Compliance Financial Reporting GAAP Strategic Planning 
VCFO
NOVEMBER 1, 2023
Assessing Accounting For entities preparing GAAP compliant financial statements, adoption of Revenue Recognition Standard (ASC 606) and Lease Accounting Standard (ASC 842) is now mandatory. Changing how revenue is reported impacts EBITDA and also balance sheet items such as deferred revenue and deferred expenses.
The Charity CFO
NOVEMBER 10, 2022
As a result, the organization might not adhere to Generally Accepted Accounting Principles (GAAP), which can trip them up come tax time or during an audit. Outsourcing financial record-keeping also improves efficiency, eliminates unnecessary expenses, and minimizes grave accounting mistakes. Improves compliance.
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