Business intelligence (BI) is the collection of strategies and tools used to analyze business information. It is a set of processes, technologies and architectures that analyzes raw data and transforms it into actionable information to help executives and end-users make informed business decisions, that drives profitable business actions. It is a suite of software and […]
In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-13 – Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments to address the recognition of credit losses in a more timely manner. Prior to the issuance of ASU No. 2016-13, estimating the allowance for credit losses was […]
Internal audit is a department within an organization that evaluates a company’s internal controls, its corporate governance, and accounting processes and provides impartial and independent review to the management. Internal audits also provide detailed information to governing bodies and executives about the organization’s risks, control environment, and operational effectiveness. The internal auditors report to the […]
A nonprofit organization is an organization dedicated to serving charitable, educational, religious or scientific purposes. The aim of such an organization is to fill society’s needs and make our communities more livable places. Unlike normal businesses, that operates to generate profit for owners and stakeholder, non-profit organizations do not operate for profits. They do generate […]
The American Payroll Association is the national certification body for payroll specialists, representing more than 21,000 members. The association is for individuals responsible for processing company payrolls and provide them with knowledge, skills and expertise to become certified payroll professionals. There are two levels of certifications offered by The American Payroll Association: Fundamental Payroll Certification […]
The Financial Accounting Standards Board (FASB) recently released a new accounting standard requiring additional disclosure information when reporting contributed nonfinancial assets on financial statements. Accounting Standards Update (ASU) 2020-07, Not-for-Profit Entities (Topic 958): Presentation and Disclosure by Not-for-Profit Entities for Contributed Nonfinancial Assets updates the requirements and guidance on proper disclosure and presentation of contributed nonfinancial assets. What […]
The Sarbanes-Oxley Act of 2002 is a law passed by U.S. Congress on July 30, 2020 protect investors from corporate fraud. Also known as the SOX Act of 2002, and the Corporate Responsibility Act of 2002, it is enforced by the Securities and Exchange Commission and imposed strong penalties for non-compliance and gave job protection […]
Forensic accounting is a newer accounting specialty that has become more popular in the last several years but many professionals don’t have a strong understanding of what a forensic accountant does. In this post, we will define forensic accounting and get a better understanding of this specialty profession. Forensic Accountant Defined The American Institute for […]
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 […]
