HK Business News

Normally, the last-in, first-out (LIFO) accounting method is an effective way to defer taxes. But beware: Retailers and other businesses that use this method could be hit with an unexpected tax bill if their inventory shrinks significantly due to supply chain issues

Pandemic-related lockdowns have forced auditors to conduct many procedures off-site. That change may not necessarily be temporary. After realizing the potential benefits, remote audit procedures may be part of the “new normal” going forward.

Payments related to joint ventures and other so-called “collaborative arrangements” can be tricky to report under U.S. GAAP. Our accounting pros can help provide clarity and direction.

Is your business struggling? If you have “substantial doubt” about its ability to continue normal operations, you may encounter financial reporting issues. Here’s important information to review.

Private companies: Have you implemented the new lease accounting rules? If not, you can’t afford to procrastinate any longer. Here’s what you’ll need to do before year end and how it may impact your financials.

A new report highlights the mounting risks that businesses and not-for-profits face today. Here’s how to fortify your defenses.

Data breaches are becoming more frequent, aggressive and sophisticated. Here are some shocking statistics from the “Cost of a Data Breach Report 2022,” along with ways your auditor can help evaluate and mitigate your organization’s risk.

Could the Inflation Reduction Act have unintended financial reporting consequences? Many accounting professionals are concerned that the new law could compromise the perceived objectivity of U.S. accounting rulemakers.

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.

Businesses today are dealing with unprecedented levels of operational, financial, compliance, reputational and strategic risks. Stress testing may be the key to keeping those risks in check.

External auditors are supposed to be public watchdogs who are “independent” of their audit clients, both in appearance and in fact. This may seem like common sense, but independence issues remain at the forefront of stakeholder concerns today.

External confirmations are one of the simplest, but most effective, audit tools. Do you understand how they work?