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Businesses often enter into so-called ‘collaborative arrangements’ when they partner with another entity on a major project. Unfortunately, the current guidance for these types of arrangements under U.S. Generally Accepted Accounting Principles (GAAP) is somewhat vague. Here are questions that may arise as participants report shared...

Time flies when you are busy running a business, but it is important to occasionally pause and assess interim performance. Otherwise, you are likely to be surprised by the year-end results. When reviewing mid-year financial reports, however, recognize their potential shortcomings. These reports might not...