The standard for valuing certain assets and liabilities under U.S. Generally Accepted Accounting Principles is ‘fair value.’ This differs from other valuation standards that may apply when valuing a security
Businesses use two types of audits to gauge financial results: internal and external. Here is a closer look at how they measure up. Focus Internal auditors go beyond traditional financial
There are three types of financial statements under U.S. Generally Accepted Accounting Principles. Each one reveals different, but equally important, information about your company’s financial performance. And, together, they can
The accounting profession is largely self-regulated by the American Institute of CPAs (AICPA). Part of its mission involves the development and enforcement of a broad range of standards for the
Standard cost accounting does not necessarily work for lean operations. Instead, lean accounting offers a simplified reporting alternative that generates more timely, relevant financial data. But it is not right
An independent quality of earnings (QOE) report can be a valuable tool in mergers and acquisitions. It is important for both buyers and sellers to look beyond the quantitative information
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
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
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
Securities and Exchange Commission (SEC) Chairman Jay Clayton recently said that public companies should not be required to disclose information concerning environmental, social, and governance (ESG) matters in their financial
