Have you ever had a unique, one-time transaction and wondered how it should be accounted for in your financial statements? Previously, U.S. GAAP included the concept of extraordinary items. However, this was eliminated as the FASB wanted to reduce the cost and complexity of preparing financial statements. With this elimination, the FASB kept a requirement …
If you have audited financial statements, you should be aware that the accompanying auditor’s report is soon going to have a new look under a new audit standard. This new standard will significantly change the form and content of the auditor’s report. Some of the main changes include revisions to the layout of the report, …
Everyone knows issuing stock options and warrants is a great way to compensate employees and contractors for a job well done. These methods of compensation have been embraced by the startup community as a way to reward others without using up their much-needed cash. Issuing options and warrants to customers is a less common practice …
It is no secret when it comes time for your annual audit, there is a lot to get done in a short amount of time. We are well aware of how stressful and time consuming this can be – which is why we want to provide you with some tips and advice so the process …
The added responsibility of managing an audit on top of your day-to-day responsibilities can feel like an inconvenience. But it helps to keep in mind the benefits of having an audit that truly outweighs the inconveniences: Provides a reasonable level of assurance (not 100%) Provides more credibility for selling a business or applying for funding …
Auditing remotely has become the new normal for nearly every auditor across the country. While not ideal, professions are learning to adapt to the new normal we all are facing, and the auditing industry is no different. While it is easy to feel overwhelmed by having to change the processes and procedures you have become …
The AICPA Code of Professional Conduct provides guidance to CPAs and CPA firms related to the ability to perform non-attest services to attest (audit, review, and compilation) clients. Examples of non-attest services that practitioners, including us, provide are: Financial statement preparation Maintaining book and tax depreciation schedules Preparation of the company’s tax return Cash-to-accrual conversions …
Monthly financial reports are a management way of obtaining a concise overview of the previous month’s financial wellbeing and performance. When reviewing these reports, there are common ratios that can give you insight into your company’s liquidity, financial leverage, and the overall efficiency of assets used, which can help when making future plans and decisions. One of …
Generally, when your business requires outside financing, there are two different sources of funds, debt financing or equity financing. Both methods of financing can have a significant impact on your business and should be considered carefully. Debt Most of us are familiar with debt, whether you have had a credit card, taken out a student …
Recently, the Financial Accounting Standards Board (FASB) voted to delay implementation of the new revenue recognition standards for nonpublic companies that have not yet issued their financial statements for calendar year 2019 and those with fiscal year ends ending after December 31, 2019. Leading up to this standard, the FASB proposed an optional extension of …