Businesses need financial information that is accurate, relevant, and timely. The Securities and Exchange Commission requires publicly traded companies to follow U.S. Generally Accepted Accounting Principles (GAAP), often considered the ‘gold standard’ in financial reporting in the United States. But privately held companies can use...
If your company is planning to merge with or buy another business, your attention is probably on conducting due diligence and negotiating deal terms. However, you also should address the post-closing financial reporting requirements for the transaction. If not, it may lead to disappointing financial...
Many companies are struggling as a result of shutdowns and restructurings during the COVID-19 crisis. To add insult to injury, some also have fallen victim to arson, looting, or natural disasters in 2020. Lenders and investors want to know how your business has weathered these adverse...
Non-profits sometimes team up with other entities to boost efficiency, save money, and better serve both organizations’ constituencies. This can be a smart move — so long as your accounting staff knows how to report the activities of the two organizations. How you handle reporting...
Timely, relevant financial data is critical to managing a business in today’s unprecedented conditions. Similar to the control panel in a vehicle or machine, dashboard reports provide a real-time snapshot of how your business is performing. Why You Need A Dashboard Report Everything in a dashboard report...
With many state and local governments closing their offices during the COVID-19 pandemic, the Governmental Accounting Standards Board (GASB) issued an exposure draft entitled ‘Postponement of the Effective Dates of Certain Authoritative Guidance’ on April 15, 2020 to provide short-term assistance related to the implementation...
Thanks to the Internet and social media, we are bombarded daily with all kinds of information. As a result, most people prefer clear, concise snippets of data over lengthy text. Have your financial statements kept up with today’s data-consumption trends? Show & tell Humans are visual learners....
The Coronavirus (COVID-19) outbreak — officially a pandemic as of March 11 — has prompted global health concerns. You also may be worried about how it will affect your business and its financial statements for 2019 and beyond. Close up on financial reporting The duration and full...
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 Exchange Commission (SEC) statement Under SEC regulations, all public companies must have an independent audit committee or...
Most businesses report financial performance using GAAP. But the income-tax-basis format can save time and money for some private companies. Here is information to help you choose the financial reporting framework that will work for your situation. The basics GAAP is the most common financial reporting standard...