• Practice Management - QuickRead Top Story

    The Continuing Relevance of Financial Statements

    April 15, 2026

    The Key Value of Value A complete set of financial statements also include statements of cash flows and other comprehensive income. These statements play important roles, but earnings are still used in these as the starting and dominant measure. Occasionally, the relevance of financial statements is questioned; this article is written to reaffirm their importance. Accountants have been preparing some sort of financial statements since the beginning of written records, which were developed by the Sumerians in cuneiform around 3400 BCE. A more formal, and familiar, report was developed around 1350 CE by the merchants of Venice, Genoa, and surrounding…

  • Financial Forensics - QuickRead Top Story

    Financial Statement Fraud

    November 30, 2022

    Taking Another Look at Perpetrators and Their Schemes—Can a Testifying Expert Witness Rely on the Financial Statements and/or Other Financial Reports Provided? For more than a decade, the Association of Certified Fraud Examiners (ACFE) has published its report on global occupational fraud. The term occupational fraud refers to frauds that are committed by individuals against the organizations that employ them. Occupational fraud is formally defined as the use of one’s occupation for personal enrichment through the deliberate misuse or misapplication of the employing organization’s resources or assets. The purpose of this article is to take a deeper dive into understanding…

  • QuickRead Top Story - Valuation/Appraisal

    What Changes to the Lease Accounting Standards Means

    June 22, 2022

    For Business Valuations Accounting Standards Codification (ASC) Topic 842: Leases is the lease accounting standard published by the Financial Accounting Standards Board, which replaces prior guidance from ASC Topic 840. ASC 842 brings previously off-balance sheet operating leases onto a company’s balance sheet. The new standard takes effect for private companies in fiscal years starting after December 15, 2021, and represents a fundamental change to financial statements, which are the foundation of business valuation analyses. This article will focus on potential impacts to a valuation analysis because of the change in accounting standards. Accounting Standards Codification (ASC) Topic 842: Leases…

  • QuickRead Top Story - Valuation/Appraisal

    Could Missing Non-GAAP Adjustments Adversely Affect Your Concluded Value?

    October 20, 2021

    Why it Matters This article examines the major nonconformance issues the average valuator may face, where to find the information necessary to investigate, and how to make the adjustments to conform with GAAP. The adjustments discussed are not exhaustive but do cover the more common adjustments valuators should consider. While a valuation is not an audit, the valuation analyst must recognize material deviations from GAAP and understand how to make the necessary adjustments. Valuation principles require the financial statements used be prepared based on generally accepted accounting principles (GAAP) unless there is a different agreement by the parties to the…

  • Case Law - QuickRead Featured

    State Case Law: Iowa Focuses on Equalization Payments, Louisiana Considers Future Cash Flow

    April 4, 2013

    Recent Cases Consider: Fair Market Value in Arkansas, Equalization Payments and Healthcare Credits in Iowa, and Valuations Based on Future Cash Flow in Louisiana Judge Wiggins in Iowa rules In re Marriage of McDermott on equalization payments and tax credits for health insurance payments.  In Louisiana, Judge Williams finds a valuation in Fancher v. Prudhomme invalid since it was based on assumed cash flow—and a withdrawing member was the source of almost all the company’s business.  Instead, current asset value is key.  Find out more. 

  • Healthcare - QuickPress

    Six Ways Physicians Can Improve Their Public Speaking — Physicians Practice

    January 29, 2013

    Tips Medical Professionals Can Use to Face the Public with Confidence Sue Jacques at Physicians Practice reports:  Being a skilled medical professional doesn’t necessarily mean that you’re comfortable speaking in public, especially when it comes to talking to a group of peers. If the mere thought of addressing even a small audience causes your knees to knock, you’re not alone. This universal anxiety is provoked by a number of factors, including lack of experience, poor preparation, and discomfort being the center of attention. Effective verbal communication is essential for personal and professional success, yet getting your messages across clearly can…

  • Mergers and Acquisitions/Exit Planning - QuickPress

    6 Pitfalls to Avoid When Merging Your CPA Firm

    May 24, 2012

    You can’t hold back the demographic tide. In the U.S., another baby boomer turns 60 every eight seconds. This translates into a leadership change in the near future at many CPA firms. In an important article in the Journal of Accountancy last year, John F. Raspante, CPA, and Joseph A. Tarasco, CPA explain:  Thousands of partners are at or reaching retirement age now and in the next five years, putting a tremendous strain on even the best succession plans. But age isn’t the only factor affecting the profession. Factors such as increased globalization and turmoil in the general economy causing greater competition have been analyzed…

  • QuickPress - Valuation/Appraisal

    Compilation Reports for Valuation Engagements? AICPA Offers Q&A on SSARSs and SSVS Confusion.

    May 22, 2012

    Business valuation (BV) reports frequently include information presented in the form of financial statements. The reporting requirements for such financial statements have drawn increased attention as a result of the issuance of Statement on Standards for Accounting and Review Services No. 19 (SSARS 19), Compilation and Review Engagements.   The Journal of Accountancy reports: “When conforming the existing SSARSs Interpretations to SSARS 19, the Accounting and Review Services Committee decided to withdraw an interpretation related to financial information in BV reports. It has become evident, based on questions the AICPA has received, that the move sparked some confusion.” To resolve the issue,…