants authorised to sign off companies’ financial statements. Teaching Accounting Students an Alphabet Soup of Technology [ The CPA Journal ]. Other Stuff.

Technology 94

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