Assessing and Mitigating Key Person Risks

Auditing standards require a year-end risk assessment. One potential source of risk may be a small business’s reliance on the owner and other critical members of its management team. If a so-called “key person” unexpectedly becomes incapacitated or dies, [...]

By |2021-01-15T13:38:47-05:00January 15th, 2021|Categories: Audit, Blog|Tags: , , , , , , |Comments Off on Assessing and Mitigating Key Person Risks

Don’t let collaborative arrangements cause financial reporting headaches

Businesses often enter into so-called “collaborative arrangements” when they partner with another entity on a major project. Unfortunately, the current guidance for these types of arrangements under U.S. Generally Accepted Accounting Principles (GAAP) is somewhat vague. Here are some [...]

By |2018-06-01T18:59:27-04:00June 1st, 2018|Categories: Blog|Tags: , , , , , |Comments Off on Don’t let collaborative arrangements cause financial reporting headaches

Public vs. Private Companies: When Should Different Accounting Rules Apply?

Small private companies often criticize the Financial Accounting Standards Board (FASB) for writing overly complex standards that focus on the needs of stakeholders in large public companies rather than “Main Street” businesses. Here’s how the FASB has addressed these [...]

By |2018-04-24T18:54:21-04:00April 24th, 2018|Categories: Blog|Tags: , , , , , |Comments Off on Public vs. Private Companies: When Should Different Accounting Rules Apply?
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