Generally Accepted Accounting Principles
If your company is planning to merge with or buy another business, your attention is probably on conducting due diligence and negotiating deal terms. But you also should address the…
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Does your business need a loan? Before contacting your bank, it’s important to gather all relevant financial information to prove your business is creditworthy. By anticipating information requests, you can…
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The COVID-19 crisis is causing private companies to re-evaluate the type of financial statements they should generate for 2020. Some are considering downgrading to a lower level of assurance to…
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Your nonprofit organization may be required to hire an independent outside CPA to audit its books, depending on its annual gross receipts and other factors. Even when an external audit…
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The novel coronavirus (COVID-19) pandemic has adversely affected the global economy. Companies of all sizes in all industries are faced with closures of specific locations or complete shutdowns; employee layoffs,…
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Business assets are generally reported at the lower of cost or market value for financial reporting. Under this accounting principle, certain assets are reported at fair value, such as asset…
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Financial reporting generally focuses on the results of continuing operations. But sometimes businesses sell (or retire) a product line, asset group or another component. In certain situations, such a disposal…
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Are you certain that your nonprofit’s financially stable enough to be operating in a year? U.S. Generally Accepted Accounting Principles (GAAP) give your nonprofit a reason to evaluate that proposition.…
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It’s been 13 years since the Financial Accounting Standards Board (FASB) started overhauling its lease standard. For some time now, the new rules have been scheduled to take effect for…
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Your CPA offers a wide menu of services. An audit is a familiar type of attestation service that provides a formal opinion about whether the company’s financial statements conform to…
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