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Lack of visibility over legal entities is holding back finance decision-makers

Accounting Insight

Research reveals just one in 10 UK finance decision-makers (10%) has full visibility of spend across the legal entities of their business leaving the vast majority struggling to see the bigger picture. It enhances financial control, transparency, and accountability – all are essential for long-term business success and sustainability.”

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Financial vs Tax Accounting

SMBAccountant

Some responsibilities of tax accountants include: Preparing federal and state income taxes Calculating and filing property taxes, sales taxes, and licenses Preparing and filing 1099 forms Assisting with tax audits or legal disputes The second type of accounting is financial accounting.

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Small Business Guide to Government Grant Accounting and Compliance

SMBAccountant

It's crucial to assess your eligibility for federal grants before applying, as pursuing grants for which you are not legally eligible can waste time and resources. Compliance with program guidelines ensures that grant-funded activities align with goals and adhere to legal and ethical standards.

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FAF Redesigns FASB Website

CPA Practice

Have you been over to the Financial Accounting Standards Board’s (FASB) website lately? The group included representatives from the FASB, GASB, and the FAF’s publishing, IT, legal, administration, and communications teams. “We If not, it has a new look.

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FBAR Update: Recent Changes to Reporting Assets Held Outside U.S.

CPA Practice

This article will provide a general overview of the current reporting requirements for foreign financial assets on the Report of Foreign and Financial Accounts (“FBAR”) and on Form 8938 under the Foreign Account Compliance Act (“FATCA”). Financial Interest A U.S. However, U.S. FBARs A United States Person (“U.S.

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Unlocking the Value: The Essentials of Purchase Price Allocation

Withum

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?

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FASB to Update ASC 842 Related-Party Lease Accounting

Cherry Bekaert

The Financial Accounting Standards Board (FASB) actively engages with stakeholders to monitor implementation of Accounting Standards Codification ASC Topic 842, Leases (ASC 842). FASB recently voted to approve an update to ASC 842. FASB recently voted to approve an update to ASC 842.

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