CFO Talks

NOVEMBER 20, 2024

For example, while South African companies follow International Financial Reporting Standards (IFRS), the US requires compliance with its Generally Accepted Accounting Principles (GAAP). IFRS is principles-based and allows for some judgment in financial reporting, while GAAP is more rigid, rules-based, and less forgiving.

IFRS 98

IFRS GAAP Currencies CFO 98

The Charity CFO

JANUARY 17, 2022

And then, there are a series of reports and financial statements you’ll use to communicate the financial reality of your organization to potential donors, the IRS, watchdog agencies, and other stakeholders. The basic accounting principles for nonprofit organizations are the same as accounting for for-profit companies. .

Nonprofit 98

Nonprofit Accounting Profit and Loss Accounts Payable 98

CFO Share

AUGUST 5, 2021

In simple terms, that means the cannabis industry taxable income is closer to its revenue rather than profit. The difference between cost of goods sold and ordinary business expenses is well defined in Generally Accepted Accounting Principles (GAAP) but routinely ignored by small business bookkeeping services. Interest expense.

Forecasting 96

Forecasting GAAP Profit and Loss Accounting Principles 96

The Charity CFO

JANUARY 31, 2022

You may also know it as a profit and loss statement or income and expense report. Simply, it reports your organization’s revenue and expenses during a specific period and the difference between them. . In the for-profit world, they call the difference between revenues and expenses net income. Or profit. .

Nonprofit 98

Nonprofit Profit and Loss GAAP Accounting Principles 98

Spreadym

AUGUST 10, 2023

When choosing the best financial reporting software solution, it's important to consider factors such as ease of use, scalability, integration with existing systems, compliance with accounting standards, cost, customer support, and any unique requirements your organization might have. What is financial reporting software?

Financial Reporting 52

Financial Reporting Financial Planning and Analysis (FP&A) Accounting Standards CFO 52

The Charity CFO

FEBRUARY 25, 2022

For that reason, your account numbering, category names, and structure should follow standard guidelines and numbering conventions established by Generally Accepted Accounting Principles (GAAP). . For example, you don’t need separate accounts for different types of office supplies (pens, paper, markers). Insurance

Nonprofit 98

Nonprofit Accounting Accounts Payable GAAP 98

The Charity CFO

JANUARY 19, 2023

Nonprofit organizations distinguish themselves from for-profit entities through their purpose and mission. Their mission is usually anchored on a cause or social purpose, not on the generation of profits. NPOs must adhere to these accounting policies to remain compliant with the law and maintain their tax-exempt status.

Accounting Standards 52

Accounting Standards Nonprofit Accounting GAAP 52