Author name: admin

We partner with clients to help deepen their understanding of their company’s financials. Navigate business decisions confidently with our tried-and-true approach to accounting systems. Whether you’re rapidly growing cash flow or changing and need to understand your financial picture quickly, FreedomFromAccounting can help level up your performance. We offers a suite of services designed to

Once you have determined that a contingency exists, you must determine whether the contingency may be reasonably estimated. Unfortunately, FAS 5 provides minimal guidance as to what is reasonable. Risk detection should not be considered in reporting loss contingencies regarding taxes. However, some differences in rules regarding specific accounting elements have been identified. The board is

Functions just like a regular one-off electronic transfer, except that this one is initiated on the phone or via email. The payer provides their bank details over the phone or via email, and the payee initiates the payment. EFT systems are accessible across the country, providing the convenience of making payments from any location. The

For instance, if overhead typically runs at 10% of project costs, that percentage is applied proportionally across all ongoing projects. By following these steps, businesses can implement an effective job costing system that allows for accurate cost tracking, informed decision-making, and improved profitability. To address these challenges, companies should regularly review their allocation methods and

Most companies have an asset threshold, in which assets valued over a certain amount are automatically treated as a capitalized asset. Capitalization may also refer to the concept of converting some idea into a business or investment. In finance, capitalization is a quantitative assessment of a firm’s capital structure. An expense is a monetary value leaving the

The Accounting Research Bulletins were superseded by the Accounting Standards Codification (ASC) which became effective after September 2009. However, some of its points have been integrated into Generally Accepted Accounting Principles (GAAP). ARB No. 43, along with other ARBs, played an essential role in shaping accounting practices in the United States during its time. However,