As a business owner, you’re responsible for recording your company’s transactions. And to support your entries, you should be keeping adequate documentation. This accounting documentation acts as an audit trail for your business. Read on to learn what is an audit trail and why it is essential for your small business. What is an audit […]
Best accounting software for businesses in 2020: QuickBooks, Sage, Zoho, and more – ZDNet
Businesses of every size need an accounting system to track revenues and expenses, process invoices and send out bills, and track assets and liabilities. There are many things to consider. Can your three-person shop make do with simple, user-friendly bookkeeping software package? Does your mid-sized business need a sophisticated system that uses process automation? Do […]
ASB to consider one-year deferral of effective dates
The effective dates for seven recently issued generally accepted auditing standards may be deferred by one year when the AICPA Auditing Standards Board (ASB) holds a special open meeting from 2 to 4 p.m. on April 20 to discuss relief due to the coronavirus pandemic. At the meeting, the ASB will discuss and vote on […]
Players Expected to Witness Maximum Growth | Online Solution Accounting Software Market – https://sciencein.me/
“ Regal Intelligence has added a new research report titled, ‘Online Solution Accounting Software Market Professional Survey Report 2020’ to its vast collection of research reports. The Online Solution Accounting Software market is expected to grow positively for the next five years 2020-2026. Global Online Solution Accounting Software market report studies past factors that helped […]
AICPA-led coalition supports gross pay approach as calculation standard for PPP loans
An AICPA-led small business funding coalition, in conjunction with the National Payroll Reporting Consortium, issued a statement supporting the use of gross payroll based on 2019 data in calculations for Paycheck Protection Program (PPP) pandemic relief loan applications. Applications opened Friday for the PPP, which was funded by the $2 trillion Coronavirus Aid, Relief, and […]
PCAOB Issues Spotlight for Audits Nearing Completion in Light of COVID-19
The Public Company Accounting Oversight Board (PCAOB) has released a new staff PCAOB Spotlight document, COVID-19: Reminders for Audits Nearing Completion, to provide important reminders to auditors of issuers and broker-dealers for audits nearing completion. Reasons for Issuance of the PCAOB Spotlight Explaining the decision to issue the new Spotlight, Chairman William D. Duhnke III said, […]
GASB Issues Statement No. 93 for Transition from LIBOR
The Governmental Accounting Standards Board (GASB) has issued Statement No. 93, Replacement of Interbank Offered Rates, to assist state and local governments in the transition away from existing interbank offered rates (IBORs), including the London Interbank Offered Rate (LIBOR) to other reference rates. Variable payment rates based on LIBOR Some governments have entered into agreements […]
CPAs support business owners during COVID-19 crisis
The phones started ringing immediately when Congress passed the first legislation related to the economic effects of the coronavirus in mid-March. WellsColeman, a 37-employee firm in Richmond, Va., received a surge of small business client inquiries on related employment issues. In response, George Forsythe, CPA, the firm’s managing partner, scheduled a Zoom call with a […]
Financial institutions using CARES Act deferrals won’t violate GAAP, SEC says
Eligible financial institutions will not be in violation of GAAP if they take advantage of the deferrals or suspensions of two FASB standards as permitted in the new federal coronavirus relief law, SEC Chief Accountant Sagar Teotia said Friday in a statement issued by the commission. The $2 trillion Coronavirus Aid, Relief, and Economic Security […]
Responsibility For Luckin Coffee’s Accounting Debacle Is Far And Wide – Forbes
Charles Zhengyao Lu, chairman and founder of Luckin Coffee, left, and Jenny Qian Zhiya, chief… [+] executive officer of Luckin Coffee, bang a gong as stocks start trading during the company’s initial public offering (IPO) at the Nasdaq MarketSite in New York on May 17, 2019. Photographer: Victor J. Blue/Bloomberg © 2019 Bloomberg Finance LP […]