CPAs Calculating the Latest in Audit + Accounting News

Audit, review or compilation: what’s the difference?

As companies grow, have a change in financing needs or experience other evolutions to the business, a certain level of financial statement services from a CPA often becomes necessary. While it’s obvious that auditors can perform an audit of your financial statements, a review or compilation may be more appropriate, depending on your organization’s wants …

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Accounting careers: what do auditors do?

There are a lot of misconceptions about Certified Public Accountants (CPAs). Most people associate CPAs with taxes, crunching numbers, cubicle isolation and monotonous tasks, among other things. However, quite the opposite is true. CPAs have a wide range of career paths, can hold a variety of positions throughout all types of organizations, work in all …

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Benford’s Law and the mysteries beneath the numbers

Accounting is centered on numbers. Every day accounting journal entries full of numbers are recorded, accumulating as each day passes. By year-end, the general ledger will contain hundreds of thousands of entries, if not millions. As we roll up our sleeves to perform the year-end close, we are tasked with making sense of it all …

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More than just taxes – what do accountants do?

Upon telling someone that I’m an accountant, the most common response I’ve received is, “Oh, so you do taxes?” I then explain that the only taxes I prepare are my own. There are several different areas of accounting and types of accountants, both internal and external. First, there are several types of internal accountants. An …

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Common book-to-tax differences, understanding your business

While most business owners are concerned with the accounting impact for certain transactions, they are equally as interested in the impact it will have to their taxes. While many transactions are treated the same for both financial and tax purposes, there are various transactions that, due to the nature or timing, are treated differently. Accordingly, …

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Practical tips to prepare for the CPA exam

Since the CPA Exam is notoriously difficult, it is essential for CPA candidates to implement effective study habits as they prepare. As someone who has completed the exam recently, I would like to pass along some advice for those taking or planning to take the exam. Carefully choose your study materials Becker is the most …

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New revenue recognition standard: subscription based organizations

After almost five years of talking about it, the long-anticipated revenue recognition standard is now being employed by the public filers. Private companies still have some time, but don’t procrastinate. There is a lot you need to do in 2018 to be able to apply the standard and the full or modified retrospective application. How …

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Revenue recognition: costs of obtaining contracts

By now most of us are experiencing information overload on the new revenue recognition standard and are contemplating to jump ship before the standard comes into effect. The Accounting Standard Codification introduces Topic 606 (too close to triple-six if you ask me), Revenue from Contracts with Customers, and it is effective to all nonpublic companies …

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Revenue recognition: manufacturing impact

The new revenue recognition standard is rapidly approaching with implementation only months away. If your distribution channels are simplistic in nature and your contracts are typically simplistic or generally simple purchase orders, you probably won’t have any significant impact. On the other hand, if any of these items apply, your accounting for revenue is likely …

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New revenue recognition standard, time to get ready

Accounting standards are constantly evolving, with new ones issued from the Financial Accounting Standards Board (FASB) every year. Many times, they have no impact to most private companies. However, the FASB’s new revenue recognition standard is expected to have one of the most far-reaching impacts seen in quite some time. Even if it doesn’t change …

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