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MaterialAccounting strives to be a leading source of financial accounting information. We keep our readers up to date on the latest accounting news and aim to provide relevant information to anyone involved in the accounting and finance world.
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Our mission is to simplify financial accounting for accounting professionals who seek a comprehensive resource to help grow their understanding of the subject. Whether you’re an experienced accountant or a business owner trying to expand your accounting knowledge, we are here to help.
Recent Articles
A Guide to IRS Mileage Rates for 2022 Taxes
Internal Revenue Commissioner Charles Rettig announced on June 9th that there’ll be increases in the agency’s mileage rates for 2022 taxes, a decision that coincided with members of Congress surmounting partisan differences and clamoring for increases. The changes are...
Improving Audit Quality: Overview of ISQM 1, ISQM 2, SQMS 1, & SQMS 2
Back in my day (gosh, that makes me sound old), audit quality wasn’t really a “thing.” Sure, we did what we thought were good audits, and occasionally they might get reviewed, either internally or by an external firm, but these peer reviews were always rather...
Lease liabilities return to pre-pandemic level as companies adjust to accounting standard
Summary provided by MaterialAccounting.com: This article discusses LeaseQuery's lease benchmark report which reveals important information about lease liabilities and market changes. -- The average number of leases held by companies has returned to or exceeded...
FASB plans new standards
Summary provided by MaterialAccounting: This article provides information about The FASB's plans for future accounting standards. -- The Financial Accounting Standards Board is making plans for its future projects, including digital assets, intangibles, government...
Transfer Troubles: “Sale” or “Secured Borrowing” under ASC 860?
Repurchase agreements, securitizations, and loan participations are all common transactions executed by banks. Unfortunately, these common transactions can be quite the source of “trouble,” as they involve the transfer of financial assets. ASC 860, Transfers and...
May 2022 GASB Update: Statement No. 99 Explained (GASB 87 & GASB 96)
Summary provided by MaterialAccounting.com: This article provides an update to the GASB standards. GASB 99 discusses additional info on GASB 87 and GASB 96. -- On May 9, 2022 the GASB issued Statement No. 99 Omnibus 2022 (GASB 99) providing clarification guidance on...
It’s Time for Accountants to Embrace Fintech
Summary provided by MaterialAccounting: This article discusses the use of fintech in the accounting industry and the reasons why it should be used. “What comes to mind when you hear the word ‘fintech’?” Michael Ly asked the packed room during his session at...
Overview of IAS 36 Impairment of Assets & Impact of Market Disruption
Pandemics, growing inflation, war, market instability, shortages on everything from labor to baby formula…it feels like all this year is missing is a plague of locusts! Oh wait, didn’t that happen last year? With all of this market disruption, it begs the question:...