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Accounting

Accounting standards provide guidance for the creation of financial statements. 

Accounting standards come from the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB). Both bodies create drafts of standards that are subject to public review and feedback. Once approved, they become a part of the respective codifications. 

Accounting standards constantly evolve. They are developed to meet the needs of those who read financial statements. The standards provide guidance about financial statements such as a balance sheets and disclosures, sometimes called notes to the financial statements. 

ASU 2016-01
Accounting

ASU 2016-01 – Accounting for Equity Securities

Are you aware of the coming changes in accounting for equity securities with ASU 2016-01? In the past, FASB…

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debt covenant violations
Accounting

Debt Covenant Violations: How to Report

How does a debt covenant violation affect the presentation of debt on a balance sheet? If a waiver from…

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financial statement references
Accounting Preparation, Compilation & Review

Required Financial Statement References

What financial statement references are required at the bottom of financial statement pages? Is there a difference in the…

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nonprofit accounting
Accounting

Understanding the New Nonprofit Accounting Standard

Are you ready to implement FASB’s new nonprofit accounting standard? Back in August 2016, FASB issued ASU 2016-14, Presentation…

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changes in VIE accounting
Accounting

ASU 2018-17: A VIEry Good Gift from FASB

It’s time for another change to VIE accounting! The variable interest entity (VIE) considerations just got much easier. FASB is—with ASU…

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Going Concern Decisions
Accounting Auditing

Going Concern Accounting and Auditing

Are you preparing financial statements and wondering whether you need to include going concern disclosures? Or maybe you’re the…

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measurement of inventory
Accounting

Simplifying the Measurement of Inventory

Are you up to speed on ASU 2015-11 Simplifying the Measurement of Inventory? This post assists in understanding the…

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loan guarantee
Accounting

Do Loan Guarantees Create Liabilities?

Can a loan guarantees create liabilities that go on the balance sheet of the guarantor? Yes. Recording Loan Guarantees…

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Debt issuance cost
Accounting

Debt Issuance Costs: New Parking Place

Debt issuance costs have a new parking place. For some time now, such costs were booked as a deferred…

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Charles Hall

Charles Hall

I am a practicing CPA. I have primarily audited governments, nonprofits, and small businesses for the last forty years.

My sweet spot is governmental and nonprofit fraud prevention. I am the author of (1) Journal Entries Made Easy,  (2) The Little Book of Local Government Fraud Prevention, (3) Preparation of Financial Statements & Compilation Engagements, (4) The Why and How of Auditing, and (5) Audit Risk Assessment Made Easy. I frequently speak at continuing education events.

I consult with CPA firms, assisting them with auditing and accounting issues. Contact Charles

More About Me
  • Books
  • Media
  • Topics
Book: Journal Entries Made Easy, an Introduction to Accounting
Book: The Little Book of Local Government Fraud Prevention
Book: Preparation of Financial Statements & Compilation Engagements
Book: Audit Risk Assessment Made Easy: Seeing What Others Miss
Book: The Why And How Of Auditing: Auditing Made Easy
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