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The Financial Accounting Standards Board by a 7-0 vote Wednesday agreed to effectively finalize new rules that will require public companies to break out “relevant” expense line items on the income statement by disclosing in the notes to the financial statements certain expenses such as purchases of inventory, employee compensation, depreciation and intangible asset amortization. The amendments to standards that underpin GAAP will be issued by year-end and be effective for fiscal years beginning after Dec. 15, 2026, and interim periods within fiscal years beginning after Dec. 15, 2027, according to a FASB spokesperson. The expense disaggregation project has been in the works for some time, reemerging most recently as a prioritized project in 2021; along the way, it elicited some pushback from accountants and report preparers concerned about the cost of compliance. Subsequently, the board has made some changes to ease the burden of meeting the new requirements, such as allowing companies to use accounting estimates to determine the amounts disclosed. FASB member Christine Botosan called out the notable nature of the new requirements during the meeting, adding that she hoped the board’s move to allow estimated values would help ease the transition. “This is a pretty big change for entities,” Botosan said of the new rules, noting that it’s understandable that they’ve caused a “bit of nervousness out there” among preparers. “Thinking about the last time there was any new requirement that would result in pervasive disaggregation across the income statement for companies, I think we have to go back over 100 years to when [they] first started requiring SG&A and cost of goods sold to be disaggregated on the income statement.” CPA Ontario The GAAP.net Chartered Professional Accountants of Canada (CPA Canada) #Expensereporting #Reporting
FASB sets compliance clock for new expense disclosure rules
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Elevate your practice with critical insights from the PCPS CAS Benchmark Survey! Unlock data to measure against peers and top performers in U.S. client accounting services. #Accounting #Benchmarking #CPAcom #accounting #news #finance https://lnkd.in/eh72cFF5
Elevate your practice with critical insights from the PCPS CAS Benchmark Survey! Unlock data to measure against peers and top performers in U.S. client accounting services. #Accounting #Benchmarking #CPAcom
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Distinction Between Accounting Policies and Accounting Estimates Understanding the distinction between accounting policies and estimates is vital for transparent and accurate financial statement presentation. It's crucial to differentiate between the two because changes in accounting policies mandate retrospective application, while changes in accounting estimates are applied prospectively. Before the amendments, IAS 8 contained a definition for accounting policies and a definition for a change in accounting estimates. The combination of a definition of accounting policies with a definition of a change in accounting estimates obscured the distinction between both items. To make the distinction clearer, a change in accounting estimates is replaced with a definition of accounting estimates. Under the revised standard, it's important to note that a change in accounting estimate resulting from new information or developments is not considered a correction of an error. Additionally, changes in inputs or measurement techniques used in developing accounting estimates are treated as changes in accounting estimates, provided they aren't rectifications of prior period errors. The revised Standard lists the following items as examples of accounting estimates: • A loss allowance for expected credit losses (IFRS 9 Financial Instruments) • The net realizable value of an item of inventory (IAS 2 Inventories) • The fair value of an asset or liability (IFRS 13 Fair Value Measurement) • The depreciation expense for an item of property, plant, and equipment (IAS 16 Property, Plant and Equipment) • A provision for warranty obligations (IAS 37 Provisions, Contingent Liabilities and Contingent Assets) In developing an accounting estimate, an entity uses estimation techniques (for example to estimate the loss allowance for expected credit losses) and/or valuation techniques (for example to measure the fair value of an asset or liability). #IFRS #IAS8Amendments #FinancialReporting #Transparency #AuditReport2023 #Compliance
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Discover how the FASB's final conceptual framework chapter shapes future accounting standards with an innovative measurement baseline. Dive into the milestone setting the trajectory for accounting excellence. #accounting #news #finance https://lnkd.in/epBNssrS
Discover how the FASB's final conceptual framework chapter shapes future accounting standards with an innovative measurement baseline. Dive into the milestone setting the trajectory for accounting excellence.
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https://lnkd.in/dRcUjEnw prove it general accounting test It seems there might be some confusion in your request. If you are asking for information or proof regarding a general accounting test or a specific concept related to a test, please provide more details or clarify your question. General accounting tests can cover a wide range of topics, including principles of accounting, financial statements, auditing, and more. In the absence of specific details, I'll provide information on how accounting tests are typically structured and some key concepts that might be covered. If you have a specific focus or topic in mind, please let me know for a more tailored response. Structure of a General Accounting Test: 1. Multiple-Choice Questions: General accounting tests often include multiple-choice questions to assess a candidate's knowledge of accounting principles, concepts, and terminology. These questions may cover topics such as the accounting equation, financial statement analysis, and basic accounting transactions.
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Public companies: Are you prepared for new accounting standards with mandatory effective dates in Q1 2024? Maintain compliance with these key details: https://lnkd.in/gkfPsZY7 #Accounting #FinancialReporting
Public companies: Are you prepared for new accounting standards with mandatory effective dates in Q1 2024? Maintain compliance with these key details: bit.ly/478QXCv #Accounting #FinancialReporting
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The Ind AS financial statements will not be the same as in previous years. The content of accounting policies disclosed is destined to reduce and in some cases, could reduce by more than one half. Volume 1 of Practical Guide on Material Accounting Policy Information guides the required changes to 400+ accounting policies in Ind AS financial statements of 18 listed companies for the year ended 31 March 2024. To order this book, click on the following link: https://lnkd.in/grU7j4N9
Guide on Material Accounting Policy Information V1 with CA Manish C. Iyer
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Finances, Human Resources and Marketing consultant Coach and Enterprise trainer Written and simultaneous translations.
What is accountancy? Accountancy focuses on the principles for gathering and using financial data. It gives accounting a framework and practices that accountants can use to identify, collect, record and report financial information. Other related professions, such as bookkeeping, also fall under the broad umbrella of accountancy. Additionally, accountancy involves the analysis of financial activity using accounting data. If you work as a business manager, you need to know about accountancy. If you become a business manager , you will use specific principles in the field of accountancy to make informed decisions based on financial reports and data collected by bookkeepers and overseen by accountants. Source: https://lnkd.in/e3SsECbK
Accountancy vs. Accounting: Key Differences | University of Phoenix
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The Role of a CPA in Accounting Let’s delve into the significance of CPAs, and the value they bring to the accounting profession. Read more here, https://lnkd.in/gGs8CJbN Book your free consultation now! https://lnkd.in/gcK4YRF5 #cpa #accounting #finance #santamonica
The Role of a CPA in Accounting - Santa Monica Accounting
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A concerned yet optimistic CPA at a time of exponential technological and social change. Be the disruptor!
Stay informed on the #FASB latest accounting standards updates. Check out our blog for details on four key updates. #CPA #Accounting
Accounting Standards Update: 3/7/24
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