FRINK Linked Data Fragments server

Matches in SemOpenAlex for { <https://semopenalex.org/work/W5280345> ?p ?o ?g. }

• W5280345 startingPage "111" @default.
• W5280345 abstract "COMMON ERRORS IN FINANCIAL STATEMENTS As the demand for better and fuller financial statement disclosure grows, CPAs must be aware of proper presentations. This article examines common financial statement errors found by the Montana Society of CPAs financial statement review committee and explains how practitioners can correct or improve presentations. FIVE PROBLEM AREAS Some of the most frequently seen errors relate to long-term debt, related-party disclosures, accompanying information, goodwill and references to accountants' reports. Long-term debt disclosures. The most common error was inappropriate disclosure of long-term debt under Financial Accounting Standards Board Statement no. 47, Disclosure of Long-Term Obligations. The combined aggregate amount of maturities and sinking-fund requirements for all long-term borrowings must be disclosed for each of the five years following the date of the latest balance sheet presented. In some of the financial statements, the disclosures were simply omitted. In others, disclosure was insufficient. While Statement no. 47 doesn't specify the exact disclosure format, here's an example of an acceptable presentation: D Company has two long-term borrowings outstanding. The first is a $100,000 sinking-fund debenture with annual sinking-fund payments of $10,000 in 19X2, 19X3 and 19X4; $15,000 in 19X5 and 19X6; and $20,000 in 19X7 and 19X8. The second borrowing is a $50,000 note due in 19X5. D's disclosure might be the following: Maturities and sinking fund requirements on long-term debt are as follows: 19X2 $10,000 19X3 10,000 19X4 10,000 19X5 65,000 19X6 15,000 19X7-19X8 40,000 $150,000 Related-party disclosures. Notes receivable and notes payable between shareholders and closely held corporations were common related-party transactions, but in some financial statements the related-party notes were not disclosed adequately. In some of the footnotes, the descriptions, or terms of the related-party notes were not disclosed as required by FASB Statement no. 57, Related Party Disclosures. There also may have been errors of omission for related-party disclosures, but the committee didn't have access to CPAs' workpapers. Specifically, Statement no. 57 requires disclosure of related-party transactions even when no dollar are involved. For example, if the sole shareholder of a closely held corporation allows the corporation to use one of his buildings as a warehouse but receives no rental payments, this transaction should be disclosed. Some footnotes contained assertions that the related-party transactions were at amounts that approximate their market value. This may imply the transactions were on terms similar to those of an arm's-length transaction. Accounting literature contains caveats about such assertions for both the asserter and the attester. Representations about related-party transactions should not imply they were consummated on terms equivalent to those that prevail in arm's-length transactions unless such representations can be substantiated. Therefore, CPAs must be able to substantiate comments that the amounts approximate their market value. Statement on Auditing Standards no. 45, Omnibus Statement on Auditing Standards--1983, advises auditors that such representations are difficult to substantiate. CPAs also should be aware that they are giving the same level of assurance that the related-party transactions were at fair market value as they are giving to the financial statements as a whole. Since the footnotes are an integral part of the statements, CPAs attest to assertions about fair market values contained in the footnotes. Therefore, if such a representation is included in the footnotes and the auditor believes management does not substantiate it, depending on materiality, he or she should express a qualified or adverse opinion because of a departure from generally accepted accounting principles. …" @default.
• W5280345 created "2016-06-24" @default.
• W5280345 creator A5006893916 @default.
• W5280345 creator A5018472440 @default.
• W5280345 date "1990-02-01" @default.
• W5280345 modified "2023-09-26" @default.
• W5280345 title "Common Errors in Financial Statements" @default.
• W5280345 hasPublicationYear "1990" @default.
• W5280345 type Work @default.
• W5280345 sameAs 5280345 @default.
• W5280345 citedByCount "0" @default.
• W5280345 crossrefType "journal-article" @default.
• W5280345 hasAuthorship W5280345A5006893916 @default.
• W5280345 hasAuthorship W5280345A5018472440 @default.
