When preparing financial statements, businesses perform a series of meticulous steps designed to convert basic financial data into cohesive, complete and accurate reports.
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Revenue, SPACs, and LIBOR pose year-end accounting challenges - Journal of Accountancy news
As companies and their auditors prepare for this year end, they face some new and complex accounting and reporting issues.
"The challenge is dealing with the complexities of adopting new standards, like revenue recognition, and interpreting and applying existing standards to new transactions," said Lisa Munro, CPA, an audit partner at KPMG who is scheduled to participate in a panel on accounting hot topics at the
FASAB clarifies federal accounting rules for debt cancellation - Journal of Accountancy news
The Federal Accounting Standards Advisory Board (FASAB) has issued a new interpretation that clarifies that federal accounting standards provide that debt cancellation is a nonexchange activity that should be reported by federal entities on the statement of changes in net position.
WeWork Stumbles on Accounting Error That Stymied Scores of SPACs
Co-working company WeWork Inc. tripped over the same accounting error that has caused scores of special purpose acquisition companies to restate, or redo, their past financial statements.
The problem, which triggered a restatement filing after the market close Wednesday, stemmed not from the company itself, but from the SPAC that took the business public. BowX Acquisition Corp.
Bloomberg Tax & Accounting Recognizes Federal Authors Of The Year
ARLINGTON, Va. , Dec. 1, 2021 /PRNewswire/ -- Bloomberg Tax & Accounting today announced the recipients of its 2021 author awards for outstanding practitioner contributions in federal taxation, which were presented during the recent Bloomberg Tax Leadership Forum.
LSU team advances to national accounting competition
A team of six LSU business students is competing in Deloitte's national 2022 Audit Innovation Campus Challenge, marking the fourth time a team of Tigers has been selected for the accounting competition.
The LSU team, made up of students in the accounting department, is one of 12 teams advancing to the national competition out of 45 colleges and universities.
Ding-Dong, the Lease Accounting Deadline is Here - Propmodo
Companies that waited until the last minute to comply with the latest lease accounting standard, ASC 842, the latest leasing standard issued by the Financial Accounting Standards Board (FASB), are in for a scramble.
Enron's financial fallout has been said to have prompted ASC 824's inception, but the fact of the matter is that too many companies were taking advantage of off-balance-sheet financing to display an inaccurate picture of their financial reality (WorldCom, Lehman Brothers, and Adelphia
Mekea Roseman | Basic accounting principles can boost a nonprofit board's financial literacy |
Board decisions can sometimes affect an organization's finances, so nonprofit board members should understand basic accounting principles and how these numbers impact their work in a meaningful way.
Nonprofit boards review several different types of financial statements, and it is essential that board members can read and interpret the financial information presented to them.
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