CBA of Georgia’s Post

Mastering Financial Statement Preparation From my view below are the Key Elements for Success: ∆ Accuracy: Ensure all financial data is meticulously recorded and verified to maintain precision in reporting. ∆ Transparency: Provide clear and comprehensive disclosures to facilitate stakeholders' understanding of the organization's financial health. ∆ Compliance: Adhere to regulatory standards and accounting principles to ensure legal and ethical compliance in financial reporting ∆ Consistency: Maintain uniformity in presentation and formatting across financial statements for ease of comparison and analysis. ∆ Materiality: Exercise judgment in determining the significance of financial information to ensure relevance and reliability in decision-making. ∆ Disclosure of Accounting Policies: Communicate accounting methods and assumptions used in preparing financial statements to enhance transparency and credibility. ∆ Comparative Analysis: Include prior period data for comparative analysis, enabling stakeholders to assess financial performance and trends over time. ∆ Footnotes and Supplementary Information: Provide additional context and explanations through footnotes and supplementary schedules to enhance the understanding of financial statements. Do you think to add more insights to this ? let's explore and develop further. Thank You DM | Follow Mahendrakumar Kandibanda #FinancialStatements #Accounting #Transparency #Accuracy #Compliance #FinancialReporting #BusinessFinance #AccountingStandards #RegulatoryCompliance #FinancialAnalysis

Beneficial Ownership (BOI) Reporting for Small Business Owners Here's a quick guide to understanding the new compliance requirement under the Corporate Transparency Act, including: - Is Your Entity Considered a Reporting Company? - What Information Does a BOI Report Require? - Reporting Deadlines The reporting deadline is quickly approaching. Avoid missing it and the penalties. We can help you file your report today. Give us a call. #BOIReporting #SmallBusinessCompliance #BeneficialOwnershipReporting https://lnkd.in/gyx5nRr2

Dive into the world of business transparency with CA Chirag Goyal! Discover the ins and outs of the Corporate Transparency Act and BOI Reporting for hassle-free compliance. 📘✨ Read here: https://lnkd.in/dXU5mGde #BusinessClarity #EasyCompliance #teamapmh #BOIreporting

Financial statement preparation for a rice miller can be challenging due to the variety of finished goods produced from the same raw materials (i.e., paddy rice). SME owners may determine incorrect pricing strategies and impact other decision making. So, how do you allocate the cost of finished goods for a rice miller under CIFRS for SMEs? Our audit and technical partner, Mr. Seng Chanthan, provides his expert insight on this matter: https://lnkd.in/gU_sKGFe #FII&ASSOCIATES #TowardMaximumGrowth #SMEs #BusinessOwners #Accounts #Audit #Tax #Advisory

CTA Tip of the Day #22 The FAQs were updated today, July 24, and now provide some welcome relief with regard to reporting the taxpayer identification number of a reporting company. Specifically, new FAQ F.13 says a disregarded entity with a single owner that does not have its own TIN, EIN or ITIN may use the number of the owner instead of applying for a TIN solely to comply with the corporate transparency act. FAQ G3 was also updated to acknowledge that in some circumstances a reporting company may not be able to obtain a TIN before the deadline for filing an initial BOI report. This will be particularly likely in 2025 when the deadline for filing an initial BOI report normalizes at 30 days at formation. The updated FAQ indicates a reporting company must make “reasonable efforts” to obtain the TIN and should file the initial report as soon as the EIN is received. While not explicitly stated, this indicates no penalties will be imposed if reasonable efforts are made, and FinCEN suggests documenting those efforts. Specifically, FAQ G3 says, “In such circumstances, in addition to making all reasonable efforts to file its BOI report in a timely manner (including requesting all necessary information as early as practicable), the reporting company should file its report as soon as it receives its EIN. As a best practice, the reporting company may consider retaining documentation associated with its efforts to comply with the BOI reporting requirements in a timely manner.” https://lnkd.in/eVa9UfFy

📢 Is Your Business Ready for BOI Reporting? New regulations under the Corporate Transparency Act (CTA) require many businesses to file a Beneficial Ownership Information (BOI) report. Don’t miss the deadlines – stay compliant and avoid penalties! 📝 Learn more about the steps and deadlines here: https://lnkd.in/eHyqyHY5

What does the updated Uniform Guidance from the Office of Management and Budget mean for your organization? Effective October 1, expect changes in simplified language, amended dollar thresholds, and new administrative policies. Join the upcoming FREE industry briefing with Thompson Grants’ experts on July 31st at 2 p.m. to learn how to navigate these revisions. Register now: https://lnkd.in/euCKVmXz #Grants #UniformGuidance #Compliance #Webinar

Meet Mr. Varun with over five years of experience wielding the power of cost control! His expertise spans across various industries, where he's tackled internal audits, pricing strategies, cost audits, and even implemented activity-based costing (ABC) systems. #ProActiveSolutech #MeetTheTeam #CostManagement #ABCCosting #FinancialExpertise

Regarding the post by Ajibola Jinadu’s post about deferred revenue, it’s imperative for us accountants to make sure we use the correct terminology in describing a business operation. Terminologies in accounting are crucial because they provide a standardized language that ensures clarity, consistency, and accuracy in financial reporting and communication among stakeholders. Using precise terms helps avoid misunderstandings, facilitates effective communication, and ensures compliance with accounting principles and regulations. Additionally, standardized terminologies enable comparability across companies, industries, and jurisdictions, aiding investors, analysts, and decision-makers in making informed decisions. #PumohNuggets #FarmyardBookkeeper

The Gambia Financial Reporting Oversight Board (FROB) is undertaking a 3-day Stakeholder Engagement Workshop aimed at newly designated public interest entities under section 2 (e) of the Financial Reporting (FR) Act 2013. The objective is to (a) educate stakeholders of FROB’s roles and responsibilities and (b) underscore the need for FROB as a regulatory oversight body in enhancing the credibility of Financial Reporting and Corporate Governance practices of Public Interest Entities (PIEs) in the country. (c) And provide the newly designated PIEs with the opportunity to interact directly with the FROB executives, promote dialogue and bridge the information gap. The proactive approach is aimed at laying the foundations in ensuring that all parties are duly communicated to, valid expectations set and alignment to national standards and current developments. New entities in the private sector include but not limited to: Manufacturing & Processing, Hospitality, Retail & wholesale, Education, Energy, Telecommunication, Import & Export, Construction, Aviation & Travel, Information & Communications, Mining, Transport, Shipping & Logistics, Automative,… e.t.c. The thresholds are all encompassing and do not discriminate based on ownership (public or private), business legal form, industry and profit orientation in line with section 2 (e), FR Act 2013) and definition of an entity as contained on page 5, section 2 of FR Act 2013 for more information kindly visit our website on www.frob.gm Formal invite letters have been sent to intended recipients, however, to reinforce this we are leveraging on information technology to communicate to our intended stakeholders to spread the word. Should an existing PIE under section 2 (a – d) of the FR Act 2013 want to attend kindly contact FROB for advice and confirmation. #FROBWorkshop #financialreporting #stakeholdermanagement #thegambia