Financial Reporting Tag

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...

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...

The use of so-called ‘profits interest’ awards as a tool to attract and retain skilled workers has increased as more companies are being structured as LLCs rather than as corporations. But accounting complexity has caused some private companies to shy away from these arrangements. Fortunately,...

In financial reporting, investors and business owners tend to focus on four key metrics: 1) revenue, 2) net income, 3) total assets, and 4) net worth. But, when it comes to gauging short-term financial performance and creditworthiness, the trump card is cash flow. If a business...