CPA Practice

JANUARY 11, 2024

The Governmental Accounting Standards Board has issued new guidance that requires state and local governments to disclose information about certain risks. GASB Statement No. The concentration or constraint is known to the government prior to issuing the financial statements.

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financial statements Control Spend Government accounting standards 105

Accounting Today

JULY 7, 2022

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financial statements accounting standards Government Account 97

TaxConnex

JANUARY 2, 2024

Sales and use taxes collected on behalf of the government are considered government funds upon collection. You could be at risk for heavy penalty and fees depending on your sales tax exposure. How do you estimate your exposure, how do you rectify it and move forward to compliance?

Sales 225

Sales Tax financial statements audit 225

Cherry Bekaert

JANUARY 24, 2024

One of the challenges with the prior period adjustment guidance in GASB 62 was that financial statement preparers were unsure how to apply the guidance in certain situations, which led to a lack of consistency across governments. GASB Statement No. This may deter governments from ever demoting funds to non-major.

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accounting principles Account accountant accounted 99

Cherry Bekaert

APRIL 16, 2024

The Governmental Accounting Standards Board (GASB) recently issued Statement No. 102, which adds new disclosure requirements for governments. Numerous risks loom over state and local governments, which could impair their service delivery or hinder their capacity to fulfill obligations in a timely manner.

Government 96

Government accounting standards financial statements audit 96

SMBAccountant

MAY 17, 2024

Navigating the complexities of financial management is crucial to the success of any business. Establishing a core understanding of key accounting principles not only instills confidence but also ensures compliance with accounting and government regulations. sole proprietorship, LLC, corporation).

accounting software 130

accounting software Legal tax return financial statements 130

Cherry Bekaert

FEBRUARY 23, 2024

The Governmental Accounting Standards Board (GASB) recently issued Statement No. 101, Compensated Absences, to update the recognition, measurement and disclosure requirements for compensated absences in state and local governments.

accounting standards 93

accounting standards Government financial statements audit 93

CPA Practice

APRIL 29, 2024

A CAM is defined by the PCAOB as “any matter arising from the audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved especially challenging, subjective, or complex auditor judgment.”

auditor 64

auditor audit financial statements Government 64

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. There are four fundamental accounting assumptions that form the foundation of financial statement preparation.

Account 96

Account accountant accounted accounting principles 96

Going Concern

OCTOBER 2, 2023

877,300 USD) of which $1 million went to the Ontario Government and $200,000 went to CPA Ontario to cover costs of investigation and prosecution. Also, the firm was not registered or licensed by the relevant provincial CPA body to perform audits of the financial statements in the respective jurisdiction. million CDN (approx.

audit 116

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Cherry Bekaert

FEBRUARY 19, 2024

Contributor: Anthony Walsh The Governmental Accounting Standards Board (GASB) has issued Statement No. 101, Compensated Absences , to update the recognition, measurement and disclosure requirements for compensated absences in state and local governments. This new guidance supersedes GASB Statement No. The goal of Statement No.

financial statements 59

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Cherry Bekaert

AUGUST 2, 2023

System Development Fees System Development Fees was a hot topic relating to water and sewer capacity and future connection fees charged by local governments. Local governments must make sure they adhere to what is explicitly allowed under State Statutes, as any charges not conforming with State Statute may not be legal.

North Carolina 94

North Carolina accounting and finance financial statements Government 94

Anders CPA

APRIL 26, 2024

About Jeanne Dee Jeanne is a partner in audit and assurance where she specializes in audits of financial statements for not-for-profit organizations, government entities, employee benefit plans and closely-held businesses. The annual awards presentation is hosted by the UMSL Alumni Association and UMSL Business Alumni Chapter.

Missouri 52

Missouri accounting principles audit CPA 52

SMBAccountant

NOVEMBER 21, 2022

Financials statements and performance are no different. If incorrect or inaccurate data is used or missing, the financial performance and indicators used to determine success, value, creditworthiness, and financial viability are also not correct. Most of us are familiar with the saying “garbage in, garbage out”.

Account 130

Account accountant accounted bookkeeping 130

CPA Practice

APRIL 26, 2024

User PCC members noted that the required disclosures in Topic 832, Government Assistance, are important to help users understand the accounting for government grants received by the private companies that they work with. PCC members also discussed whether a recognition and measurement exception is warranted for private companies.

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accounting standards Government financial statements Education 64

Withum

JULY 12, 2023

Whatever the case may be, you may need an audit of your financial statements. If this is your first audit, then you will become accustomed to the buzzword documents before too long – most namely, the engagement letter, management representation letter, and the audited financial statements. Why these three documents?

audit 52

audit auditor Real Estate financial statements 52

Going Concern

APRIL 30, 2024

It’s been almost six years since the Canadian government legalized recreational cannabis and ever since, a microcosm of financial reporting and auditing has been growing (no pun) beside it. The accounting firm confirmed the move in a statement to MJBizDaily , citing “elevated risk” in Canada’s adult-use cannabis industry.

auditor 110

auditor audit Legal Tax 110

Anders CPA

JANUARY 8, 2024

The role of the committee is to gather input from the not-for-profit sector on current and proposed technical agenda projects, existing financial reporting guidance and longer term or pervasive financial reporting matters affecting their organizations.

Missouri 98

Missouri audit accounting principles accounting standards 98

Going Concern

MAY 16, 2024

FTE Senior Accounting and Tax | Candidate ID #5311425 Certifications: CPA, QB ProAdvisor Education: BA Accounting, MS Accountancy Experience (years): 10+ years public accounting Work experience (detail): 2+ with national firm 10 years working with large C-Corp clients 5+ years with SMB and HNWIs tax prep and advisory 4 years with own practice with (..)

