Financial Reporting
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IRS Shares Five New Warning Signs of Incorrect ERC Claims
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Accountant Gets Jail Time For Charging $3 Million on New Jersey Employer’s Credit Card
FASB Commended for Update to Financial Guidance Reporting of Going Concern Entities
"“The CAQ commends FASB for its efforts in developing a standard that provides guidance regarding a preparer’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern, and, where required, to provide footnote disclosures about going concern uncertainties each reporting period," said executive director Cindy Fornelli.
Proposal Would Simplify Accounting for Cloud Computing Fees Paid by Customers
As part of its simplification initiative, the Financial Accounting Standards Board (FASB) today issued a proposed Accounting Standards Update intended to simplify the accounting for a customer’s fees paid in a cloud computing arrangement.
Financial Restatements Fell Significantly During Past Decade
An in-depth academic analysis of trends and characteristics of restatements to public company financial statements in the United States in the 10-year period following the Sarbanes-Oxley Act (SOX) reveals a substantial drop in the number and severity of restatements.
FASB Simplifies Inventory Management Guidelines
As part of an initiative towards simplifying accounting standards, the Financial Accounting Standards Board (FASB) has issued two proposed updates that are meant to ease the measurement of inventory and eliminate the requirements for extraordinary items
FASB Issues New Standard on Reporting of Repurchase Agreements
The Financial Accounting Standards Board (FASB) has issued a new standard to improve the financial reporting of repurchase agreements and other similar transactions. Accounting Standards Update No. 2014-11, Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures, changes the accounting for repurchase-to-maturity transactions and repurchase financing arrangements.
How Outsourced Accounting Services are a Win-Win for Firms and Business Clients
Successful firm management requires an eye on tomorrow and a willingness to implement change with thoughtful planning. Adding bookkeeping and accounting services can increase firm revenue, and provide your clients with more options to suit their businesses with a higher level of satisfaction.
Intacct Launches Performance Cards, New Dashboard Visualization Feature
Cloud accounting and business management developer Intacct has announced the launch of Performance Cards, new dashboard visualizations that provide users with at-a-glance views into critical performance trends. Built directly into the Intacct financial management system, Performance Cards are easy to create, require no custom code development or additional software, and leverage Intacct’s dimensional general ledger to provide a broad range of financial and operational insights for improved decision making.
FASB and IASB Form Joint Transition Resource Group for Revenue Recognition
Members of the TRG include financial statement preparers, auditors and users representing a wide spectrum of industries, geographical locations and public and private companies and organizations.