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Tag: Assurance

Leveraging Internal Audits

Many companies have an internal audit department that tests whether the organization is accurately reporting financial results and complying with U.S. Generally Accepted Accounting Principles (GAAP). But it’s important for

Goodwill In A Bad Economy

In today’s volatile economy, many businesses and non-profits have been required to write down the value of acquired goodwill on their balance sheets. Others are expected to follow suit —

FAQs About Fair Value In Accounting

In recent years, accounting rule makers have issued guidance that requires certain items on the balance sheet to be reported at “fair value.” Here are some answers to frequently asked

Deciding Between Cash & Accrual Accounting Methods

Small businesses may start off using the cash-basis method of accounting. But many eventually convert to accrual-basis reporting to conform with U.S. Generally Accepted Accounting Principles (GAAP). Which method is

Eyes On Related Parties

Business transactions with related parties — such as friends, relatives, parent companies, subsidiaries, and affiliated entities — may sometimes happen at above- or below-market rates. This can be misleading to