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Though I have posted about balance sheet’s disclosures required under the US’s accounting standard codification, in the past. This post discusses financial statements disclosures required under...
Including foreign currency transactions of foreign operations (usually subsidiary companies)—in the financial statements of corporate parent—has already been a complex and labor-intensive work, since long time...
Identifying problems in a financial statements and figuring out how to minimize it in the first place, is a vital role the accounting people should strive...
Financial statements is main product of the accounting process. Understanding the logics behind a financial statements helps the management, share holders, investors, and other interested parties...
Knowing the linkage of numbers in a financial statements set is vital to anyone who attempts to understand the content of financial statements and accounting in...
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....
For the purpose of fair value measurements, “inputs” are the assumptions that market participants would use in pricing an asset or liability, including assumptions regarding risk....
On any acquisition process, once due diligence and valuation of acquiree is completed, the process continued to recording (accounting) the acquisition on the company’s book. And...
The main objective of adjustments on financial statements is to determine the true earning power of the entity in the past. Doing this requires elimination of...
A review is a step up in the level of service from a compilation engagement, since some form of assurance on the financial statements will be...
Without a doubt, annual reports — more formally known as “annual reports to shareholders”, and distinctly different from the 10-K annual reports that the Securities and...
Due to computer technology, it is often unclear whether existing financial statements have been “prepared” by an accountant or by management. In considering whether an accountant...
Balance sheets (also known as statements of financial position) present information about assets, liabilities, and owner’s equity (depending on the type of reporting enterprise, this is...
The end of its fiscal year is a very important time for a business. Accountants prepare the business’s income statement and statement of cash flows for...
Many of you asked me for Business Forms, Calculators, Tools and Templates or anything that may help. Here I post some. This is by no mean...
AICPA Statement of Position (SOP) 82-1, Personal Financial Statements, addresses the preparation and presentation of personal financial statements, or, more specifically, financial statements of individuals or...
In short, financial statements are essential in managing a business and in raising the capital a business needs to operate. Internal financial statements used by managers...
The preparation of a financial statement in conformity with IFRS, or US GAAP, requires management to make estimates and assumptions that affect the reported amounts of...