What happened to the international convergence project?
The project to merge U.S. and international accounting rules hasn’t completely been abandoned. Here’s how global accounting rule makers are continuing to collaborate to make worldwide capital markets more efficient.
Read 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
Read More Auditing accounting estimates
Auditors are skeptical of accounting estimates. Here’s what they’re looking for and why, in recent years, they’ve upped the ante on audit procedures related to estimates and the use of specialists.
Read More New report shows a decrease in CAMs in 2022
Auditors of public companies started reporting critical audit matters (CAMs) in their audit opinions in 2019. This represents a major change to the pass-fail auditors’ reports that had been in place for decades. CAMs relate to accounts or disclosures that are material to a company’s financial statements and involve especially difficult judgment from auditors. A recent post-implementation review of the CAM rules reveals that the average number of CAMs has declined over time. However, stakeholders find them beneficial. In fact, 80% of investors who read CAMs use them to identify key financial reporting risks, but many want more specific language for CAMs.
Read More FASB proposes last-minute changes to lease accounting rules
New lease accounting rules go into effect this year for private companies and nonprofits. Related-party leases continue to be a sticking point, but help may be coming soon.
Read More How auditors use Benford’s Law to assess transactions
Statistical tools, like Benford’s Law, can help your auditors work smarter. But it’s important to recognize the limits of these tools.
Read More Using agreed-upon procedures to target specific items of concern
If you want to know more about a specific account or nonfinancial matter, an agreed-upon procedures engagement may fit the bill.
Read More How to report software costs
Accounting for software costs is one of the gray areas in financial reporting. Fortunately, the FASB’s working on a project to simplify matters.
Read More Is it time to update your accounting practices?
Have your accounting procedures and systems kept up with the times? Here are five tips to consider.
Read More Reap the benefits of QuickBooks software solutions
Many small and midsized businesses use QuickBooks for bookkeeping purposes. Are you taking advantage of all that your accounting software has to offer?
Read More What to do if your CFO or controller leaves
The Great Resignation has caused significant turnover at many organizations. And finding replacements for high-skill positions can be challenging in today’s labor market. Here are four questions to ask if your accounting team leader unexpectedly leaves.
Read More Accounting policies and procedures are essential for nonprofits, too
Not-for-profit entities may not focus on earnings per share, but that doesn’t mean they can afford to neglect their accounting function. Here are some tips to help nonprofits run a well-oiled accounting department
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