Connect with us
Internal control over financial reporting is essential information an auditor supposed to be able to draw during an audit session. Why? A client’s internal control state...
IAS 34, Interim Financial Reporting, established new requirements for interim reporting, while not making the reporting of interim results mandatory. While the draft preceding this standard’s...
Accounting is classified by underlying business processes, called “accounting cycles”. These processes include revenue and receipts, purchases and payments, payroll, fixed assets, financing, and general ledger....
Is it possible to outsource the accounting function? The answer is “YES”. The accounting function could be outsourced, though this is usually limited to only a...
The term “interim reporting” refers to financial reporting for periods of less than a year. GAAP itself does not mandate interim reporting; however, the SEC requires...
How good is your technical skill to prepare financial statement? Very good, you said. Alright, try these challenging cases, you are going to be able to...
Accountant Prepares balance sheets, profit and loss statements, and other financial reports. Responsibilities also include analyzing trends, costs, revenues, financial commitments, and obligations incurred to predict...
The proper reporting of tax liabilities is covered by statement number 109 of the Financial Account Standards Board (FASB). In it, the FASB outlines the proper...
The domain of accounting consists of several areas that differ primarily in function and purpose. Financial accounting is concerned with the measurement and reporting of all...
Interim financial report is a financial report that contains either a complete or condensed set of financial statements for an interim period. And interim period is...
The balance sheet date is the pivotal date at which the financial position of an entity is determined and reported. Thus, events that occur up to...
Some organizations avoid the hassle of closing the books every month, instead focusing on a quarterly close. This is most common for entities that are publicly...
This post offers an essential checklist for accountants in fulfilling their functions for managers. Accountants are saddled with the several functions listed below, and under the...
The foreign entity’s financial statements in a highly inflationary economy is not sufficiently stable and should be re-measured as if the functional currency were the reporting...
This post series will cover the following issues: FASB statement related with foreign currency translation, important term in foreign currency topic you should familiar with, how...
Segmental reporting is the process of reporting the activities of profit centers such as divisions, product lines, or sales territories. The contribution approach is valuable for...
I have been receiving many emails request for a post explains complete classification and elements of Balance Sheet in more details. Here I am bringing “Classification...
I have not followed FASB for quiet age and wondering “what is new at FASB?” Found lots of things are published recently: New exposure draft for...