Benchmarking financial performance

Benchmarking financial performance

You already may have reviewed a preliminary draft of your company’s year-end financial statements. But without a frame of reference, they don’t mean much. That’s why it’s important to compare your company’s performance over time and against competitors. Conduct a...
Year-end accounting recap

Year-end accounting recap

The Financial Accounting Standards Board (FASB) hasn’t issued any major new accounting rules in 2019. But there have been some important developments to be aware of when preparing annual financial statements under U.S. Generally Accepted Accounting Principles (GAAP)....
Risk assessment: A critical part of the audit process

Risk assessment: A critical part of the audit process

Audit season is right around the corner for calendar-year entities. Here’s what your auditor is doing behind the scenes to prepare — and how you can help facilitate the audit planning process. The big picture Every audit starts with assessing “audit risk.” This refers...
FAQs about prepaid expenses

FAQs about prepaid expenses

The concept of “matching” is one of the basic principles of accrual-basis accounting. It requires companies to match expenses (efforts) with revenues (accomplishments) whenever it’s reasonable or practical to do so. This concept applies when companies make advance...