Thought Leadership

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Will FASB Require More Detailed Expense Reporting?

Investors often can’t get sufficient information about a company’s future cash flows because expense information is too dense, according to recent discussions by the Financial Accounting Standards Board (FASB). An ongoing FASB project aims to make the income statement more useful to those who read…

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Prevent Fraud with the Help of Your Audit Committee

Your board’s audit committee is a first line of defense against fraud. But to be effective, committee members need to do more than simply review financial statements and audit results. Members should also adopt the following best practices:

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A Fresh Look at Percentage of Completion Accounting

How do you report revenue and expenses from long-term contracts? Some companies that were required to use the percentage of completion method (PCM) under prior tax law may qualify for an exception that was expanded by the Tax Cuts and Jobs Act (TCJA). This could, in turn, have spillover effects on…

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Tax Incentive — or Government Giveaway?

After a highly publicized search for new headquarters locations, Amazon pulled the plug in February on a $2.5 billion project to open a second headquarters in Queens, New York. Although the new hub would have created an estimated 50,000 jobs. A key reason for Amazon’s cold feet politicians, union…

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Put a QOE Report to Work for You

An independent quality of earnings (QOE) report can be a valuable tool in mergers and acquisitions. It’s important for both buyers and sellers to look beyond the quantitative information provided by the selling company’s financial statements.

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What Is a Company Worth When It’s Liquidated?

No matter how much the overall economy is thriving, some businesses will struggle and eventually need to liquidate their assets. Getting the most out of liquidation requires guidance from financial experts who can help owners make informed decisions.

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Auditing Accounting Estimates and the Use of Specialists

The Public Company Accounting Oversight Board (PCAOB) recently voted to finalize two related standards aimed at improving audits of accounting estimates and the work of specialists. Though the new, more consistent guidance would apply specifically to public companies, the effects would likely…

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Time Is up Soon on Private Company Leases

This year, it was public companies. Next year, time is up for private companies to comply with new lease accounting rules that could have major effects on their balance sheets. The new standard goes into effect for private entities in 2020; here’s what to expect.

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Close-Up on Professional Standards for CPAs

The accounting profession is largely self-regulated by the American Institute of Certified Public Accountants (AICPA). Part of its mission involves the development and enforcement of a broad range of standards for the profession.

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