The year is almost half over. Is your business on track to meet its goals for 2022? Interim financial reporting can help gauge your progress.
Contingent liabilities: To report or not to report?
Is your company being transparent about contingent liabilities? In today’s uncertain conditions, reporting contingencies can be challenging. Here’s a refresher on the accounting rules for disclosing and estimating expected losses.
Forecasts vs. projections: What’s the big difference?
Use your accountant for more than reporting historical results. Here’s how an accounting professional can help you prepare for the future.
Management letters: Follow up on your auditor’s recommendations
Take your audited financials to the next level by implementing the improvements contained in the management letter.
Do you know the signs of financial distress in a business?
Financial distress rarely happens overnight. There are usually red flags indicating that trouble is brewing, but it might take some effort to spot them.
Goodwill in a bad economy
Internally generated goodwill isn’t on the balance sheet. But acquired goodwill is another story. Do you know the rules for reporting acquired goodwill and subsequently testing it for impairment? This is a hot button for many organizations today.
FAQs about fair value in accounting
Got questions about fair value under U.S. GAAP? Here are some answers to help take the guesswork out of reporting these estimates.
Deciding between cash and accrual accounting methods
Do you know the differences between cash and accrual accounting methods? Some small business owners are unaware of the options that are now available to them.
Timing counts: Reporting subsequent events
In today’s marketplace, conditions are ever-changing. By the time you issue year-end financial statements, you may be dealing with a major development that’s affecting your company’s performance. Which developments must be recognized or disclosed in your financials?
Eyes on related parties
Remember Enron? Doing business with so-called “related parties” may result in nepotism, sweetheart deals and skewed financial results. Here’s how auditors customize their procedures for related-party transactions.
