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Accounting Today
JULY 26, 2023
Apart from a raid by India's financial crime-fighting agency, the tutoring startup failed to file its financial accounts on time, and U.S. investors accuse it of hiding half a billion dollars.
Accounting Today
SEPTEMBER 6, 2023
The Financial Accounting Standards Board voted to adopt its eagerly awaited standard for cryptocurrency like Bitcoin held by companies.
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Breaking Ground on Better Payment Processes: Strategies for Construction Pros
The Growth Architect: How Financial Leaders are Unlocking Potential
Avoiding Lease Accounting Pitfalls in 2025: Lessons Learned from Spreadsheet Errors
From Start to Scale: Driving Growth Through Seamless Payments Implementation
Accounting Today
AUGUST 30, 2023
The Financial Accounting Standards Board voted to require companies to tell the public more about the taxes they pay, starting as early as 2025.
350 Breaking Ground on Better Payment Processes: Strategies for Construction Pros
The Growth Architect: How Financial Leaders are Unlocking Potential
Avoiding Lease Accounting Pitfalls in 2025: Lessons Learned from Spreadsheet Errors
From Start to Scale: Driving Growth Through Seamless Payments Implementation
Accounting Today
JULY 12, 2024
The Financial Accounting Standards Board released a new chapter of its Conceptual Framework on the measurement of items recognized in financial statements, while also drawing that project to a close.
Accounting Today
JULY 24, 2024
The Financial Accounting Standards Board issued a proposed accounting standards update to request public comments on possible changes to two of its standards.
Accounting Today
OCTOBER 10, 2023
The Financial Accounting Standards Board is incorporating some of the Securities and Exchange Commission's disclosure requirements into its Accounting Standards Codification.
Accounting Today
AUGUST 30, 2023
The Financial Accounting Standards Board released another chapter of its conceptual framework related to the recognition and derecognition of an item in financial statements.
Accounting Today
NOVEMBER 13, 2024
The Financial Accounting Standards Board issued a proposed accounting standards update that aims to improve the navigability of the disclosures that need to be provided for interim reporting periods.
Accounting Today
DECEMBER 28, 2023
The Financial Accounting Standards Board has decided not to add several projects to its technical agenda, including one on commodities, despite requests.
Accounting Tools
OCTOBER 27, 2023
Related Courses Accountants’ Guidebook Cost Accounting Fundamentals There are a number of differences between cost accounting and financial accounting , which are noted below. Cost accounting involves the preparation of a broad range of reports that management needs to run a business.
Accounting Today
DECEMBER 27, 2024
The Financial Accounting Standards Board has posted the 2025 GAAP Financial Reporting Taxonomy, SEC Reporting Taxonomy and GAAP Employee Benefit Plan Taxonomy.
Accounting Tools
JULY 23, 2024
What are the Objectives of Financial Reporting? The objectives of financial reporting cover three areas, dealing with useful information, cash flows, and liabilities. Objective #1: Provide Useful Information The first objective is to provide useful information to the users of financial reports.
Accounting Today
DECEMBER 19, 2024
The Financial Accounting Standards Board issued an invitation to comment on whether to pursue a project on accounting for intangible assets.
162 
Accounting Tools
JULY 11, 2023
Related Courses Accountants’ Guidebook Bookkeeper Education Bundle Bookkeeping Guidebook What is Financial Accounting? Financial accounting is the practice of recording and aggregating financial transactions into financial statements.
Accounting Tools
OCTOBER 13, 2023
Related Courses GAAP Guidebook International Accounting What are the Statements of Financial Accounting Concepts? Concepts statements set the objectives and qualitative characteristics used to to determine which business transactions and events shall be recognized and measured in financial reports.
SMB Accounting and Consulting
DECEMBER 2, 2020
However, compliance with generally accepted accounting principles (GAAP) is required. GAAP are a set of accounting principles established by the Financial Accounting Standards Board (FASB) to provide clarity, consistency, and comparability of financial reporting and information. What exactly is GAAP?
87 
Accounting Tools
APRIL 4, 2023
The other type of accounting is financial accounting , which is concerned with the proper recordation and reporting of accounting transactions to be in compliance with the applicable accounting framework (such as Generally Accepted Accounting Principles or International Financial Reporting Standards ).
75 
Accounting Tools
OCTOBER 18, 2024
There are two major accounting frameworks in use in the world today, which are Generally Accepted Accounting Principles ( GAAP ) and International Financial Reporting Standards ( IFRS ). IASB vs. FASB GAAP is derived and maintained by the Financial Accounting Standards Board , which is based in the United States.
MineralTree
OCTOBER 5, 2023
Its primary purpose is to ensure the accuracy and completeness of financial records so that financial statements can be prepared for internal and external reporting purposes. A slower close means that financial reporting is slower, and the information used to make business decisions is less timely.
76 
Accounting Tools
JULY 8, 2024
What are the Advantages of Cost Accounting? There are multiple advantages to using cost accounting, since it provides vastly more actionable information than the financial statements produced through financial accounting. The key advantages of cost accounting are noted below.
Accounting Tools
JUNE 20, 2023
Accountants tend to specialize in one of these fields, which leads to the different career tracks noted below. Financial Accounting Those in the financial accounting field are concerned with the aggregation of financial information into external reports.
75 
Less Accounting
DECEMBER 1, 2023
Reconcile Accounts You won’t get far if your books aren’t up to date. Take the time to reconcile bank statements, credit card statements, and any other financial accounts. Make sure that your accounting records match the actual transactions. Inventory Management Year-end is the time for inventory!
