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The primary line item on a for-profit business’s income statement is revenue (or sales), making accurate reporting crucial for producing reliable financial statements. According to U.S. Generally Accepted Accounting Principles (GAAP), revenue is recognized when

Technology is transforming the accounting profession. When businesses moved from paper ledgers to spreadsheets, it improved the timeliness, accuracy and integrity of accounting-related data. Likewise, cloud computing and the ability to remotely access real-time data

Not-for-profits aren’t required to produce audited financial statements. But audited statements are more likely to reassure big donors and grant makers about your financial stability and generally will be required if your organization applies for

Although traditional IRAs and Roth IRAs have been around for decades, the rules involved have changed many times. The Secure 2.0 law, which was enacted at the end of 2022, brought even more changes that

Does your company struggle to close its books at the end of each month? The month-end close requires accounting personnel to round up data from across the organization. This process can strain internal resources, potentially

Companies that work on customer-specific or long-term projects — such as homebuilders, contractors, custom manufacturers and professional practices — generally track job costs to gauge the profitability of each project. In turn, this helps them

What are the top concerns your organization is currently facing? This is just one of the questions audit committee members were asked in a recent survey about the audit process in 2021.

Starting in fiscal year 2022, all entities — except nonprofit organizations in the scope of Topic 958, Not-for-Profit Entities, and employee benefit plans — must provide detailed disclosures about government assistance. Here are the details of the new rules.

It’s audit season for calendar-year entities. Will your auditor issue a clean opinion? Here’s what happens when auditors have reservations about the reliability of a company’s financial statements and its ability to continue as a going concern.