Business owners and investors are understandably concerned about skyrocketing inflation. Over the last year, consumer prices have increased 8.3%, according to the latest data from the U.S. Bureau of Labor
Financial statements look at historical performance. But there are times when you want forward-looking reports to help your business make strategic investment decisions, evaluate the viability of a turnaround plan,
Maintaining the status quo in today’s volatile marketplace can be risky. To succeed, businesses need to ‘level up’ by being proactive and adaptable. But some managers may be unsure where
Financial statements tell only part of the story. Investors, lenders, and other stakeholders who know how to identify red flags of impending problems can protect their own financial interests. Additional
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
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 —
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
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
Major events or transactions — such as a natural disaster, a cyberattack, a regulatory change, or the loss of a large business contract — may happen after the reporting period
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
