The U.S. Generally Accepted Accounting Principles (GAAP) outlines for mergers and acquisitions include a lot of red tape. When it comes to intangibles, the standards get especially complex. A lot of the hassle can be avoided using the Financial Accounting Standards Board (FASB) reporting alternative for private companies.
If your profits are slipping in comparison with your revenue and assets, look to your financial statements for insight into what is going on and how to boost performance.
Starting in 2019, public companies face a new accounting rule for reporting leases. Despite the one-year reprieve offered to private companies, all businesses would be wise to begin the process of implementing the rule now. The Financial Accounting Standards Board (FASB) has recently provided revisions to help ease implementation. Read on for a rundown of the changes.
If a company had an obligation to pay you first but paid another creditor instead, its solvency becomes an issue. Should the incident prompt a lawsuit, you need to look at hiring a solvency expert to conclude if, at the time of the payment, the company was genuinely able to satisfy its long-term interest and repayment obligations.
Workers’ compensation fraud robs American workers of millions of dollars each year. Bogus claims made by employees are the most widely known, but these workers aren’t always the perpetrators. Workers’ comp scams can be instigated by health care providers and … Continued
How ideal would it be if employees prone to fraud had the letter “F” tattooed on their forehead? You could keep a close eye on them and prevent them from ever gaining access to the accounting books. Unfortunately, potential thieves are never that obvious.
W-2 phishing scams are increasing and the number of businesses that have been victimized is escalating. These frauds are a variation on traditional phishing scams, where criminals trick email users into providing confidential information and then use that information to steal money or the victim’s identity.
Employee dishonesty coverage protects businesses against criminal acts committed by employees that results in loss of money and property. This valuable protection is offered by some insurance companies, but it’s important to know what you’re getting before you purchase a policy.
Fraud threatens every company and has a high price tag. Many businesses delay this crucial step, but you don’t need to put it off any longer. Learn to develop a comprehensive, integrated fraud risk management program and protect your company now.
Study after study proves the effectiveness of a fraud hotline at uncovering and even preventing occupational fraud. Those closest to the employee committing fraud are much more likely to notice the red flags than upper management who have little interaction with them. Yet, those are the very people who may hesitate to turn in a colleague for fear that they may be wrong or for fear of retribution. That’s where confidential fraud hotlines are so useful. Learn how to set one up for your company with the tips below.