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On August 23, 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-05, Business Combinations — Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement. The updated guidance will provide investors and other allocators of capital with more decision-useful information in a joint venture’s separate financial statements. It also aims to reduce

There’s currently a talent crisis in the accounting industry. The U.S. Bureau of Labor Statistics estimates that roughly 17% of U.S. accountants and auditors have left their jobs over the past two years, leaving some open positions unfilled for many months. And the American Institute of Certified Public Accountants (AICPA) estimates that 75% of CPAs

Company management is ultimately responsible for preparing the financial statements, including the identification of related parties. However, during fieldwork, external auditors look for undisclosed related parties and scrutinize significant unusual transactions. Here’s an overview of the nature of related-party financial relationships and transactions, as well as potential risks associated with them. Auditing standards require auditors

In recent years, the finance function has grown increasingly complicated, and in today’s uncertain and competitive environment, your organization can’t afford to fall behind. Is your finance and accounting team burdened by manual or labor-intensive processes? Do you rely on outdated technology for close, reporting, and planning? If you recognize any of the six signs

The popularity of managed security services has skyrocketed in recent years. As threats have increased and the impact of breaches and breakdowns has grown, organizations are increasingly turning to this approach to boost protection, trim costs and simplify operations. Yet getting the most out of a managed security services provider (MSSP) isn’t guaranteed. Too often,