Topics: Financial Reporting
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Business Combinations: The Acquisition Method Under U.S. GAAP
Businesses enter into acquisitions for a multitude of reasons. For example, a company may be looking to grow, expand product offerings, or open distribution…
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Income statement items warrant your auditor’s attention
Today’s auditors spend significant time determining whether amounts claimed on the income statement capture the company’s financial performance during the reporting period. Here are…
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Got multiple locations? Expect auditors to keep a close eye on inventory
Do you remember the high-profile fraud that happened at drugstore chain Phar-Mor in the 1990s? Executives manipulated the company’s financial statements to hide approximately…
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Boardroom and management diversity adds value
Diversity in a company’s board of directors and its management team helps enhance corporate value. The Securities and Exchange Commission (SEC) already requires limited…
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Strong Internal Controls Help Reduce Restatements
A recent study has found that fewer public companies are reissuing financial statements due to errors or omissions, in large part due to stronger…
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Ready for the new not-for-profit accounting standard?
A new accounting standard goes into effect starting in 2018 for churches, charities and other not-for-profit entities. Here’s a summary of the major changes.…
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Hedging Strategies for Your Business
The Financial Accounting Standards Board (FASB) recently issued some targeted improvements to its guidance that could encourage more companies to engage in hedging arrangements…
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GAAP vs. Tax-Basis Reporting
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Supplement your Financial Statements with Timely Flash Reports
Most companies prepare financial statements on a monthly or quarterly basis. Unfortunately, it usually takes between two and six weeks for management to finalize…
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Credit loss standard: The new CECL model
A new accounting standard on credit losses goes into effect in 2020 for public companies and 2021 for private ones. It will result in…