Flash Reports: Real-Time Financial Reporting
Timely financial reporting is key to making informed business decisions. Managers need to know what is in the pipeline to respond promptly and decisively. Unfortunately, it typically takes several weeks
Timely financial reporting is key to making informed business decisions. Managers need to know what is in the pipeline to respond promptly and decisively. Unfortunately, it typically takes several weeks
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 has been
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
Businesses need financial information that is 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
In today’s unprecedented market conditions, it can be challenging to predict metrics that underlie your company’s accounting estimates. Examples of key ‘unknowns’ include how much longer certain pandemic issues will
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
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
If your company is planning to merge with or buy another business, your attention is probably on conducting due diligence and negotiating deal terms. However, you also should address the
In December 2020, Richard Jones stepped up as chairman of the Financial Accounting Standards Board (FASB). After meeting with stakeholders in early 2021, Jones identified a list of high-priority projects
During the pandemic, cash has been tight for many small businesses, which may make it hard to attract and retain skilled workers. In lieu of providing cash bonuses or annual