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Top accounting issues in 2023

ThomsonReuters

The accounting profession has faced a profound shift in recent years: from significant regulatory changes to an influx of innovative technologies, to reimagined business models, to an increase in client expectations. What are the current issues in accounting? but there are several common hurdles that often run industry wide.

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Financial Reporting in the COVID-19 Era for Accounting Professionals

ThomsonReuters

Financial Reporting in the COVID-19 Era: Technology Can Help Accounting Professionals Ask—and Answer—the Right Questions. Understanding the key accounting questions raised by COVID-19. If needed, look to reduce expenses, sell assets, and consider restructuring debt, leases, or other contractual obligations. Impairments.

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The basics of Foreign-Trade Zones (FTZs). What are they?

ThomsonReuters

Space is leased according to a company’s individual storage needs, and can be used continuously or on an as-needed basis. FTZs also allow manufacturers to take advantage of what’s known as an “inverted tariff,” which gives companies the option of paying duty on a finished product or on the individual components—whichever is lower.

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Ways to prevent financial reporting errors

ThomsonReuters

accounting standards require prior statements to be corrected and the corrections to be disclosed. A financial statement error is not an accounting change. The CPA will judge the information based on how well it complies with accounting standards. What is a financial statement restatement?

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