Earnings Management: The Dark Side of Financial Reporting
As I explained in my previous post, accrual accounting is not an exact science. Indeed, a variety of assumptions and accounting estimates is used in arriving at the final earnings figures. In...
View ArticleUS GAAP to IFRS Migration: Reframing the Debate
For a decade or so, there has been quite a lot of talk in the US about a possible transition from U.S. Generally Accepted Accounting Principles (GAAP) to International Reporting Standards (IFRS) with...
View ArticleRationalizing the Coverage of IFRS on the CPA Exam
This past winter break, I found myself perusing several CPA exam candidates personal blogs as well as a number of community forums for CPA exam candidates and I could sense there was quite a bit of...
View ArticleAssumptions, Concepts, and Principles of Accounting
Accounting, like most any other field of study, is anchored in a set of broad assumptions, concepts, and principles from which all rules are derived. It is almost impossible to develop an expertise in...
View ArticleCPA Exam Review Spotlight (FAR): Installment Sales Method
Based on some of the accounting literature I reviewed in preparation of this spotlight on the installment sales method, one of the most challenging issues accountants deal with is the proper...
View ArticleCPA Exam Review Spotlight (FAR): Accruals and Deferrals
When it comes to accounting, timing is everything. Accruals and deferrals are two of the practices through which both the revenue recognition and the matching principles are applied. Those principles...
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