Topics: Financial Reporting
-
Cutoffs for Reporting Revenues and Expenses
Under U.S. Generally Accepted Accounting Principles (GAAP), there are strict rules on when to recognize revenues and expenses. Here’s important information about end of…
-
How external auditors can leverage your How external auditors can leverage your internal audit work
Does your company have an internal audit function? If so, you may be able to use your internal audit team to streamline financial reporting…
-
Put your income statement to good use
By midyear, most businesses that follow U.S. Generally Accepted Accounting Principles (GAAP) have issued their year-end financial statements. But how many have actually used…
-
Timeliness counts in financial reporting Timeliness counts in financial reporting
Do you procrastinate when it comes to closing your books and delivering year-end financial statements? Lenders and investors may think the worst if a…
-
Pro forma compilations look at how an alternative course of action would have affected financials
The American Institute of Certified Public Accountants (AICPA) has clarified its guidance on pro forma compilations. Here’s an explanation of when the new Statement…
-
Close-up on Restricted Cash
The Financial Accounting Standards Board (FASB) has amended U.S. Generally Accepted Accounting Principles (GAAP) to clarify the guidance on reporting restricted cash balances on…
-
Measuring “”Fair Value”” for Financial Measuring “”Fair Value”” for Financial Reporting Purposes
The balance sheet usually reflects the historic cost of assets and liabilities. But certain items must be reported at “fair value” under U.S. Generally…
-
Cooking the books
What’s the most costly type of white collar crime? On average, a company is likely to lose more money from a scheme in which…
-
Create a strong system of checks and Create a strong system of checks and balances
The Securities and Exchange Commission (SEC) requires public companies to evaluate and report on internal controls over financial reporting using a recognized control framework.…
-
FAQs about agreed upon procedures
An agreed upon procedures (AUP) engagement uses procedures similar to an audit, but on a smaller and limited scale. Here’s how a customized AUP…