Category

Audit

Audit
April 17, 2019

Now or later? When to report subsequent events

Financial statements present a company’s financial position as of a specific date, typically the end of the year or quarter. But sometimes events happen shortly after the end of the period that have financial implications…
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Audit
April 11, 2019

Auditing accounting estimates and the use of specialists

The Public Company Accounting Oversight Board (PCAOB) recently voted to finalize two related standards aimed at improving audits of accounting estimates and the work of specialists. Though the new, more consistent guidance would apply specifically…
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AuditAudit & Accounting
April 5, 2019

Simplifying the accounting rules for convertible debt and equity

Distinguishing between liabilities and equity on a company’s balance sheet may seem straightforward. But difficulties arise when it comes to the terms of complex securities and financial contracts like redeemable equity instruments, equity-linked or indexed…
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Audit
April 3, 2019

Transparency is key with related party transactions

In recent years, external auditors have focused more attention on related party transactions. Although related party transactions aren’t necessarily bad, they do raise some concerns about the risk of misstatement or omission in financial reporting.…
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AuditAudit & Accounting
March 28, 2019

ESG issues: To report or not to report?

Securities and Exchange Commission (SEC) Chairman Jay Clayton recently said that public companies shouldn’t be required to disclose information concerning environmental, social and governance (ESG) matters in their financial statements using a standardized format. Right…
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Audit
May 25, 2018

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 a new automatic change in accounting method for…
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AuditAudit & Accounting
November 27, 2017

4 questions to guide your prospective financial statements

CPAs don’t just offer assurance services on historical financial results. They can also prepare prospective financial statements that predict how the company will perform in the future. This list of questions can help you make…
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