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Inside Internal Controls

News and discussion on implementing risk management

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generally accepted accounting principles

GAAP closes gaps in interpreting financial information

Generally accepted accounting principles (GAAP) closes gaps in interpreting financial information, by providing rules for the financial reporting road.

 

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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).

 

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International Financial Reporting Standards – it’s all about the details

At the end of September, the International Financial Reporting Standards Foundation released an update to its Guide through International Financial Reporting Standards.

 

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Exposure draft of new accounting standards for NPOs

Now that the financial reporting standards for public companies and private enterprises have been settled, the Accounting Standards Board is turning its attention to not-for-profits. The board’s objective is to ensure that accounting standards for not-for-profit organizations “are responsive to the diverse nature of the sector, allow for comparability between the private and public sectors and provide decision-useful financial statements for the multiple and varied users of these statements.”

 

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