Category

Audit & Accounting

Audit & Accounting
June 18, 2018

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, especially if the deal involves intangible assets. Fortunately,…
Read More
Audit & AccountingUncategorized
June 11, 2018

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 with the interests of shareholders. That’s why auditors…
Read More
Audit & Accounting
May 25, 2018

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 year-end results. When reviewing midyear financial reports, however,…
Read More
Audit & Accounting
May 8, 2018

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 fully understand the committee’s role, you’ve already established…
Read More
Audit & Accounting
April 13, 2018

When should different accounting rules apply? Public vs. private companies

The Financial Accounting Standards Board (FASB) have often been criticized by small private companies for writing overly complex standards that focus on stakeholders needs in large public companies rather than “Main Street” businesses. Here’s how the…
Read More
Audit & Accounting
March 2, 2018

How to classify shareholder advances

Owners of closely held businesses sometimes need to advance their companies money to bridge a temporary downturn or provide extra cash flow for an expansion, a major expense or other purposes. Should you categorize those…
Read More
Audit & Accounting
February 26, 2018

What is job cost reporting?

Custom jobs require ongoing supervision to achieve the best financial results. Whether you’re a general contractor constructing a strip mall, a manufacturer building made-to-order parts or an architect drawing up blueprints, once a project is…
Read More
Audit & Accounting
February 26, 2018

Unlock hidden cash from your balance sheet

Need cash in a hurry? Here’s how business owners can look to their financial statements to improve cash flow. Receivables Many businesses turn first to their receivables when trying to drum up extra cash. For…
Read More
Audit & Accounting
February 26, 2018

Auditing work in progress

Financial statement auditors spend a lot of time evaluating how their clients report work in progress (WIP) inventory. Here’s why this account warrants special attention and how auditors evaluate whether WIP estimates seem reasonable. Accounting…
Read More
Audit & Accounting
February 16, 2018

For-profit vs. not-for-profit: Compare and contrast financial reporting goals

As the term suggests, for-profit companies are driven primarily by one goal — to maximize profits for their owners. Nonprofits, on the other hand, are generally motivated by a charitable purpose. Here’s how their respective…
Read More