Reporting Contingent Liabilities
Contingent liabilities reflect amounts that your business might owe if a specific ‘triggering’ event happens in the future. Sometimes companies are unclear when they are required to report a contingent
Contingent liabilities reflect amounts that your business might owe if a specific ‘triggering’ event happens in the future. Sometimes companies are unclear when they are required to report a contingent
Finding the right person to lead your company’s finance and accounting department can be challenging in today’s tight labor market. While it may be tempting to simply promote an existing
Before you jump headfirst into the year-end financial reporting process, review the role independent audit committees play in providing investors and markets with high-quality, reliable financial information. Recent Securities and
Construction contractors, professional service firms, specialty manufacturers, and other companies that work on large projects often struggle with job costing. Full cost allocations are essential to gauging whether you are
Some benefit plans are required to include an opinion from an independent qualified public accountant (IQPA) when filing Form 5500 each year. The IQPA examines the plan’s financial statements and
You already may have reviewed a preliminary draft of your company’s year-end financial statements. But without a frame of reference, they do not mean much. That is why it is
The Financial Accounting Standards Board (FASB) has not issued any major new accounting rules in 2019. But there have been some important developments to be aware of when preparing annual
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
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