When the Financial Accounting Standards Board (FASB) updated its rules for recognizing revenue from contracts in 2014, it only added to the confusion that non-profits already had about accounting for
The concept of ‘matching’ is one of the basic principles of accrual-basis accounting. It requires companies to match expenses (efforts) with revenues (accomplishments) whenever it is reasonable or practical to
Audit season is right around the corner for calendar-year entities. Here is what your auditor is doing behind the scenes to prepare — and how you can help facilitate the
Working capital is the difference between a company’s current assets and current liabilities. For a business to thrive, its working capital must be greater than zero. A positive balance enables
Goodwill shows up on a company’s balance sheet when the company has been acquired in a business combination. It represents what is left over after the purchase price in a
Most businesses report financial performance using GAAP. But the income-tax-basis format can save time and money for some private companies. Here is information to help you choose the financial reporting
Change-in-control events — like M&A transactions — do not happen every day. If you are currently in the market to merge with or buy a business, you might not be
The use of so-called ‘profits interest’ awards as a tool to attract and retain skilled workers has increased as more companies are being structured as LLCs rather than as corporations.
Whether it is hard hats and drills on a jobsite, iPads in an office, or RFID readers in a warehouse, small tools and equipment have a tendency to disappear at
In financial reporting, investors and business owners tend to focus on four key metrics: 1) revenue, 2) net income, 3) total assets, and 4) net worth. But, when it comes
