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GAAP

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 Adam Gorley | 1 Minute Read March 14, 2012

The challenges of IFRS transition in Alberta

The Alberta Securities Commission has released its 2011 Corporate Finance Disclosure Report. Not surprisingly, during this transition year, the commission came across several problems with reporting issuers' IFRS conversion filings...

Article by Adam Gorley / Finance and Accounting / accounting policy disclosure, Alberta Securities Commission, decommissioning liabilities, GAAP, IFRS, IFRS exemptions, International Financial Reporting Standards, reporting issuers, Statement of Changes in Equity

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