Financial Statement Audits
Accounting Alternatives for Private Companies – 2014
Accounting Alternatives for Private Companies – 2014
On January 16, the Financial Accounting Standards Board (FASB) issued Accounting Standards Updates No. 2014-02 and 2014-3. These updates proactively define a private company and set standards for accounting for goodwill and a simplified hedge accounting approach. Definition of a Private Company The FASB decided that it should proactively determine which entities would be within […]
How to take the stress out of an independent audit
How to take the stress out of an independent audit
When you think of your next audit by an outside CPA firm, do you fear hearing words such as “unexplained differences,” “unsatisfactory explanation,” “noncompliant” and “we’ll need more time”? If you have an audit phobia, you’re not alone: Some nonprofit leaders equate an independent audit with criticism, demands and time taken from their workweek. But […]