Close-up on financial statements


There are three types of financial statements. One is the income statement. Can you name the other two? Click on the link for the answer and to learn what each statement says about your company’s financial performance.

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Comparing internal and external audits


Internal and external auditors provide complementary coverage of financial matters that can help you make informed business decisions. What’s the difference between them?

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Lean manufacturers: Reap the benefits of lean accounting


How well are your lean improvement efforts working out? You probably won’t find the answer in your traditional financial statements. Here’s an accounting method that’s designed to complement lean manufacturing.

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Close-up on professional standards for CPAs


CPAs rank among the most trusted professionals. And that trust is well warranted because of the extensive guidance that accountants and auditors must follow.

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Now or later? When to report subsequent events


Beware: Floods, fires, mergers and other major events that happen after the end of the accounting period may have to be reported or disclosed in your company’s financial statements.

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Auditing accounting estimates and the use of specialists


Valuations, impairments, credit losses and revenue from contracts: All involve estimates by management and may require the use of specialists. Updated PCAOB guidance would call for a more consistent, risk-based approach.

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Simplifying the accounting rules for convertible debt and equity


Debt or equity? The answer isn’t always clear when accounting for convertible instruments, like equity-linked bonds or preferred stock. Here’s why the determination may be easier to make in the future.

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Transparency is key with related party transactions


Friends, relatives, parents and subsidiaries: All are examples of related parties to identify and evaluate during the audit process. Here’s why and how auditors are giving more attention to related parties.

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ESG issues: To report or not to report?


When reporting on sustainability, one size doesn’t fit all companies, says the SEC. Find out how its views about reporting on environmental, social and governance (ESG) matters differ from those of IOSCO and some stakeholders.

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Automating your accounting department


Robotic process automation (RPA) is the wave of the future … even in the accounting department. Find out best practices for getting started with automation software for routine financial reporting tasks.

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