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Returning Value Blog

Aaron K. Waller, CPA

Recent Posts

Reporting Embedded Leases

Posted by Aaron K. Waller, CPA on Jul 14, 2020

In 2016, the Financial Accounting Standards Board (FASB) published guidance that requires major changes to how leases are reported on financial statements. One area of the guidance that’s especially complicated relates to “embedded” leases.

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Posted in Audit & Assurance

Asset Impairment Is Expected to Hit 2020 Financial Statements

Posted by Aaron K. Waller, CPA on Jun 22, 2020

Some companies are expected to report impairment losses in fiscal year 2020 because of the COVID-19 crisis. Depending on the nature of your operations and assets, the pandemic could be considered a “triggering event” that warrants interim impairment testing.

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Posted in Audit & Assurance

How to Use Visual Aids in Financial Reporting

Posted by Aaron K. Waller, CPA on Apr 01, 2020

Thanks to the Internet and social media, we’re bombarded daily with all kinds of information. As a result, most people prefer clear, concise snippets of data over lengthy text. Have your financial statements kept up with today’s data-consumption trends?

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Posted in Audit & Assurance

Reporting Contingent Liabilities

Posted by Aaron K. Waller, CPA on Feb 18, 2020

Contingent liabilities reflect amounts that your business might owe if a specific “triggering” event happens in the future. Sometimes companies are unclear when they’re required to report a contingent liability on their financial statements under U.S. Generally Accepted Accounting Principles (GAAP). Here are the basics.

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Posted in Audit & Assurance

Employee Benefit Plans: Do You Need a Form 5500 Audit?

Posted by Aaron K. Waller, CPA on Jan 13, 2020

Some benefit plans are required to include an opinion from an independent qualified public accountant (IQPA) when filing Form 5500 each year. The IQPA examines the plan’s financial statements and schedules to ensure they’re presented fairly and in conformity with Generally Accepted Accounting Principles (GAAP). The financial statements and IQPA opinion are often referred to collectively as the “audit report.”

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Risk Assessment: A Critical Part of the Audit Process

Posted by Aaron K. Waller, CPA on Dec 16, 2019

Audit season is right around the corner for calendar-year entities. Here’s what your auditor is doing behind the scenes to prepare — and how you can help facilitate the audit planning process.

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Posted in Audit & Assurance

How to Keep Track of Small Tools and Equipment

Posted by Aaron K. Waller, CPA on Nov 06, 2019

Whether it’s hard hats and drills on a job-site, iPads in an office or RFID readers in a warehouse, small tools and equipment have a tendency to disappear at many companies. The cost of lost, damaged and stolen items can quickly add up, consuming profits and cash flow. What can you do to manage these items more effectively and create accountability among workers?

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Posted in Audit & Assurance

Internal Audit 2.0: Paperless and Continuous Auditing Trends

Posted by Aaron K. Waller, CPA on Oct 09, 2019

Technology is altering the traditional approach to internal audits. Instead of reviewing reams of paperwork, today’s auditor is learning to use electronic records. In turn, going paperless facilitates a concept known as “continuous auditing,” where internal auditors continually gather data to support their procedures. Here’s how your business can modernize this process.

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Posted in Audit & Assurance

Why Do Companies Restate Financial Results?

Posted by Aaron K. Waller, CPA on Sep 20, 2019

Every year, research firm Audit Analytics publishes a study about financial restatement trends. In 2018, the number of public companies that amended their annual reports increased by 18%.

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Posted in Audit & Assurance

How Auditors Use Nonfinancial Information

Posted by Aaron K. Waller, CPA on Jun 18, 2019

Every financial transaction your company records generates nonfinancial data that doesn’t have a dollar value assigned to it. Though auditors may spend most of their time analyzing financial records, nonfinancial data can also help them analyze your business from multiple angles.

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Posted in Audit & Assurance

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