Real Estate 59

Real Estate Account accountant accounted 59

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

financial statements accounting and finance accounting standards Finance 111

TaxConnex

JULY 6, 2023

Government Accountability Office’s “Remote Sales Tax: Federal Legislation Could Resolve Some Uncertainties and Improve Overall System,” issued late last year. One way that jurisdictions can discover your company’s nexus is through audit – and not just an audit of you.

auditor 130

auditor audit Tax Sales 130

Reckon

MAY 5, 2024

The financial viability of your organisation has a direct influence on its future, which impacts upon volunteers, staff, and those that rely on the services of your organisation. That is to say that there are common law duties that the Directors of your organisation need to abide by.

accounting software 52

accounting software Sports Account accountant 52

Going Concern

FEBRUARY 27, 2023

. “IRS tech is so ‘archaic’ the agency struggles to find people to work it” from The Washington Post : The Internal Revenue Service, which funds nearly everything the federal government does, uses information technology that is creaking with old age. From FloQast : Six in ten (63%) U.K.

Technology 105

Technology Account accountant accounted 105

Cherry Bekaert

JANUARY 19, 2023

Contributor: Jack McKee, Manager | Government & Public Sector Governmental Accounting Standards Board (GASB) Statement 96 provides guidance and addresses how the costs and investments for subscription-based information technology arrangements (SBITAs) are accounted for and disclosed by governmental entities.

Technology 98

Technology Government accounting standards financial statements 98

ThomsonReuters

DECEMBER 6, 2022

The spotlight on environmental, social, and governance (ESG) continues to intensify as businesses are increasingly being called upon to disclose more about their ESG performance and strategies. Risks and opportunities related to ESG matters may have an unfavorable, favorable, or neutral effect on financial statements.

auditor 59

auditor Account accountant accounted 59

ThomsonReuters

JUNE 28, 2023

When you look at ESG through the lens of a tax and accounting firm, reporting on environmental, social, and governance factors is enabled by data. The ability to report on environmental, social, and governance factors is enabled by data. What are the challenges of ESG data collection? Help your clients develop measurable ESG targets.

Tax 98

Tax auditor audit Technology 98

Cherry Bekaert

FEBRUARY 26, 2024

The process typically involves the following stages: Data collection Journal entries General ledger accounts Trial balances Adjusted entries Crediting financial statements Closing the books Financial statements In addition to the above services, our team will work closely with you to fully support your account.

Account 81

Account accountant accounted accounting and finance 81

Going Concern

APRIL 12, 2024

electric carmaker Tesla, has failed to properly reflect fines in its financial statements and was issued a “qualified opinion” from an accounting firm on April 10. billion won in corporate taxes, but its management team recorded the amount as a receivable in its financial statements. Tesla Korea was subjected to 25.1

CPA 105

CPA auditor Tax audit 105

Acterys

FEBRUARY 22, 2023

In this blog, we look at three main reporting types that FP&A teams must use to monitor the financial health and performance of a business. Type 1: Financial Statements Financial statements are a set of foundational reports that provide an overview of a company’s financial position and performance.

financial statements 130

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ThomsonReuters

FEBRUARY 1, 2024

It was thought that shady financial reporting practices by some publicly-traded entities caused (or partly caused) the financial calamities. Acting on this suspicion, the federal government worked with the accounting profession to make a change by standardizing financial reporting and establishing best practices.

Non-Profits 52

Non-Profits accounting standards Maine accounting and finance 52

Anders CPA

NOVEMBER 21, 2023

Consider a De Minimis Safe Harbor Election  A de minimis safe harbor election is a provision in the tax code that allows businesses to expense certain small-dollar expenditures instead of capitalizing and depreciating them over time.

tax planning 64

tax planning Tax financial statements tax return 64

CPA Practice

FEBRUARY 15, 2023

The IRS made significant changes to the program in 2019 to improve its operation and to ensure the best use of limited government resources. Taxpayers will be required to provide book-to-tax reconciliations, credit utilization and other supporting documentation shortly after their audited financial statement is finalized.

financial statements 75

financial statements audit Tax Government 75

MyIRSRelief

APRIL 29, 2024

Bookkeeping and Payroll Management: Outsourced bookkeeping ensures accurate financial records, allowing you to focus on core business activities. Financial Reporting and Analysis : Comprehensive financial statements and insightful analysis provide a clear picture of your financial health, enabling informed decision-making.

Tax 130

Tax bookkeeping Account accountant 130

CPA Practice

APRIL 10, 2024

Restatement history (firm-level only): Restatements of financial statements and management reports on internal control over financial reporting that were audited by the firm over the past five years. The largest registered firms would also be required to confidentially submit financial statements annually to the PCAOB.

audit 52

audit auditor public accounting accounting firms 52

LSLCPAs

FEBRUARY 27, 2024

There’s no question that annual financial statement audits are sometimes considered a “necessary evil”. However, the feeling is often eased with familiarity of the process, familiarity with your Agency’s operations, and familiarity with your auditors. We (the auditors) like to think of them as even enjoyable!

audit 59

audit auditor cpas financial statements 59

Going Concern

OCTOBER 7, 2022

Accounting’s Big Lie — and How to Fix It [ Project on Government Oversight ] A colossal conflict of interest compromises the auditing of public companies and the financial security of everyone who depends on them. The Project On Government Oversight is planning a conference on what to do about it.

Illinois 98

Illinois CPA audit tax return 98

RitaKeller

APRIL 12, 2023

I remember years ago when we would customize every monthly financial statement to whatever format the client demanded. Eventually, to the relief of internal bookkeepers, firms offered a standard format for computer-generated monthly and quarterly financial statements. Internally, it was a nightmare.

financial statements 45

financial statements bookkeeping accounting firms Government 45