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The formal accounting distinction between on- and off-balance-sheet items can be quite detailed and will depend to some degree on management judgments, but in general terms, an item should appear on the company's balance sheet if it is an asset or liability that the company owns or is legally responsible for; uncertain assets or liabilities ...
In April 2005, the Australian Competition & Consumer Commission warns of a domain name renewal scam where domain name holders have received a letter that looks like an invoice for the registration or renewal of a domain name, where the domain name in question is very similar to your actual domain name except has a different ending, for example ...
Due to the risk of liability, CPAs and accounting firms may carry professional liability insurance to provide some protection from legal claims and lawsuits, although some firms choose to self-insure. [4] Concerns about high damage awards and insurance costs have led to proposals to limit liability for public accounting firms. [5]
The scam then becomes an advance-fee fraud or a check fraud. A wide variety of reasons can be offered for the trickster's lack of cash, but rather than just borrow the money from the victim (advance fee fraud), the con-artist normally declares that they have checks which the victim can cash on their behalf and remit the money via a non ...
The recording of the liability in the entity's balance sheet is matched to an appropriate expense account on the entity's income statement. In U.S. Generally Accepted Accounting Principles (U.S. GAAP), a provision is an expense. Thus, "Provision for Income Taxes" is an expense in U.S. GAAP but a liability in IFRS.
More than 4 million Americans gouged by credit repair companies including Lexington Law and CreditRepair.com will soon collectively receive $1.8 billion in refund checks, the Consumer Financial ...
Read more: Cost-of-living in America is still out of control — use these 3 'real assets' to protect your wealth today Experts say that there may be a significant breakdown at USAA.
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