Recent News & Blog

Recent News & Blog / Audit

  • How to Prepare for an Audit

    Preparing for an audit is a year-round process with several components, making it a challenging task for some. Understanding the contributing factors and timeline of an audit can help ensure you complete yours on time and accurately. 

  • Overview of the offsetting rules

    As companies explore hedging strategies in today’s uncertain economy, management might need to become familiar with the accounting rules for offsetting. Here are the basics, including what needs to be disclosed in your footnotes about these contractual arrangements.

  • FASB approves updated rules for disclosing income taxes

    On August 30, 2023, the Financial Accounting Standards Board (FASB) unanimously voted to finalize its proposed improvements to the disclosure rules for income taxes. Here’s what’s changing and when those changes are effective. Rate reconciliation

  • FASB finalizes new crypto standard in record time

    On September 6, the Financial Accounting Standards Board (FASB) unanimously voted to finalize new accounting rules on cryptocurrency assets — less than five months after the proposed standard was issued for public comment. Here’s what companies that hold these assets should know.

  • FASB votes to exempt private companies from disaggregation of income statement project

    Private companies can breathe a sigh of relief: The Financial Accounting Standards Board (FASB) and the Private Company Council have agreed to give them a pass on a coming proposal that, if approved, would require expanded footnote disclosures about expenses.

  • Overview of discontinued operations reporting

    Traditional business models in many sectors have been disrupted by the COVID-19 pandemic, geopolitical uncertainty, rising costs and falling consumer confidence.

  • Reporting non-GAAP measures

    Generally Accepted Accounting Principles (GAAP) is generally considered the gold standard in financial reporting in the United States. But private and public entities may sometimes use non-GAAP metrics in their disclosures and press releases or when applying for financing.

  • How to use QuickBooks as a fraud detection tool

    Many businesses and nonprofits use QuickBooks® as a cost-effective solution to manage their accounting processes. However, the software’s capabilities extend beyond organizing and streamlining your company’s accounting. QuickBooks can also help you detect fraud.

  • New-and-improved accounting rules for common control leases

    On March 27, 2023, the Financial Accounting Standards Board (FASB) published narrowly drawn amendments to the lease accounting rules. The updated guidance clarifies issues that are relevant to rental agreements between businesses that have the same owner.

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