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For accounting folks who works for a listed entity (company that sells its share to public), audit committee is probably their friends (or enemy?)—at least they...
Another post of mine about “Forensic accounting in real business conduct” provides basic description of forensic accounting. In fact forensic accounting inter-related with many other fields...
If read a balance sheet, you will find an item under the current asset group named “Short-term Investments”. Short-term Investments and Marketable Securities are generic terms...
Book value per share is the net assets available to common stockholders divided by the shares outstanding, where net assets represent stockholders’ equity less preferred stock....
“Going concern” is concept that I learnt in the first year of my accounting school. I think you did too. It has been called an assumption,...
Cost accounting is one of the most crucial aspects of the accounting profession. And, choosing—followed by proper use of suitable costing methodology, is super-important, for it...
So we are ten weeks prior 2011 year-end closing. “Yea, we still have more than enough time to do that,” you may think. Oh really? I...
Earned Income Tax Credit (EITC) benefits American workers and working families with low-and moderate-income. For 2011 tax returns, the maximum credit will be $5,751. Unlike most...
As it has been described in my previous post, IAS 38 permits recognition of internally created intangible assets to the extent the expenditures can be analogized...
In many instances, intangibles are generated internally by an entity, rather than being acquired via a business combination or some other purchase transaction. Because of the...
Globally, personal income tax rate discussions remain high on the agenda in 2011 but rate movements for the most part have yet to occur. The average...
The notion of applying what is now known as ‘equity method accounting’ to investment situations—where the investor is able to exercise significant influence developed in the...
Not many people love to work for accounting firms, even the accountants themselves. “It is boring”, they say (and you may think?). Wrong. At least according...
The auditor’s study of internal control has the two primary purposes of helping the auditor (1) to plan the audit and (2) to assess control risk,...
Starting in the fourth quarter of 2011 the U.S. CPA Exam will begin releasing scores earlier and more predictably. The change will mark a major shift...
A partner’s distributive share of income or loss is generally determined by the partnership agreement. Such agreement can have different ratios for income or loss, and...
SEC requires an interim financial information review before it is filed in a registrant’s quarterly report on Form 10-Q. SAS 100 provides guidance which is primarily...
In general, partnerships are organizations of two or more persons to carry on business activities for profit. For tax purposes, partnerships also include a syndicate, joint...