Sage North America recently released 2013’s Financial Capability Survey, to determine the “financial literacy” of small business owners. This survey gauged the overall perceptions, knowledge, and habits of over 700 small business owners, and details the difference between those who use accounting software and those who do not. Continue reading
Accounting
FASB Clarifies Nonpublic Disclosure Exemption
From the Journal of Accountancy: Private companies and nonpublic not-for-profits are exempted from a particular fair value disclosure as a result of a FASB amendment that was released Thursday, February 7th. Continue reading
New Framework Proposed for Enhancing Audit Quality
The International Auditing and Assurance Standards Board (IASSB) has released for public comment a new consultation paper aimed at improving the quality of audits. Continue reading
How the Clarified Auditing Standards Will Affect You
Now that the clarified auditing standards are in effect, you may be wondering how this affects you. The first thing to realize is that some of the changes included in the new standard will affect every auditor. There are three key changes that each auditor should address. Continue reading
Auditing Standards No. 16 Approved by the SEC
Accounting Web: The Public Company Accounting Oversight Board (PCAOB) announced on December 20, 2012, that the Securities and Exchange Commission (SEC) approved Auditing Standard No. 16, Communications with Audit Committees, and amendments to other PCAOB standards. Continue reading
The New Auditor’s Report
As a result of SAS 122 – Clarification and Recodification (The Clarity Project), auditor’s reports will take on a new look for years ending after December 15, 2012. The clarified standard requires a more detailed statement in the auditor’s report that the financial statements are the responsibility of management, and requires the use of headings throughout the report to clearly distinguish each section of the report.
If we can be of any assistance to your organization in determining how the new auditor’s report or any other recent developments in accounting, auditing or reporting standards might affect your organization, please feel free to contact us. A sample of the new auditor’s report follows: Continue reading
Going Concern Guidance To Be Brought into GAAP
From Accounting Web: The Financial Accounting Standards Board (FASB) agreed to adopt a financial reporting model for management’s assessment of going concern and related disclosures. The board expects to issue a draft of the proposal in July, 2013.
Fixed Asset Impairment: Losses from Hurricane Sandy (Part II)
Hurricane Sandy, one of the largest Atlantic hurricanes on record, caused wide-spread flooding and wind damage across the Northeast. It is expected to be the second-costliest Atlantic hurricane in the history of the United States and countless businesses will now need to assess the damage incurred, specifically to their fixed assets.
How does a business assess the damage to its fixed assets? Continue reading
Financial Statement Presentation: Losses from Hurricane Sandy (Part I)
If your business was affected by Hurricane Sandy this year, you may be wondering how this will be affecting your year-end financial statements. Continue reading
Accessing Capital: Improve 5 Metrics That Matter
A recent study found that while nearly 91% of private company owners were enthusiastic about executing growth strategies, only 51% reported having the necessary financial resources to do so. Furthermore, the study by Pepperdine University found that banks reported they were declining, on average, 36% of loan applications, with quality of earnings and/or cash flow as the most common reason (32%).
So what should a business that needs to borrow do? Continue reading
