Katz,Sapper&Miller

JUNE 25, 2018

With penalties including monetary fines and possible jail time, the Internal Revenue Service (IRS) and Department of the Treasury have shown how seriously they treat violations related to foreign financial account reporting.

financial accounting 40

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Wendy Tietz

AUGUST 8, 2022

The Wendy’s Company (NASDAQ: WEN) is a fast-food chain and is a publicly held corporation. Wendy’s fiscal reporting periods consist of 52 or 53 weeks ending on the Sunday closest to December 31. Wendy’s 2021 fiscal year ended January 2, 2022, and its 2020 fiscal year ended January 3, 2020. To follow is a condensed […].

accounting equation 52

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Wendy Tietz

AUGUST 1, 2022

To follow are Chipotle’s four basic financial statements for its most recent year, the year ending December 31, 2021. Chipotle Mexican Grill, Inc. NYSE: CGM) is a publicly held corporation with more than $6 billion in assets.

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RogerRossmeisl

APRIL 24, 2023

Crooks find opportunities As with email, social media messages can trick users into clicking links and providing sensitive information, such as their usernames, passwords, Social Security numbers and financial account numbers.

CPA 231

CPA financial accounting Account accountant 231

CPA Practice

DECEMBER 22, 2023

The Financial Accounting Standards Board has issued a proposed new chapter of its Conceptual Framework related to the measurement of items recognized in financial statements. A Statement of Financial Accounting Concepts is nonauthoritative and does not establish or change generally accepted accounting principles.

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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

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CPA Practice

MARCH 20, 2024

The Securities and Exchange Commission has accepted the 2024 GAAP Financial Reporting Taxonomy (GRT) and the 2024 SEC Reporting Taxonomy (SRT), collectively known as the “ GAAP Taxonomy ,” the Financial Accounting Standards Board (FASB) said on March 19. In addition, the FASB finalized the 2024 DQC Rules Taxonomy (DQCRT).

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CPA Practice

JANUARY 23, 2024

Have you been over to the Financial Accounting Standards Board’s (FASB) website lately? We are confident that they will appreciate the many improvements we made and how much easier it is to access important information.” If not, it has a new look.

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CPA Practice

APRIL 30, 2024

The Financial Accounting Standards Board ( FASB ) has added three new members to its Small Business Advisory Committee ( SBAC ), effective immediately. For more information about the SBAC and its activities, visit www.fasb.org.

Texas 52

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SMBAccountant

DECEMBER 2, 2020

However, compliance with generally accepted accounting principles (GAAP) is required. GAAP are a set of accounting principles established by the Financial Accounting Standards Board (FASB) to provide clarity, consistency, and comparability of financial reporting and information. What exactly is GAAP?

Government 219

Government accounting principles Account accountant 219

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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CPA Practice

DECEMBER 19, 2023

The Financial Accounting Standards Board (FASB) on Dec. 18 released the following taxonomies for 2024: GAAP Financial Reporting Taxonomy (GRT), SEC Reporting Taxonomy (SRT), and DQC Rules Taxonomy (DQCRT). Data Quality Committee’s (DQC) validation rules, predominantly for regulator use.

accounting principles 111

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CPA Practice

NOVEMBER 27, 2023

The Financial Accounting Standards Board (FASB) on Monday approved new rules that are expected to improve disclosures about a public company’s reportable segments and provide more information to investors about a segment’s expenses. The changes outlined in Accounting Standards Update (ASU) No. 15, 2023.

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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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ThomsonReuters

OCTOBER 19, 2023

It is designed to capture more information about the ownership of specific entities operating in or accessing the U.S. The law was largely ignored by accounting professionals at first. This responsibility may fall under the scope of advisory services for an accounting professional. Who needs to file?

Non-Profits 111

Non-Profits Tax accounting firms Account 111

SMBAccountant

APRIL 2, 2024

By observing best practices in budgeting, organizations can demonstrate financial accountability, meet grant objectives, and build credibility with funding agencies, ultimately leading to sustainable success in grant management. Reporting plays a key role in keeping the grant provider informed about progress and outcomes.

Government 130

Government Account accountant accounted 130

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

JUNE 30, 2023

The accounting standard was developed jointly with the U.S. Financial Accounting Standards Board and came into effect in 2018. It was created to improve the quality and comparability of revenue information provided to investors globally.

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accounting standards Account accountant accounted 72

Acterys

DECEMBER 22, 2023

Businesses need data backups for all sorts of crucial information, including popular tools like Xero’s accounting software. Xero backups are one way organizations can protect critical information, ensure data accuracy and preserve business continuity.

accounting software 130

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Withum

MAY 7, 2024

When equity investments are valued at fair value, fair value needs to be measured based upon the requirements in Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurement. Whether users of financial statements need additional information to evaluate the quantitative information disclosed.

Sales 52

Sales accounting standards financial statements Account 52

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.

accounting principles 110

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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. 2023-09 (ASU 2023-09). An entity may identify a country, state or local territory as an individual jurisdiction.

income tax 105

income tax Tax accounting standards financial statements 105

ThomsonReuters

OCTOBER 12, 2023

person holding an interest in specified foreign financial assets with an aggregate value exceeding $50,000 at the end of the tax year or $75,000 at any time during the tax year is required to report these assets on Form 8938. Report to the Foreign Bank and Financial Accounts (FBAR). Generally, any U.S. Report foreign income.

Real Estate 40

Real Estate tax return Tax tax preparation 40

Going Concern

AUGUST 10, 2023

Yesterday EY filed a data breach notification with the Maine attorney general that says 30,210 Bank of America customers may have (probably) had their personal information — including debit or credit card numbers and government ID numbers — acquired in the MOVEit breach. And they got Crowe , too.

Maine 97

Maine Government tax services financial accounting 97

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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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

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

FEBRUARY 28, 2024

AI-Driven Accounting and Compliance Sage will develop a domain-specific LLM for accounting and compliance using Amazon Bedrock and Amazon Lex. It is currently integrated with several financial accounting platforms including Sage 50 and Sage Business Cloud Accounting as well as other solution providers.

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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.

financial statements 97

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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?

AP Automation 76

AP Automation accounts payable AP Processes accounting and finance 76

CPA Practice

MARCH 21, 2024

The Financial Accounting Standards Board (FASB) on March 20 appointed a longtime veteran of Big Four firm EY to the role of director of technical activities. FASB standards are central to the entire system by which investors and other users of financial information make decisions.

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CPA Practice

JUNE 29, 2023

The accounting standard was developed jointly with the U.S. Financial Accounting Standards Board and came into effect in 2018. It was created to improve the quality and comparability of revenue information provided to investors globally.

accounting standards 52

accounting standards Account accountant accounted 52

CPA Practice

DECEMBER 20, 2023

The Financial Accounting Standards Board ( FASB ) today published a proposed Accounting Standards Update (ASU) intended to improve the application and relevance of accounting guidance related to induced conversions of convertible debt instruments.

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CPA Practice

DECEMBER 12, 2023

The implementation of ASC 842 by the Financial Accounting Standards Board brought about significant changes to lease accounting, impacting businesses across various industries. Optimized decision-making for informed approaches or at least considerations pre and post-ASC 842 for optimizing agreements and compliance. “We

accounting standards 52

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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.

accounting standards 52

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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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CPA Practice

JANUARY 10, 2024

The Financial Accounting Standards Board ( FASB ) has announced the appointment of six new members to its Not-for-Profit Advisory Committee ( NAC ), effective January 1, 2024. For more information about the NAC and its activities, visit www.fasb.org. The NAC serves as a standing resource for the FASB.

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