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Accounting Standards for Private Enterprises

By Jeffrey Sherman, MBA, FCPA, FCA | 2 Minutes Read April 7, 2014

Generally accepted accounting principles for interim reporting

In many small and even medium-sized companies, financial reporting during the year does not include all of the adjustments made at the year-end (often in connection with the audit or review of the annual financial statements by an independent professional accountant).

Article by Jeffrey Sherman, MBA, FCPA, FCA / Business, Finance and Accounting / Accounting Standards for Private Enterprises, ASPE, bad debt, bonuses, capital leases, depreciation expenses, dividends, FAPP, Finance and Accounting PolicyPro, financial statements, GAAP, generally accepted accounting principles, interest expenses, inventory overhead, long-term debt, missing adjustments, royalties, sales overhead, tax returns, total net income, warranty reserves, write-offs, year-end adjustments

By Jeffrey Sherman, MBA, FCPA, FCA | 2 Minutes Read June 3, 2013

Revenue recognition

“Revenue recognition” refers to when sales and other revenues are recorded. Recognizing revenue is fundamental to accounting. In theory, you recognize revenue when you earn it. It sounds like it should be simple, but it isn’t.

Article by Jeffrey Sherman, MBA, FCPA, FCA / Business, Finance and Accounting / accounting rules, Accounting Standards for Private Enterprises, ASPE, GAAP, generally accepted accounting practices, IFRS, International Financial Reporting Standards, percentage-of-completion method, revenue recognition, risk management, sales, when is revenue recognized

By Jeffrey Sherman, MBA, FCPA, FCA | 3 Minutes Read July 3, 2012

New rules for financial reporting by not-for-profit organizations

The financial reporting standards that must be used by not-for-profit organizations are determined in Canada by the Accounting Standards Board and the Public Sector Accounting Board. New rules for accounting standards for not-for-profit organizations are effective January 1, 2012.

Article by Jeffrey Sherman, MBA, FCPA, FCA / Finance and Accounting, Not for Profit / accounting standards, Accounting Standards Board, Accounting Standards for Not-for-Profit Organizations, Accounting Standards for Private Enterprises, CICA Handbook, CICA Public Sector Accounting Handbook, development costs, financial reporting standards, government control, government NFP, government not-for-profit organization, private sector NFP, private sector not-for-profit organization, Public Sector Accounting Board

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