The accounting rules for reporting income from long-term contracts for book and tax purposes can be confusing. Here’s a brief overview of the accounting rules.
Tag: GAAP
Financial statements at a glance
Can you name the three reports that make up a comprehensive set of financial statements under U.S. GAAP? To get a holistic assessment of your organization’s performance, it’s important to look beyond profits.
Reporting UTPs on your financial statements
Should your company report tax positions taken (or to be taken) on tax returns before they’re resolved with the tax authorities? Here’s an overview of the accounting rules for uncertain tax positions under U.S. GAAP.
Supplement your financial statements with timely flash reports
Here’s how daily or weekly flash reports can help your organization become more responsive to changing market conditions.
Why can’t my profitable business pay its bills?
Bills, bills, bills! From utilities and payroll to taxes and supplies, there’s always a bill that needs to be paid when you own a small business. When cash is short, it pays to understand the differences between profits and cash flow.
Reporting non-GAAP measures
Warning: Non-GAAP metrics can sometimes mislead investors! That’s why some stakeholders want a formal definition of EBITDA to be added to the accounting rules.
Demystifying deferred taxes
When reviewing a company’s financial statements, you may wonder: What are deferred taxes and how does the company quantify them? Wonder no more.
Pick the right accounting method for your business
Has your accounting method kept up with your financial needs? It periodically makes sense to evaluate how you’re reporting financial results and, when necessary, revise your approach.
New accounting rules for supplier finance programs
Newly issued rules on how to report supplier finance programs will provide critical information on the financial health of companies. Here’s what you should know if your company participates in these kinds of arrangements.
Is your current bad debt allowance reasonable?
A recent survey of audit partners found that 40% were uncertain about the outlook for their primary industries. In light of this uncertainty, many companies are re-evaluating their allowances for uncollectible receivables.
