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Knowing the Right Time to Recognize Revenue
Products and services can be sold and marketed in many different ways. Guidance is available about how to recognize revenue record income from the most common types of transaction, but it’s not possible to provide for every situation—so considerable professional judgment is needed in the less straightforward cases.What You Need...
The Case for Private Company GAAP
GAAP has high value - for the most part - say a growing number of external users of private company financial reports, CPAs and other financial professionals working in or serving private companies, which represent more than 99% of the nation's incorporated businesses. But while a recent AICPA-sponsored survey revealed...
Enterprising Views Of Risk Management
Industry insiders tout enterprise risk management ERM as the most effective strategy an organization can use to manage a plethora of risks, running the gamut from strategic, market, credit, operational and financial exposure to the daunting array of man-made and natural disasters. New ERM committees led by chief risk officers...
OCBOA Financial Statements
One of the small business tax clients asks a person to prepare and report on a set of financial statements. Because one is familiar with the company, it has entered into an interest rate swap to lock in a low rate. The company also has a significant amount of goodwill...
How Sarbanes-Oxley Will Change The Audit Process
From the executive summary: ‘The Sarbanes-Oxley Act’s internal control certification provisions impose significant responsibilities on both management and the auditor. The former will have to take ownership of the process of identifying, documenting and evaluating significant controls as well as determining which locations or business units to evaluate. For auditors,...
The New Accounting Environment
Keeping up with the changes, the new accounting regulations demand can add complexity and hours to the already full schedules of corporate financial executives. This year CPAs in business and industry have had to find the time to know—and do—more. The Sarbanes-Oxley Act of 2002 and SAS no. 99, Consideration...
Hazy Reporting
A business page proves that pro forma financial reporting is on the rise. However, there is a right way and a wrong way to use pro forma numbers. When a company uses such information correctly, it helps investors understand its financial performance. On the other hand, it can use pro...
Standards Setting At The Crossroads
Existing auditing standards weren’t created out of whole cloth as the result of a consensus-based master plan. For decades, generally accepted auditing standards GAAS, which the AICPA developed and maintained, have been what all other standards setters or regulators looked to first. Reevaluating the entire standards-setting process is important because...
The Auditor’s Approach To Fair Value
The auditing standards board ASB issued Statement on Auditing Standards SAS no. 101, Auditing Fair Value Measurements and Disclosures, in January. The standard, which is effective for audits of financial statements for periods beginning on or after June 15, contains significantly expanded guidance for auditing fair value measurements and disclosures....
Accountability By Numbers
Good business management seems to be in short supply these days as many companies are on the verge of decline. The major cause of business meltdown is management error, which needs to be checked. This scenario occurs not only in high-profile companies but also across the enterprise spectrum. The paper...
Management Is Responsible, Too
AICPA’s new antifraud and corporate responsibility program does a good job of telling CPAs what they should be doing during an audit. This article explains fraud-costing U.S.companies in billions. The document, sponsored by seven professional associations including the AICPA, spells out specific recommendations to help boards of directors, audit committees,...
The Sarbanes-Oxley Act: Key Issues for the Certified Public Accountant Providing Business Valuation and Litigation and Dispute Resolution Services
The Business Valuation BV, Litigation, and Dispute Resolution Services LDRS Subcommittees for the American Institute of Certified Public Accountants AICPA, in conjunction with other AICPA committees, have identified some of the key issues resulting from the Sarbanes-Oxley Act for CPAs providing BV and LDRS services. The Sarbanes-Oxley Act has placed...
Before The Deluge - And After
The strength of an organization is usually observed when an organization comes under the weight of heavy crises. The important aspect, however, is not how a firm deals with crises but what steps it takes to overcome the loss arising from the crisis. What makes a difference is the manner...
Internal Control Assessment By Management - Key Issues For Management
The AICPA Business & Industry Team assembled an ad-hoc task force of members to address issues relating to management’s responsibility with respect to Section 404 of the Sarbanes-Oxley Act of 2002 titled “Management Assessment of Internal Controls.” The ad-hoc task force met via conference call with the ASB Task Force...
Protect Small Business
Small business especially those that do not have regular audits—have every reason to worry about fraud. According to a recent report, the per-employee losses from fraud in the smallest businesses are 100 times greater than those at their largest counterparts. Thus, CPAs can be valuable advisers to their clients in...
The Single-Participant 401(k)
The 401k plan has been around for more than 20 years, permitting Americans to amass billions of dollars in retirement assets. With the passage of the Economic Growth and Tax Relief Reconciliation Act of 2001, EGTRRA millions more self-employed or small business owners with no employees other than their spouse...
Financial Statement Fraud, Integrity of Financial Information Continue to Be Front-Burner Issues
Last year's financial failures highlighted some of the more egregious examples of corporate fraud. But they also brought to mind another concern: aggressive accounting. The entrepreneurial spirit of many fast-growing companies of the 1990s led some of them to use aggressive accounting, but in some cases, these methods clearly crossed...
Financial Statement Fraud, Integrity of Financial Information Continue to Be Front-Burner Issues
Last year's financial failures highlighted some of the more egregious examples of corporate fraud. However, they also brought to mind another concern: aggressive accounting. The entrepreneurial spirit of many fast-growing companies of the 1990s led some of them to use aggressive accounting, but in some cases, these methods clearly crossed...
Better Budgets
Many companies invest inordinate time, energy, and financial resources to develop corporate plans only to change or even ignore them. However, few fortune companies recognized that mistake and, as a result, are restructuring their planning and budgeting processes. Such engineering requires patience, intensive ongoing communication with employees, investment in new...
Ensuring Ethical Effectiveness
From the executive summary: ‘The Sarbanes-Oxley Act, requires publicly traded companies to disclose whether they have adopted a code of ethics for the senior financial officers, and if not, provide the reason for the same. The companies must also report promptly any amendments to or waivers from the code.’ The...
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NAICS Code
Professional Organizations: 813920
