Posts tagged financial reporting

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 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 …

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, …

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 …

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 …

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 …