Today’s auditors spend significant time determining whether amounts claimed on the income statement capture the company’s financial performance during the reporting period. Here are some income statement categories that auditors focus on. Revenue Revenue recognition can be complex. Under current accounting rules, companies follow a patchwork of industry-specific guidance. So, companies in different industries may record revenue […]
Read MoreLost in the weeds Business owners put off strategic planning for many reasons. New initiatives, for example, usually don’t begin to show tangible results for some time, which can prove frustrating. But perhaps the most significant hurdle is the view that strategic planning is a time-sucking luxury that takes one’s focus off of the challenges […]
Read MoreAttestation (at-tes-ta-tion) n. the act of affirming something to be correct, true or genuine; to certify by signature, oath or in an official capacity. In broad terms, an attestation is a third party certification that a document is valid. Ideally, the party acting as the witness has no professional or personal association with any of […]
Read MoreOn December 20, Congress completed passage of the largest federal tax reform law in more than 30 years. Commonly called the “Tax Cuts and Jobs Act” (TCJA), the new law means substantial changes for individual taxpayers. The following is a brief overview of some of the most significant provisions. Except where noted, these changes are […]
Read MoreThere’s an old saying regarding family-owned businesses: “Shirtsleeves to shirtsleeves in three generations.” It means the first-generation owner started in shirtsleeves and built the company up from nothing but, by the third generation, the would-be owner is back in shirtsleeves with nothing because the business failed or was sold. Although you can’t guarantee […]
Read More“If you see someone without a smile, give them yours.“ Amanda McAbee, CPA is an Audit Manager at Bradshaw, Gordon & Clinkscales, LLC. She joined the firm in 1999 and has 18 years of experience in the accounting industry. Amanda specializes in compilations, reviews and audits for manufacturing, construction and nonprofit organizations. Amanda graduated from […]
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