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Measuring “Fair Value” For Financial Reporting Purposes

Measuring “Fair Value” For Financial Reporting Purposes

The standard for valuing certain assets and liabilities under U.S. Generally Accepted Accounting Principles (GAAP) is “fair value.” This differs from other valuation standards that may apply when valuing a security or business interest in a litigation or mergers and...
Close-Up On Financial Statements

Close-Up On Financial Statements

There are three types of financial statements under U.S. Generally Accepted Accounting Principles (GAAP). Each one reveals different, but equally important, information about your company’s financial performance. And, together, they can be analyzed to help owners,...
Comparing Internal and External Audits

Comparing Internal and External Audits

Businesses use two types of audits to gauge financial results: internal and external. Here’s a closer look at how they measure up. Focus Internal auditors go beyond traditional financial reporting. They focus on a company’s internal controls, accounting processes and...
Lean Manufacturers: Reap the Benefits of Lean Accounting

Lean Manufacturers: Reap the Benefits of Lean Accounting

Standard cost accounting doesn’t necessarily work for lean operations. Instead, lean accounting offers a simplified reporting alternative that generates more timely, relevant financial data. But it’s not right for every situation. What’s lean manufacturing? Lean...
Close-up On Professional Standards For CPA’s

Close-up On Professional Standards For CPA’s

The accounting profession is largely self-regulated by the American Institute of Certified Public Accountants (AICPA). Part of its mission involves the development and enforcement of a broad range of professional standards. Why do these professional standards matter...
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