When liquidation is imminent, the liquidation basis of accounting may be used. Here are the factors that go into a going concern assessment.
In recent years, accounting rule makers have issued guidance that requires certain items on the balance sheet to be reported at “fair value.” Here are some answers to frequently asked questions about this standard of value and how it’s measured
Timely, accurate financial information is essential to running a successful business. There are a number of accounting methods you can use to record and track your business’s financial performance. Here’s an overview of cash, tax and accrual basis accounting to help you choose a method that’s appropriate for your situation.
The new lease standard is intended to account for all lease obligations on financial statements. As you’d expect, implementing the new lease standard changes how we think about and account for individual leases. Learn more about ML&R’s partnership with LeaseCrunch and how this solution can help your business.
There are four types of audit opinions: 1) unqualified (or clean) opinions, 2) qualified opinions due to small deviations from GAAP, 3) adverse opinions due to material exceptions to GAAP, and 4) disclaimers when the auditor gives up in the middle of an audit.
Footnotes appear at the end of a company’s audited financial statements. These disclosures provide insight into account balances, accounting practices and potential risk factors — knowledge that’s vital to making well-informed lending and investing decisions. Here are examples of key risk factors that you might unearth by reading between the lines in a company’s footnotes.
In today’s unprecedented market conditions, key “unknowns” could have a material impact on the accounting estimates included in your company’s financial statements. Learn more about the three common approaches used by auditors to substantively test accounting estimates and fair value measurements to reduce the risk of restatements or write-offs in future periods.
During the pandemic, many employees have postponed using their allotted paid time off until COVID-related restrictions are lifted and safety concerns subside. Here’s some guidance to help evaluate whether your company is required to report a liability for so-called “compensated absences” and, if so, how to estimate the proper amount.
Many small entities suffered major losses during the pandemic. Here’s welcome relief from the FASB for private companies and not-for-profit entities that report goodwill on their balance sheets.