Category Archives: Generally Accepted Accounting Principles (GAAP)

How to Build a Strong Relationship with Your Banker

This week’s article is by Arthur F. Rothberg, Managing Director, CFO Edge, LLC. Understanding how to build a strong relationship with your banker is as critical as cultivating positive relationships with your CPA and attorney. Indeed, the phrase, “triad of … Continue reading

Posted in Banking Relationships, Business Loans, CFO Services, Financial Communication, Financing, Financing Presentations, Generally Accepted Accounting Principles (GAAP), Los Angeles | Tagged , , , , , , , , , , , , , , , | Leave a comment

Now is the Time to Prepare for New Accounting Standards

This week’s article is by Arthur F. Rothberg, Managing Director, CFO Edge, LLC. Rapidly-approaching implementation dates for FASB and IASB changes in revenue recognition and lease accounting mean now is the time to prepare for new accounting standards. Revenue Recognition … Continue reading

Posted in Accounting Standards, CFO Services, Contract Negotiation, Corporate Governance, Financial Covenants, Financial Regulations, Financial Reporting, Financial Statements, Generally Accepted Accounting Principles (GAAP), Lease Accounting Changes, Los Angeles, Revenue Recognition | Tagged , , , , , , , , , , , | Leave a comment

When Do You Need to Obtain an Audit?

This week’s article is by Mark S. Becker, Partner, CFO Edge, LLC. Small and medium-sized businesses frequently don’t have audits of their financial statements done unless potential investors or lenders require them. But as needs evolve and opportunities arise – … Continue reading

Posted in Audit Preparation, CFO Services, Financial Strategy, Generally Accepted Accounting Principles (GAAP), Los Angeles | Tagged , , , , , , , , , , , , | Leave a comment

Start Preparing Now for New Revenue Recognition Standard

This week’s post and linked full PDF are by Howard Goldman, Partner, CFO Edge, LLC. While the effective dates have been delayed for the new FASB/IASB revenue recognition standard replacing industry-specific GAAP rules, Los Angeles and Southern California executives face … Continue reading

Posted in Accounting Systems Design, CFO Services, Corporate Governance, Financial Infrastructure, Financial Reporting, Financial Statements, Generally Accepted Accounting Principles (GAAP), Los Angeles, Revenue Recognition | Tagged , , , , , , , , , | Leave a comment

Where to Turn When You’ve Outgrown Your CPA

This week’s post and linked full PDF are by Sherry Rahbar, Partner, CFO Edge, LLC. As their businesses grow, many Los Angeles and Southern California executives face increasingly complex financial issues along with greater needs for decision making-based reporting and … Continue reading

Posted in CFO Services, Financial Strategy, Generally Accepted Accounting Principles (GAAP), Growth Strategies, Los Angeles | Tagged , , , , , , , , , , | Leave a comment

Why Accrual Accounting Is Preferable to Cash Accounting

This week’s post and full article are by Michael K. Menerey, Partner, CFO Edge, LLC. While executives at Los Angeles and Southern California businesses are aware of both cash basis accounting (“cash accounting”) and accrual basis accounting (“accrual accounting”), many … Continue reading

Posted in Accounting Systems Design, Accrual Accounting vs Cash Accounting, Business Loans, CFO Services, Financing, Generally Accepted Accounting Principles (GAAP) | Tagged , , , , , , , , , , | Leave a comment

The Latest Efforts to Simplify Accounting for Small, Privately Held Companies

The Private Company Council recently finalized a proposal that would make changes to GAAP to help simplify the private company accounting treatment for intangible assets acquired in business combinations, goodwill, variable interest-rate entities, and certain types of interest rate swaps. … Continue reading

Posted in Big GAAP vs Little GAAP, CFO Services, Generally Accepted Accounting Principles (GAAP) | Tagged , , , , , , , , , , , , , , , , , | Leave a comment

Generally Accepted Accounting Principles: The Big GAAP vs. Little GAAP Debate

Generally Accepted Accounting Principles, or GAAP, is considered to be the standard for financial accounting in the U.S. GAAP is used to guide accountants through the business of recording, summarizing, and preparing financial statements. This CFO Edge article… Generally Accepted … Continue reading

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