Accounting Peek’s Post

Effective accounting is key to business success. Keep your books updated weekly and have regular financial check-ins to stay compliant and informed. This practice aids in strategic decision-making and ensures regulatory adherence. Are you taking the right steps? #accounting #compliance #BadvisoryZAcharteredaccountants https://lnkd.in/dTearnhC

As it’s become increasingly popular for external CPAs and even CFOs to help run a company’s financial operations, the AICPA is looking to amend the standard for financial statements prepared by an external entity. The change is looking to address the uncertainty, confusion and diversity of practice with respect to the subject, said Michael Glynn, associate director of audit and attest standards and staff liaison for the AICPA’s Accounting & Review Services Committee.  #accounting #externalCFOs #outsourcing https://lnkd.in/epiFcW2i

Discover the gap between small business realities and DCAA accounting system expectations, and how to navigate compliance challenges. Learn more > https://hubs.la/Q02VLNZg0 Author: John Shire #GovCon #Accounting #DCAA #CostAccounting #Compliance #Audit

Whilst ticking the mandatory CPD box might not be the most exciting thing, the proposed impact of IFRS 18 is interesting reading. It really highlights how your accounts can tell a story, and how different presentations of the same topic can help or hinder a business. Giving the current flexibility of presentation some more rigour can only assist readers understanding of what is really going on. It's also a reminder that businesses should be engaging with their auditor on what they disclose outside of statutory headings, and getting a view on what disclosure and accounting policy choices can really add value to the business via the accounts and support that next event on the horizon. If anyone wants to know more please reach out to one of our audit partners Joanna Gray Michael Morris Matt Osbourne Martin Johnston Rohan Day Steve Preston Steve Williams #armstrongwatson #audit #accountancy

𝐏𝐂𝐀𝐎𝐁 𝐌𝐚𝐧𝐝𝐚𝐭𝐞𝐬 𝐄𝐧𝐡𝐚𝐧𝐜𝐞𝐝 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐃𝐢𝐬𝐜𝐥𝐨𝐬𝐮𝐫𝐞𝐬 𝐟𝐫𝐨𝐦 𝐌𝐚𝐣𝐨𝐫 𝐀𝐜𝐜𝐨𝐮𝐧𝐭𝐢𝐧𝐠 𝐅𝐢𝐫𝐦𝐬 The Public Company Accounting Oversight Board (PCAOB) has enacted new regulations requiring large accounting firms to submit annual financial statements, marking a significant shift in audit industry oversight. Discover the full article by visiting the link below. #PCAOB #Accounting #Regulation https://lnkd.in/ePMGTvnj

Are your financial reports meeting the new segment disclosure requirements? Dive into Bridgepoint’s latest blog for a closer look at the new updates. #FinancialReporting #SegmentDisclosure #ComplianceUpdates #FinancialCompliance #ReportingStandards #Accounting #BusinessCompliance #FinanceLeadership

Exciting news for auditors! The UK and Australia have inked a deal to unify accounting standards, simplifying cross-border collaborations and financial reporting. #Accounting #Auditing #UKAustraliaDeal #BusinessEfficiency #accounting #news #finance https://lnkd.in/eG-bYPRy

Jay Jenco provides essential insights into audit readiness. Partner with Wiss if your business is seeking these services!

TOPIC - SA-540 : AUDITING ACCOUNTING ESTIMATES INCLUDING FAIR VALUE ACCOUNTING ESTIMATES AND RELATED DISCLOSURES SA-540 provides guidance to auditors on how to appropriately address the audit of accounting estimates, including fair value accounting estimates, and the related disclosures in financial statements. 1. Understanding Accounting Estimates: The standard emphasizes the importance of auditors understanding the nature of accounting estimates made by management, including the methods used and the assumptions underlying those estimates. 2. Risk Assessment: Auditors are required to assess the risks of material misstatement associated with accounting estimates, considering factors such as complexity, subjectivity, and sensitivity to changes in assumptions. 3. Audit Procedures: SA-540 outlines specific audit procedures that auditors should perform to address the risks identified, including testing the accuracy and completeness of data used in making estimates, evaluating the reasonableness of assumptions, and assessing the methods used to develop estimates. 4. Evaluating Management's Process: Auditors are required to evaluate the reasonableness of management's process for developing accounting estimates, including the use of expert opinions and third-party data. 5. Evaluating the Appropriateness of Disclosures: The standard requires auditors to assess whether the disclosures related to accounting estimates, including fair value measurements, are in accordance with the applicable financial reporting framework. Overall, SA-540 provides a framework for auditors to effectively address the audit challenges associated with accounting estimates, particularly those involving fair value measurements, and to enhance the quality and reliability of financial reporting. #Audit #auditing #standardsonauditing #charteredaccountants #caintermediate #caaspirants

Are your financial reports meeting the new segment disclosure requirements? Dive into Bridgepoint Consulting’s latest blog for a closer look at the new updates. #FinancialReporting #SegmentDisclosure #ComplianceUpdates #FinancialCompliance #ReportingStandards #Accounting #BusinessCompliance #FinanceLeadership https://lnkd.in/gBrjSw8U