Summit CPA

SEPTEMBER 5, 2024

Did you know there are hidden business levers in your financial statements? By fully understanding your financial statements inside and out, you can identify methods to alter your business cash flow. That’s right.

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CPA Practice

JUNE 18, 2024

AI tools like ChatGPT can be used to streamline financial statement analysis and other client accounting service tasks. Here’s an example of what it can do with an income statement. By Sandi Smith Leyva. An important reminder is that your data needs to be anonymized before entering it into any generative AI application.

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Accounting Insight

OCTOBER 17, 2024

Balance Sheet Companies are required to prepare a certain number of documents called financial statements. To be fair, before computers were invented, the books (a term that accountants use for accounting records) had to be balanced and a trial balance was prepared before completing financial statements. Cash never flows.

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Cherry Bekaert

FEBRUARY 22, 2024

Financial statement issuers must assess many items when planning to file a registration statement with the U.S. Securities and Exchange Commission (SEC), including which financial statements are required to be included in the registration statement. Rule 3-12 has a filing calendar for U.S.

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Accounting Today

AUGUST 29, 2024

As economic conditions fluctuate and accounting standards evolve, auditors face increasing challenges in evaluating how organizations estimate and report credit losses and providing a comprehensive overview of credit loss assessment in financial statement audits.

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VJM Global

JANUARY 21, 2025

During verification, it was observed that in the Financial statements of the company for 2016-17, 2017-18, and 2018-19, the directors did not mention DIN under their signatures. The RoC imposed a penalty of INR 18,00,000/- (INR 6,00,000/- per year) on company directors for failure to mention DIN on Financial statements.

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Acterys

OCTOBER 20, 2024

Financial reporting provides a retrospective view of your company’s financial status. It focuses on presenting financial data clearly and in accordance with accounting standards. This process involves generating financial statements based on historical data, with an emphasis on compliance and established procedures.

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Accounting Today

JUNE 4, 2024

ChatGPT accurately predicted earnings directions 60% of the time versus 52.71% for human analysts.

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financial statements 98

Withum

JANUARY 30, 2025

Understanding the financial statement audit process and planning ahead can save time, reduce stress and ensure accurate results. In this guide, well walk through the key financial audit preparation steps, explain key differences between AICPA and PCAOB audits and provide actionable tips to streamline the external audit process.

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Withum

DECEMBER 18, 2024

Finance teams planning for their year-end financial statement audit have an even longer list of things to think about at the end of the year, including income statements, balance sheets, and, finally, the income tax provisions and disclosures that must be presented in the financial statements.

Tax 122

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CPA Practice

MARCH 31, 2025

The revised language clarifies that while not required to be applied, the accountant is not precluded from applying AR-C section 70, in whole or in part.

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AccountingDepartment

JANUARY 21, 2025

However, in a fast-evolving economic landscape, relying solely on monthly reports or quarterly financial statements is slowly becoming obsolete. It's the roadmap that guides decisions, uncovers opportunities, and highlights risks.

Gaming 117

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CPA Practice

NOVEMBER 7, 2024

The IRS received an unmodified (clean) opinion on its financial statements for the 25th consecutive year from the Government Accountability Office. GAO also provided an unmodified opinion on the overall effectiveness of the IRS’s internal controls over financial reporting. generally accepted accounting principles.

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AccountingDepartment

MARCH 26, 2025

Yet, in a rapidly changing economic environment, depending only on monthly or quarterly financial statements is gradually becoming outdated. It serves as the blueprint for decision-making, reveals opportunities, and identifies risks.

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RogerRossmeisl

MARCH 14, 2021

Plan early to engage a fraud expert to review financial statements and other documents for signs that you could be dealing with a dishonest seller. Subtle warning signs When reviewing a seller’s financial statements, forensic experts look for subtle warning signs of fraud.

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RogerRossmeisl

MAY 30, 2022

Financial statements are an important source of data for valuing a business. To help clarify matters, experts often make various adjustments to the financials. But they tell only part of the story. Here are some examples. Here are some examples. Historical data is less relevant if operations are expected to change in the future.

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financial statements Legal CPA 244

RogerRossmeisl

MAY 15, 2023

Valuing a business requires more effort than just plugging numbers from the financial statements into a spreadsheet or artificial intelligence software program. Financial statements, tax returns and marketing materials tell only part of the story.

tax return 242

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RogerRossmeisl

JULY 17, 2024

To make an acquisition more enticing, sellers could fake rent rolls, financial statements or other documents that indicate an asset’s profitability. Staying current on common schemes and red flags also may enable you to identify risky transactions before you put down any money.

Real Estate 264

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CPA Practice

NOVEMBER 5, 2024

In mid-August 2023, Lovesac submitted a filing to the SEC that disclosed that its previously filed financial statements for the 2023 fiscal year and first quarter of 2024 were no longer reliable, according to the lawsuit. The company then restated those statements. Meanwhile, Lovesac continues to expand its reach.

