Posts Tagged ‘GAAP’
By Edelstein on October 25, 2021
Interest in environmental, social and governance (ESG) matters has grown significantly during the COVID-19 pandemic. And that momentum may continue under the Biden administration. Currently, about 90% of large public companies voluntarily publish so-called “sustainability
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Posted In: Alerts & Advisories
By Edelstein on October 11, 2021
The COVID-19 pandemic is still adversely affecting many businesses and not-for-profit organizations, but the effects vary, depending on the nature of operations and geographic location. Has your organization factored the effects of the pandemic into
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Posted In: Alerts & Advisories
By Edelstein on October 4, 2021
Timely financial reporting is key to making informed business decisions. Managers need to know what’s in the pipeline to respond promptly and decisively. Unfortunately, it typically takes several weeks to prepare financial statements under U.S.
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Posted In: Alerts & Advisories
By Edelstein on August 2, 2021
A complete set of financial statements for your business contains three reports. Each serves a different purpose, but ultimately helps stakeholders — including managers, employees, investors and lenders — evaluate a company’s performance. Here’s an
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Posted In: Alerts & Advisories
By Edelstein on July 13, 2021
Many types of businesses — such as homebuilders and manufacturers — turn raw materials into finished products for customers. Production is a continuous process. So, any work that’s been started but isn’t yet completed before
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Posted In: Alerts & Advisories
By Edelstein on June 28, 2021
Timing counts in financial reporting. Under the accrual method of accounting, the end of the accounting period serves as a strict “cutoff” for recognizing revenue and expenses. However, during the COVID-19 pandemic, managers may be
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Posted In: Alerts & Advisories
By Edelstein on June 21, 2021
Businesses need financial information that’s accurate, relevant and timely. The Securities and Exchange Commission requires publicly traded companies to follow U.S. Generally Accepted Accounting Principles (GAAP), often considered the “gold standard” in financial reporting in
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Posted In: Alerts & Advisories
By Edelstein on May 17, 2021
In recent years, the accounting rules for certain balance sheet items have transitioned from historical cost to “fair value.” Examples of assets that may currently be reported at fair value are asset retirement obligations, derivatives
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Posted In: Alerts & Advisories
By Edelstein on May 3, 2021
During the pandemic, many employees have postponed using their allotted paid time off until COVID-related restrictions are lifted and safety concerns subside. This situation has caused an increase in accruals for certain employers. Here’s some
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Posted In: Alerts & Advisories
By Edelstein on April 26, 2021
If your company is planning to merge with or buy another business, your attention is probably on conducting due diligence and negotiating deal terms. But you also should address the post-closing financial reporting requirements for
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Posted In: Alerts & Advisories