105 
Accounting Tools
DECEMBER 19, 2023
The information in the general ledger is used to derive financial statements , and may also be the source of some information used for internal management reports. Reporting The reporting aspects of accountancy are considerable, and so have been divided into smaller areas of specialization, which are noted below.
Accounting Tools
JULY 17, 2023
One of the reasons for using GAAP is so that anyone reading the financial statements of multiple companies has a reasonable basis for comparison, since all companies using GAAP have created their financial statements using the same set of rules. GAAP is much more rules-based than IFRS.
Intuit
SEPTEMBER 18, 2024
As far as licensing goes, there are two principal CPA exams that you’ll have to pass: Uniform CPA exam: This is a comprehensive test that covers all the main subjects you’ll need to know as a CPA, including auditing, financial accounting, regulatory requirements, and more.
130 Nanonets
APRIL 3, 2024
Invoicing and Accounts Receivable: Traditional bookkeepers generate invoices, track payments, and manage accounts receivable to ensure timely collection of funds owed to the company. Accounts Payable: They manage accounts payable by processing vendor invoices, tracking expenses, and ensuring timely payments to suppliers and creditors.
Remote Quality Bookkeeping
OCTOBER 23, 2024
Detailed financial reports are intimidating and hard to digest. However, we can build custom dashboards to provide a financial snapshot of your business that are easy to read and understand. Can Qvinci Consolidate and Compare Financial Reports for My Locations When I Need Them?
52 
Outsourced Bookeeping
MAY 29, 2023
Leveraging Technology and Advanced Tools for Bookkeeping Services to Enhance Productivity Utilizing modern technology and equipment is a crucial component of outsourced accounting services.
Accounting Tools
OCTOBER 11, 2023
The following discussion of accounting basics is needed to give you a firm grounding from which to understand how an accounting system works and how it is used to generate financial reports. This means setting up accounts in which financial information is stored.
75 
Accounting Tools
MAY 21, 2023
Adjusting Journal Entry An adjusting entry is used at month-end to alter the financial statements to bring them into compliance with the relevant accounting framework , such as Generally Accepted Accounting Principles or International Financial Reporting Standards.
Accounting Tools
MAY 4, 2024
It mandates that all public entities submit quarterly and annual financial reports, which are then made available to the public on its website. Related AccountingTools Course Public Company Accounting and Finance Related Article Financial Accounting Standards Board The SEC was authorized by Congress in 1934.
Accounting Tools
JULY 23, 2024
What is Accounting Theory in Financial Reporting? Accounting theory is the cluster of accounting frameworks and historical practices that is used to apply principles of financial reporting. The following sub-topics cover several key issues relating to accounting theory.
40 
Accounting Tools
JULY 12, 2024
The primary organization that is responsible for creating and updating these standards is the Governmental Accounting Standards Board (GASB). The Focus of Governmental Financial Reporting The key measurement focus in a government fund’s financial statements is on expenditures, which are decreases in the net financial resources of a fund.
75 
Billing Platform
OCTOBER 4, 2023
To establish best practices, eliminate confusion and standardize the recognition of revenue, the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) developed a framework – Accounting Standards Codification (ASC 606) – for more consistent revenue recognition.
Accounting Tools
JUNE 11, 2023
An accounting standard is a document issued by a rule-setting body, stating the manner in which accounting transactions are to be recorded and reported. The entities that most commonly issue accounting standards are the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB).
40 
Nanonets
SEPTEMBER 21, 2023
By implementing the right strategies and utilizing modern technologies, businesses can overcome these accounting hurdles and ensure a smoother financial flow. Let's explore some common accounting problems and their solutions. Automation is key in streamlining various accounting tasks.
52 
Accounting Tools
APRIL 26, 2023
The APB was organized and overseen by the American Institute of Public Accountants, and operated from 1959 to 1973. Membership varied between 18 and 21 members, with most participants coming from the major accounting firms. The APB was replaced in 1973 by the Financial Accounting Standards Board (FASB).
40 
Nanonets
SEPTEMBER 23, 2023
Effective and efficient accounting strategies provide accurate financial information, facilitate informed decision-making, ensure compliance with regulations, and build investor trust. These types of accounting play crucial roles in providing businesses with accurate financial information and assisting in making informed decisions.
52 
Accounting Tools
OCTOBER 8, 2023
In descending order, the levels are as follows: FASB Statements of Financial Accounting Standards and Interpretations, FASB Staff Positions, and AICPA Accounting Research Bulletins and Accounting Principles Board Opinions that are not superseded by actions of the FASB.
40 
Tipalti
DECEMBER 31, 2023
From reconciliations to financial reporting and automating tasks, successfully close your books each month. Master the month end close process with this essential guide.
Nanonets
JUNE 13, 2024
It helps generate reports regarding cash flow, outstanding checks and reconciled amount. Bank reconciliation softwares typically have integrations to directly pull company's data and match transactions to generate reports for better financial reporting. What is an Account Reconciliation Software?
Nanonets
FEBRUARY 14, 2024
Through their systematic organization, GL codes empower businesses to - Enhance Financial Accuracy and Compliance with Financial Standards : GL Codes allow for the precise categorization of financial transactions, which is crucial for producing accurate financial reports.
Intuit
NOVEMBER 20, 2023
Part 3 – Financial Accounting and Reporting: Here, you’ll be putting your actual accounting skills to work. You’ll prepare statements and do other accounting procedures for mock businesses and governments.
130 
Nanonets
JULY 25, 2023
Accurate records of revenue, expenses, working capital, and profits are essential for making strategic business decisions and complying with financial reporting standards like GAAP and IFRS. Complete and accurate financial accounting simplifies tax obligations, auditing, and valuation processes.
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