" Tax Code, Regulations, and Official Guidance. International Financial Reporting Standards Foundation. " The CPA Profession."įinancial Accounting Foundation. " CMA Certification."Ĭhartered Professional Accountants Canada. " Frequently Asked Questions FAQs - Become a CPA." " All About Auditors: What Investors Need to Know."Īmerican Institute of Certified Public Accountants. " AICPA, NASBA Help Launch New Coalition to Protect Professional Licensing." " Timeline: 1853-1880."Īlliance for Responsible Professional Licensing. The Institute of Chartered Accountants in England and Wales. "Double Entry: How the Merchants of Venice Created Modern Finance," Pages 28, 47 and 91. "Global History of Accounting, Financial Reporting and Public Policy: Eurasia, Middle East and Africa," Pages 1-29. Previts, Peter Walton, and Peter Wolnizer. Without proper tax accounting compliance, a company may receive fines or penalties.Īmerican Institute of Certified Public Accountants. Without these financial statements, a company may be de-listed from an exchange. Public companies are required to issue periodic financial statements in compliance with GAAP or IFRS. Without accounting, a company may have a hard time keeping track of who owes it money and when that money is to be received. Instead of collecting cash at the time of an agreement, it may give a customer trade credit terms such as net 30. A company may agree to extend credit to its customers. Accounting is necessary to collect payments.Through accounting, a company can always know who it has debts to and when those debts are coming due. Without positively fostering these business relationships, a company may find itself with a key supplier or vendor. A company naturally incurs debt, and part of the responsibility of managing that debt is to make payments on time to the appropriate parties. An arrangement by which an organization accepts a customer's financial assets and holds them on behalf of the customer at his or her discretion. Accounting is necessary to make payments. The basis for valuing a company is to use its accounting records. Instead of simply closing a business, a business owner may attempt to "cash-out" of their position and receive compensation for building a company. Small companies that may be looking to be acquired often need to present financial statements as part of acquisition or merger efforts.
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