Accounts Payable (A/P) accountants very well know how the supplier invoice processing sucks most of their working hour. Consider the following common routines carried on
Accounting for Business Acquisition Using Purchase Method
In brief, a business acquisition, from the accounting standpoint, is a transaction in which both the acquiring and acquired company are still left standing as
What Are Roles and Responsibilities of Audit Committee?
Audit committee, in the real corporate world, has been existed for long time and the perception of its roles and responsibilities are evolved time-by-time. This
How Auditors Treat Uncorrected Misstatements under US GAAP
Misstatements sometimes left uncorrected, particularly when the financial statements preparer detects them after the statements have been produced and distributed. Using an auditor perspective, how
Financial Statements Disclosures Required Under IFRS
Though I have posted about balance sheet’s disclosures required under the US’s accounting standard codification, in the past. This post discusses financial statements disclosures required
Classifying Asset and Liability Transactions under IAS 1
Classifying transactions into accounts is a crucial step in the accounting process. Asset and liability transactions are the biggest portion of the whole accounting data. Classifying
Does a Services Company Include Cost of Goods Sold On the Income Statements?
“Hi, I am a small business that provides clients with computer repair services; do I need to include cost of goods sold on my income
What Are Major Functions of Internal Audit Workpapers?
Internal audit workpapers can be seen as a “link” between actual internal audit procedures and the reports issued as results of an internal audit process,
How Transfer Pricing Techniques Improve Profitability
There are five transfer pricing techniques a corporation can choose from to improve profitability of not only business unit level, but the corporate-wide level. Each
Seven Internal Audit Core Competencies Auditors Should Have
Internal audit role, performed by internal auditors, requires core competencies. This post lists seven internal audit core competencies internal auditors should have—beyond internal audit standards—for
Three Steps to Proper Receipt of Goods Entry and Control
Receipt of goods is typical to those who work for a retailer or manufacturer. If you do too, having solid system for the task is
Four Accounting Issues Related to Inventory Ownerships
Inventory accounting is an important topic with complex issues that can causes confusion even to well-experienced accountants. But in this post, I focus on the
Learning Accounting the First Time, Where to Start
Learning accounting, the first time, is so much exciting. And it is suffice to say that, writing about it is also so much exciting to
Download Bank Reconciliation Template in Excel
Are you looking for bank reconciliation template, in excel, you can use easily? Now you can download it, at Accounting Financial Tax, for f.ree.
Auditing: Internal Control Over Financial Reporting (FAQ)
Internal control over financial reporting is essential information an auditor supposed to be able to draw during an audit session. Why? A client’s internal control
Items Should Be Included In Management Representation Letter
A constant question I get from fellow junior auditors is “what items should be included in a management s representation letter?” If you are questioning the
Financial Statement Reporting Under Regulation S-X (SEC)
Financial statement reporting under Regulation S-X is a very important regulation for a publicly held company; the Securities and Exchange Commission (SEC) uses this regulation
How Do I Calculate Fixed Assets Depreciation Under IFRS?
IAS 16 (of the IFRS) provides for two acceptable alternative approaches to accounting for fixed assets. The first of these is the cost model, under