Technical practice aid questions and answers released on financial accounting, reporting issues.

Understand the differences between the two key accounting methods and learn how to stay out of trouble using one of them.

If you are like most small business owners, you know you need a software package to do bookkeeping and accounting, but you aren't sure which one makes the most sense.

Accountants may tailor their financial reporting to the particular needs of a company, but they often also follow GAAP. Learn more about the importance and official oversight of these principles.

T Auditing Standards Board of The American Institute of Certified Public Accountants recently issued a Statement on Auditing Standards (SAS) 65, "The Auditor's Consideration of the Internal Audit Function in an Audit of Financial Statements."(1) This statement supersedes SAS 9, "The Effect of an Internal Audit Function on the Scope ......

Last July, the General Accounting Office (GAO) issued Amendment No. 2, "Auditor Communication," to Government Auditing Standards. CPAs planning upcoming engagements should bear in mind that the amendment is effective for audits of periods ending on or after January 1, 2000. Amendment No. 2 requires specific communication with the auditee, ......

THE PCAOB HAS PROPOSED a new audit standard to clarify the external auditors' role in evaluating and reporting on inconsistencies in the application of Generally Accepted Accounting Principles (GAAP) to financial statements. Evaluating Consistency of Financial Statements takes into account the concepts detailed in the Financial Accounting Standards Board's (FASB's) ......

Current practice regarding materiality in government audits under generally accepted auditing standards, Government Auditing Standards (the yellow book) and the Single Audit Act of 1984 varies widely. Do government auditors agree on an appropriate base for calculating materiality? What percentages do they apply against the materiality bases? To answer these ......

Get 21 sample form business letters, including marketing letters, collection and demand letters, product announcements, and more, all in Microsoft ......

It is important that the taxpayer make every effort possible to gather documentation that supports reported income and expenses for the year under audit, but other methods may be accepted by the auditor, particularly if an experienced professional is involved in substantiating the numbers.

Personal and business audits by the IRS were up in 2007. Could you be next?

Over at Community Mobilization, my friend Randy posts a link to Business Week’s 10 Worst Innovation Mistakes In A Recession. Number 1 is the one that impacts customer service. 1) Fire talent. Because of America’s accounting laws, investments in talent are expensed, not capitalized, so cutting back on people, especially ......

If your small business is doing business with the Federal Government (or wants to), it's important to learn to use your existing QuickBooks to meet government accounting requirements. Here's your opportunity. A QuickBooks for Government Contractors seminar will be held September 30, 2005 at the National Women's Business Center (all ......