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 …

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 …

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 …

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 …

“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 …

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 …

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? …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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, …

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 …

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, …