• W5280345 hasConcept C10138342 @default.
• W5280345 hasConcept C120527767 @default.
• W5280345 hasConcept C121955636 @default.
• W5280345 hasConcept C128769094 @default.
• W5280345 hasConcept C140060971 @default.
• W5280345 hasConcept C144133560 @default.
• W5280345 hasConcept C162118730 @default.
• W5280345 hasConcept C162324750 @default.
• W5280345 hasConcept C163867264 @default.
• W5280345 hasConcept C17744445 @default.
• W5280345 hasConcept C183206440 @default.
• W5280345 hasConcept C199521495 @default.
• W5280345 hasConcept C199539241 @default.
• W5280345 hasConcept C2777026412 @default.
• W5280345 hasConcept C2778675194 @default.
• W5280345 hasConcept C2778860618 @default.
• W5280345 hasConcept C2780015409 @default.
• W5280345 hasConcept C2781027943 @default.
• W5280345 hasConcept C29690183 @default.
• W5280345 hasConcept C544937707 @default.
• W5280345 hasConcept C98014903 @default.
• W5280345 hasConceptScore W5280345C10138342 @default.
• W5280345 hasConceptScore W5280345C120527767 @default.
• W5280345 hasConceptScore W5280345C121955636 @default.
• W5280345 hasConceptScore W5280345C128769094 @default.
• W5280345 hasConceptScore W5280345C140060971 @default.
• W5280345 hasConceptScore W5280345C144133560 @default.
• W5280345 hasConceptScore W5280345C162118730 @default.
• W5280345 hasConceptScore W5280345C162324750 @default.
• W5280345 hasConceptScore W5280345C163867264 @default.
• W5280345 hasConceptScore W5280345C17744445 @default.
• W5280345 hasConceptScore W5280345C183206440 @default.
• W5280345 hasConceptScore W5280345C199521495 @default.
• W5280345 hasConceptScore W5280345C199539241 @default.
• W5280345 hasConceptScore W5280345C2777026412 @default.
• W5280345 hasConceptScore W5280345C2778675194 @default.
• W5280345 hasConceptScore W5280345C2778860618 @default.
• W5280345 hasConceptScore W5280345C2780015409 @default.
• W5280345 hasConceptScore W5280345C2781027943 @default.
• W5280345 hasConceptScore W5280345C29690183 @default.
• W5280345 hasConceptScore W5280345C544937707 @default.
• W5280345 hasConceptScore W5280345C98014903 @default.
• W5280345 hasIssue "2" @default.
• W5280345 hasLocation W52803451 @default.
• W5280345 hasOpenAccess W5280345 @default.
• W5280345 hasPrimaryLocation W52803451 @default.
• W5280345 hasRelatedWork W13889214 @default.
• W5280345 hasRelatedWork W145825888 @default.
• W5280345 hasRelatedWork W1513895778 @default.
• W5280345 hasRelatedWork W174495079 @default.
• W5280345 hasRelatedWork W194692620 @default.
• W5280345 hasRelatedWork W1985513046 @default.
• W5280345 hasRelatedWork W2211054096 @default.
• W5280345 hasRelatedWork W228678250 @default.
• W5280345 hasRelatedWork W2481842114 @default.
• W5280345 hasRelatedWork W2591689510 @default.
• W5280345 hasRelatedWork W26924121 @default.
• W5280345 hasRelatedWork W276023827 @default.
• W5280345 hasRelatedWork W286888104 @default.
• W5280345 hasRelatedWork W287232032 @default.
• W5280345 hasRelatedWork W2992745993 @default.
• W5280345 hasRelatedWork W2994059744 @default.
• W5280345 hasRelatedWork W328194744 @default.
• W5280345 hasRelatedWork W331455431 @default.
• W5280345 hasRelatedWork W58115575 @default.
• W5280345 hasRelatedWork W765245909 @default.
• W5280345 hasVolume "169" @default.
• W5280345 isParatext "false" @default.
• W5280345 isRetracted "false" @default.
• W5280345 magId "5280345" @default.
• W5280345 workType "article" @default.