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CPA Practice

NOVEMBER 25, 2024

The Post-Implementation Review (PIR) process is an important quality control mechanism built into the FASB’s standard-setting process to evaluate whether a standard is achieving its objective by providing investors and other financial statement users with relevant information in ways that justify the cost of providing it.

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GrowthForceBlog

DECEMBER 19, 2024

How to Identify and Fix Year-End Reporting Errors in Nonprofits: Before finalizing your year-end financial reports, you should scan through them carefully. Make sure that all of your accounts (bank, credit card, and loan) have been reconciled to their statements. During this review, you should be looking for.

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Acterys

JANUARY 28, 2025

At its core, financial modeling involves building a quantitative representation of a companys financial situation. This process helps businesses predict their financial performance based on historical data and current market conditions. For instance: Link financial statements to ensure changes in one statement reflect in others.

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CPA Practice

OCTOBER 24, 2024

1, A Firm’s System of Quality Management , adopted by the AICPA.

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RogerRossmeisl

MAY 8, 2022

Many fraud investigations focus on financial statements. Because cash is the most commonly stolen business asset, fraud experts regularly scrutinize statements of cash flow for signs of misappropriation and fraudulent disbursements. Unusual changes Your statement of cash flows shows how cash changed during the year.

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RogerRossmeisl

NOVEMBER 13, 2022

So valuators conducting an appraisal might ask management about the company’s internal controls — its policies and procedures to protect assets and ensure reliable financial statements. Gauging fraud risk Business value is a function of risk and return, and one critical risk factor companies face is fraud.

financial statements 246

financial statements CPA 246

RogerRossmeisl

JANUARY 26, 2022

This financial statement reports “book values” for the company’s assets and liabilities. The cost (or asset-based) approach to valuing a business focuses on the balance sheet. Here’s how the cost approach works and when it might be an appropriate method of valuation.

Real Estate 243

Real Estate accounting principles CPA financial statements 243

RogerRossmeisl

NOVEMBER 6, 2023

When preparing a business valuation, quantitative data — from tax returns, financial statements, contracts and other sources — is important. But there’s more to a company than numbers. Qualitative factors also contribute to a company’s overall value. Websites and marketing materials can provide only limited insight.

tax return 242

tax return CPA financial statements Tax 242

RogerRossmeisl

JULY 16, 2023

Look at the numbers During the due diligence process of a merger or acquisition, forensic experts review financial statements for subtle warning signs of fraud. To ensure the transaction is what it appears to be, acquaint yourself with the issues and include a forensic accounting expert on your deal team.

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RogerRossmeisl

JULY 17, 2022

The cost (or asset) approach specifically focuses on this part of a company’s financial statements. The balance sheet — which shows a company’s assets and liabilities — is a logical starting point for valuing certain types of businesses. Here’s an overview to help you understand this valuation technique. How does it work?

accounting principles 236

accounting principles CPA financial statements Account 236

Basis 365

MARCH 25, 2025

The month-end close process is a critical accounting procedure that ensures the accuracy of financial statements, providing a snapshot of your business's financial health. This blog walks you through the steps involved in the month-end close and explains why each step is vital for reliable financial reporting.

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RogerRossmeisl

OCTOBER 29, 2023

It’s also a common financial statement adjustment that valuators make when valuing a business. Reasonable compensation is an issue that comes into play in divorce, shareholder disputes and tax cases. Although experts are often hired to make the calculations, business owners and attorneys should understand how they do it.

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financial statements CPA Sales Tax 228

RogerRossmeisl

MAY 5, 2023

Before a business goes on the market, a valuation pro can help address the following critical items: Financial statements. Audited financial statements offer prospective buyers greater assurance than reviews, The post Selling a Private Business?

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financial statements audit CPA Sales 187

RogerRossmeisl

AUGUST 18, 2021

They’re uniquely qualified to review financial statements and business records and to interview employees to find evidence of misrepresentations and theft. Forensic accountants are professionals who have received specialized training to uncover fraud and protect against fraud threats.

forensic accounting 224

forensic accounting accountant Account accounted 224

RogerRossmeisl

FEBRUARY 20, 2023

So, prospective financial statements can be subjective and risky, especially in today’s volatile marketplace. Professional skepticism When evaluating prospective financials, valuators must exercise professional judgment and consider making adjustments where necessary. However, no one can see into the future.

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financial statements CPA 219

RogerRossmeisl

FEBRUARY 25, 2024

Although financial statement fraud is the least common form of occupational theft (9% of incidents), it costs organizations the most in financial losses, according to the Association of Certified Fraud Examiners. Businesses defrauded by financial statement schemes had median losses of $593,000.

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