Footnote disclosures basics The footnotes to your company’s financial statements give investors and lenders insight into account balances, accounting practices and potential risk factors — knowledge that’s vital to making…
Your financial statements and on-time financial reporting is key Financial Statements. Many companies are struggling as a result of shutdowns and restructurings during the COVID-19 crisis. To add insult to…
Financial statements, revenue recognition, and leases: FASB gives certain entities more time Private companies and most nonprofits were supposed to implement (in their financial statements) updated revenue recognition guidance in…
Should You Delay CECL Reporting The Coronavirus Aid, Relief and Economic Security (CARES) Act was signed into law on March 27. Among other economic relief measures, the new law allows…
Your financial statements and the Coronavirus The economic fallout from the coronavirus (COVID-19) pandemic has forced business owners to reevaluate their operations. One place to look for the information you…
Changes to accounting rules may change your mind on if you lease or buy The rules for reporting leasing transactions are changing. Though these changes have been delayed until 2021…
GAAP vs. tax-basis: Which financial statement is right for your business? Most businesses financial statements report financial performance using U.S. Generally Accepted Accounting Principles (GAAP). But the income-tax-basis format can…
Financial statements tell your business’s story, inside and out Ask many entrepreneurs and small business owners to show you their financial statements and they’ll likely open a laptop and show…
What’s Your Audit Opinion The type of opinion your auditor issues tells stakeholders whether you’re in compliance with accounting rules and likely to continue operating as a going concern. These…