Type of publication: Members’ Publications

Contributed by: James Moore.

Contributed by: Floyd Advisory.

The FY 2022 Financial Report of the United States Government (the “U.S. Financial Report” or “Financial Report”) is prepared by the United States Department of the Treasury (“Department of Treasury” or “Treasury”) and is audited by the United States Government Accountability Office (“GAO”).

From a financial reporting perspective, the Department of Treasury serves in a role similar to the management of a business enterprise that bears responsibility for its company’s financial statement assertions, whereas the GAO serves in a role similar to an independent certified public accounting firm that performs audit services and renders an opinion on such financial statements.

Floyd Advisory’s report provides useful insights into the information contained in the U.S. Financial Report and highlights their observations on the quality and completeness of the reporting by the Department of Treasury based on the expectations, standards, and financial reporting requirements of a U.S. publicly traded company.

Floyd Advisory also discusses certain matters that they believe warrant special attention for users of the Financial Report, notably the citizens of the United States, as they relate to the financial condition of the U.S. Government.

Contributed by: KNM Management Advisory

Explore the ins and outs of job order costing in this comprehensive guide. Why is it important for businesses? How can it help organizations effectively manage costs? And what can we learn to make informed financial decisions?

Whether you are a business owner, manager, or aspiring professional in the field of finance, this article will provide you with valuable insights into job order costing and its practical implementation.

Contributed by: RVKS and Associates.

As we enter a new financial year, zero-based budgeting can pave the way for well-designed policy changes.

Planning is an essential tool for all businesses to provide direction, increase efficiency, reduce risks to an acceptable level, and facilitate decision-making. Financial budgeting, especially, is a critical component of planning. As Peter Drucker put it, “What gets measured gets managed.”

Contributed by: Munt Audit & Forensic.

In 2020, Brussels created a new category of Union own resources based on national contributions, calculated on the basis of plastic packaging that is not recycled through Council Decision (EU, Euratom) 2020/2053. As of 14 December 2020, the European Union’s own resources system was established and each country is obliged to pay €0.8 per kilogram of waste that is not recycled.

Contributed by: Meaden & Moore.

Every two years, the Association of Certified Fraud Examiners (ACFE) publishes its Report to the Nations, which highlights key fraud trends. New to the study in 2022 were statistics on the role cryptocurrency plays in fraud. Here are the details.

Contributed by: RVKS and Associates.

Reducing the ramifications of long-term risks by putting in place control mechanisms and covering investment risks through hedging are among key risk management strategies. In today’s volatile and dynamic world, risk becomes an unavoidable aspect of any business. It would never be possible to eliminate risk, but at best, its impact can be minimised.

Contributed by: Floyd Advisory.

Summary of the U.S. Securities and Exchange Commission’s (“SEC,” “Commission”) Division of Enforcement’s Accounting and Auditing Enforcement Releases (“AAERs”) for the quarter and calendar year ended December 31, 2022.

As an independent consulting firm with financial and accounting expertise, Floyd Advisory is committed to contributing thought leadership and relevant research regarding financial reporting matters that will assist its clients in today’s fast-paced and demanding market. This report is just one example of how the firm continues to fulfill this commitment.

Contributed by: Fiducia.

In a major change to Hong Kong’s tax regime, Hong Kong companies without substantial economic activities will need to pay tax on their passive income from 1st January 2023.

Contributed by: Ashfords.

Recently, Ashfords held the International Recruitment Seminar, teaching businesses how to coordinate importing talent from overseas in response to the growing labour shortage in Australia. International recruitment has become more popular since the shortage of workers in Australia began. Businesses are interested in increasing their team productivity, expanding their access to skilled talent and diversifying their teams; all benefits brought by hiring international workers.