They Paved Paradise and Put Up . . . an Impairment?

In the days of our youth many of us would celebrate the arrival of the weekend, and just as quickly have a lingering regret. We had many expressions to describe this type of behavior. One we used to assess our callow youth on the morning after was “impairment.” Fortunately, I outgrew these desires and today … Continue reading They Paved Paradise and Put Up . . . an Impairment?

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Monday, April 11th, 2022 |

Direct vs. Indirect – It’s Your Financial Statement

As the administrator of an organization you are constantly reminded that you are responsible “for the preparation and fair presentation” of the financial statements. You are reminded of this in the engagement letter, again in the representation letter, which you copy on to your letterhead, and finally in the second paragraph of the audit report. … Continue reading Direct vs. Indirect – It’s Your Financial Statement

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Sunday, March 15th, 2020 |

Accrued Compensated Absences – We Owe How Much?

By now you are probably well aware that you must include in your statement of financial position or “balance sheet” a liability for all unpaid personal time earned by employees as of the fiscal period end date. As an auditor, I sometimes have the messenger’s task of advising first time audit clients that they must … Continue reading Accrued Compensated Absences – We Owe How Much?

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Tuesday, April 11th, 2017 |

Deferred Revenue? Sounds Like a Contradiction to Me

Often as a financial administrator you are confronted with the determination of whether or not that check you just received is to be treated as unrestricted income, temporarily restricted income, or as deferred revenue. Even after deciding you still have this nagging feeling about the certainty of your choice. Unlike donations or receipts of funds … Continue reading Deferred Revenue? Sounds Like a Contradiction to Me

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Tuesday, April 11th, 2017 |