Financial Reporting

April 13, 2016 

One way to minimize error is to know the common pitfalls of valuations. Sageworks and Chartwell collaborated to produce a practice aid listing 15 common errors found in valuation reports. The complete list is available for download here, but here are ...

April 12, 2016 

The organization has opened three key documents—the SASB Rules of Procedure, the SASB Conceptual Framework, and proposed changes to its Sustainable Industry Classification System (SICS) — for a 90-day public comment period.

March 30, 2016 

Accounting for employee share-based awards was identified by the Private Company Council (PCC) as an area of concern among private company stakeholders. The PCC worked with the FASB to discuss and analyze the issues that private companies have ...

March 1, 2016 

When the new lease accounting standard becomes effective, lessees will for the first time be required to report billions of dollars in leased assets and corresponding liabilities from operating leases on their balance sheets.

February 29, 2016 

The Governmental Accounting Standards Board (GASB) has a new statement about how certain component units incorporated as not-for-profit corporations should be presented in the financial statements of the primary state or local government.

February 29, 2016 

“The new guidance responds to requests from investors and other financial statement users for a more faithful representation of an organization’s leasing activities,” stated FASB Chair Russell G. Golden.

January 31, 2016 

Businesses with employees or anyone who has contracted for more than $600 in work to a freelancer or subcontractor: you have until February 1, 2016, to provide the appropriate wage and income reporting form – a W-2 or 1099-MISC – to all recipients.

January 27, 2016 

Under Generally Accepted Accounting Principles (GAAP), defined benefit pension cost and postretirement benefit cost (net benefit cost) comprise several components that reflect different aspects of an employer’s financial arrangements, as well as the ...

January 22, 2016 

The CFO is trained to picture every detailed step when reviewing a process. The CFO foresees bottlenecks in operational activities few others are trained to find. As a result, the CFO brings a new level of clarity to software development, eliminating ...

January 22, 2016 

Internal controls over financial reporting and data security have leaped to the top of the list of compliance issues that cause sleepless nights for executives who prepare corporate financial information.

January 6, 2016 

The ASU on recognition and measurement will take effect for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. For private companies, not-for-profit organizations, and employee ...

December 30, 2015 

The GAAP Financial Reporting Taxonomy is a list of computer-readable tags in eXtensible Business Reporting Language (XBRL) format that allows companies to tag precisely the thousands of pieces of financial data that are included in typical long-form ...