CPE is ongoing training for certified professionals to remain certified in certain fields. All accounting professionals certified as CPAs or CMAs need to complete a specific number of CPE credit hours every year in order to maintain their credentials. It is to force professionals to continuously update their knowledge of relevant information to improve their […]
Accounting professionals are bound to adhere to the rules of the organizations and professional standards of the accounting industry. Accountants have ethical responsibilities to different parties, both internal and external to the company, including clients, shareholders, firm, and company. The governing body of accounting, the AICPA, has established a set of principles outlining the major […]
A single audit is an audit of a federal award that is expended by state and local governments and non-profit entities. The audit is performed to ensure that the entity expending the funds is following all of the rules and regulations of the award. A federal award program must be audited if there has been […]
A corporate tax is imposed by the government on a business’s profit. The amount that is collected from corporate taxes is used as a source of income spent on the nation. The operating earnings of an entity are calculated by deducting expenses which include the cost of goods sold and depreciation from revenues. Afterward, tax […]
The COVID-19 pandemic has thrown many curveballs at the accounting industry, one of which is how to properly perform revenue recognition tests in accordance with the latest authoritative guidance while also adjusting testing for the pandemic environment. FASB (Financial Accounting Standards Board) issued Accounting Standards Update (ASU) No. 2020-05, Topic 606 – Revenue from Contracts […]
Many companies are still unaware of the importance of cybersecurity and the ways to tackle them. A technical fault or human error can be seriously harmful for business operations. One of the indispensable components of the company’s infrastructure is cybersecurity. Success is dependent on the ability of a company to safeguard its proprietary information and […]
Virtually every CEO or business owner knows how to read their company’s income statement – Revenue, then Gross Profit, then Operating Profit, then Net Profit. Many only look at the top and bottom numbers, some delve deeply into the details in between. But they all know that the bottom line doesn’t ever translate dollar-for-dollar into […]
Bookkeeping is a term that refers to recording financial transactions and activities on a daily basis. It is the process of identifying, measuring, and recording financial transactions. Bookkeeping is a part of the accounting process confined within record keeping. Companies can make key financial, operating, and investing decisions and are able to track all information […]
Earlier this year the AICPA Accounting Standards Board (ASB) issued a standard creating a new type of engagement, known as a Direct Examination Engagement. The name of the standard creating this type of engagement is the Statement on Standards for Attestation Engagements (SSAE) No. 21, Direct Examination Engagements. SSAE No. 21 adds AT-C Section 206, Direct Examination […]
Continuing professional development (CPD) is the wilful development of knowledge and skills that are required to perform in professional affairs. It is sharpening current skills, or developing them to a new level, or learning new skills related to a certain profession. In today’s changing world, your skills and knowledge need to be up-to-date to have […]
