Author: Michael Jamison, CPA, CGMA

  Financial statement auditors spend a lot of time evaluating how their clients report work in progress (WIP) inventory. Here’s why this account warrants special attention and how auditors evaluate whether WIP estimates seem reasonable. Accounting for inventory Companies must report the value of raw materials, WIP and...

  Business owners often complain that they’re required to provide too many disclosures under U.S. Generally Accepted Accounting Principles (GAAP). But comprehensive financial statement footnotes contain a wealth of valuable information. Here are some examples of hidden risk factors that may be discovered by reading footnote disclosures....