Audit and tax firms have long understood that the traditional services for which they are being engaged (e.g., conducting an ...

A company's long-term liabilities, such as bonds payable and finance leases, arise from its future cash flow obligations.

Many corporate executives continually question and analyze their business practices to achieve their goals more effectively ...

Decentralized finance (DeFi) is an emerging peer-to-peer system for conducting financial activity on the blockchain without ...

Note from Column Editor Tracey J. Niemotko: Jack Woods is currently a senior at Marist University, pursuing a bachelor’s degree in professional accountancy.He is the founder and president of the ...

Ongoing Preparation Throughout the Closing Process. A key component of the ongoing planning, documentation, and preparing for the audit is having a consistent and “competent monthly closing”—and the ...

The five gateways of inventory movement (illustrated in Exhibit 1) are as follows: 1) raw materials (RM) and purchase parts receipt, 2) internal failure (scrap) reporting, 3) production reporting, 4) ...

On April 22, 2024, the Office of Management and Budget (OMB) released significant revisions to Title 2 of the Code of Federal Regulations (CFR), including 2 CFR Part 200 (the Uniform Guidance). These ...

Conditional Contributions Misconceptions. The treatment of conditional contributions was clarified by FASB with the issuance of ASU 2018-08, Clarify the Scope and Accounting Guidance for Contributions ...

CPA firms are constantly confronted by regulatory, compliance, and ethics issues in the face of an unpredictable and changing world. Hot topics like environmental, social, and governance (ESG) ...