Implementing changes in accounting rules can be a real drag. But the new hedge accounting standard may be an exception to this generality. Many companies welcome this…Read More
Archive for the ‘Financial Reporting’ Category
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Spotlight on auditor independence and hosting arrangements
With Independence Day coming up, it’s a good time to check up on auditor independence issues. This is especially important in 2018. Why? New rules go into…Read More
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Which intangibles should private firms report following a merger?
2018 is expected to be a hot year for mergers and acquisitions. But accounting for these transactions under U.S. Generally Accepted Accounting Principles (GAAP) can be complicated,…Read More
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Auditing related-party transactions
Business owners generally prefer to work with entities they know and trust. But related-party transactions can provide opportunities for individuals to act in a manner that’s inconsistent…Read More
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Don’t let collaborative arrangements cause financial reporting headaches
Businesses often enter into so-called “collaborative arrangements” when they partner with another entity on a major project. Unfortunately, the current guidance for these types of arrangements under…Read More
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It’s time for a midyear checkup!
Time flies when you’re busy running a business. But it’s important to occasionally pause and assess interim performance — otherwise you’re likely to be surprised by the…Read More
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IRS issues guidance to ease transition to FASB’s new revenue recognition rule
In 2014, a new accounting standard on how to recognize revenue from contracts was issued by the Financial Accounting Standards Board (FASB). Now the IRS is allowing…Read More
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What’s all the buzz about XBRL?
The Securities and Exchange Commission (SEC) requires public companies to provide their financial statements in the eXtensible Business Reporting Language (XBRL) format as an exhibit to their…Read More
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Profits: How low can you go?
If your profits are falling compared to revenue and assets, your financial statements may provide insight into what’s happening and how to improve your performance. Watch for…Read More
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Effectively communicating with the audit committee
CFOs and other executives occasionally present information about the company’s operations, strategies and risks to the audit committee. Your presentation will generally be most effective if you…Read More