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The Financial Accounting Standards Board's generally accepted accounting principles, or GAAP, set the accounting standards a United States company must follow.Internal controls are designed to prevent fraud and clerical errors that may compromise the accuracy of a company's financial statements.Jurors deadlocked on the most serious charges, while observers wondered if these financial maneuvers were legal, let alone appropriate. law firms benefit from an exception in the tax law that lets them use a different, more advantageous, method of accounting than the standard method used by nearly every other big business.The truth is that law firm accounting can be slippery, with gray areas that don't exist for most other big businesses. One of the benefits is that law firms can make adjustments that other businesses can't without running afoul of accounting rules.The cascading litany of alleged charges is not likely to stop with the Brocade case.

One of them is fraud in timing differences, also called cut-off fraud.

But the tax code allows an exception for law firms and other professional service partnerships, which can use the cash method.

(A small number of big firms choose to use the accrual method, according to accountants who work for law firms.) Under the cash method, income isn't taxed until the payment comes in the door, which means cash accounting allows taxpayers to delay reporting income.

Most big businesses must prepare their financial statements and their income tax returns following the accrual method of accounting.

Under that method, a business is taxed when it records a sale for a product or service, regardless of when it gets paid.

Physical controls ensure that only authorized employees may access company assets.

Some common controls include lockboxes for petty cash, key cards for warehouses and unique passcodes for employees using cash registers.

If a business records a sale for

One of them is fraud in timing differences, also called cut-off fraud.

But the tax code allows an exception for law firms and other professional service partnerships, which can use the cash method.

(A small number of big firms choose to use the accrual method, according to accountants who work for law firms.) Under the cash method, income isn't taxed until the payment comes in the door, which means cash accounting allows taxpayers to delay reporting income.

Most big businesses must prepare their financial statements and their income tax returns following the accrual method of accounting.

Under that method, a business is taxed when it records a sale for a product or service, regardless of when it gets paid.

Physical controls ensure that only authorized employees may access company assets.

Some common controls include lockboxes for petty cash, key cards for warehouses and unique passcodes for employees using cash registers.

If a business records a sale for $1 million of goods this November, but doesn't get paid until February, that $1 million must still be included in the business's income this year.

Because the accrual method is considered a better reflection of income, the Internal Revenue Code requires that businesses with annual sales of more than $5 million use accrual accounting.

hen companies get desperate to show earnings or reduce losses, sometimes they resort to fraudulent timing differences to show phony profits.

By recognizing these often simple schemes CPAs can usually detect material financial statement frauds early, before they become catastrophic.

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One of them is fraud in timing differences, also called cut-off fraud.But the tax code allows an exception for law firms and other professional service partnerships, which can use the cash method.(A small number of big firms choose to use the accrual method, according to accountants who work for law firms.) Under the cash method, income isn't taxed until the payment comes in the door, which means cash accounting allows taxpayers to delay reporting income.Most big businesses must prepare their financial statements and their income tax returns following the accrual method of accounting.Under that method, a business is taxed when it records a sale for a product or service, regardless of when it gets paid.Physical controls ensure that only authorized employees may access company assets.Some common controls include lockboxes for petty cash, key cards for warehouses and unique passcodes for employees using cash registers.If a business records a sale for $1 million of goods this November, but doesn't get paid until February, that $1 million must still be included in the business's income this year.Because the accrual method is considered a better reflection of income, the Internal Revenue Code requires that businesses with annual sales of more than $5 million use accrual accounting.hen companies get desperate to show earnings or reduce losses, sometimes they resort to fraudulent timing differences to show phony profits.By recognizing these often simple schemes CPAs can usually detect material financial statement frauds early, before they become catastrophic.

million of goods this November, but doesn't get paid until February, that

One of them is fraud in timing differences, also called cut-off fraud.

But the tax code allows an exception for law firms and other professional service partnerships, which can use the cash method.

(A small number of big firms choose to use the accrual method, according to accountants who work for law firms.) Under the cash method, income isn't taxed until the payment comes in the door, which means cash accounting allows taxpayers to delay reporting income.

Most big businesses must prepare their financial statements and their income tax returns following the accrual method of accounting.

Under that method, a business is taxed when it records a sale for a product or service, regardless of when it gets paid.

Physical controls ensure that only authorized employees may access company assets.

Some common controls include lockboxes for petty cash, key cards for warehouses and unique passcodes for employees using cash registers.

If a business records a sale for $1 million of goods this November, but doesn't get paid until February, that $1 million must still be included in the business's income this year.

Because the accrual method is considered a better reflection of income, the Internal Revenue Code requires that businesses with annual sales of more than $5 million use accrual accounting.

hen companies get desperate to show earnings or reduce losses, sometimes they resort to fraudulent timing differences to show phony profits.

By recognizing these often simple schemes CPAs can usually detect material financial statement frauds early, before they become catastrophic.

||

One of them is fraud in timing differences, also called cut-off fraud.But the tax code allows an exception for law firms and other professional service partnerships, which can use the cash method.(A small number of big firms choose to use the accrual method, according to accountants who work for law firms.) Under the cash method, income isn't taxed until the payment comes in the door, which means cash accounting allows taxpayers to delay reporting income.Most big businesses must prepare their financial statements and their income tax returns following the accrual method of accounting.Under that method, a business is taxed when it records a sale for a product or service, regardless of when it gets paid.Physical controls ensure that only authorized employees may access company assets.Some common controls include lockboxes for petty cash, key cards for warehouses and unique passcodes for employees using cash registers.If a business records a sale for $1 million of goods this November, but doesn't get paid until February, that $1 million must still be included in the business's income this year.Because the accrual method is considered a better reflection of income, the Internal Revenue Code requires that businesses with annual sales of more than $5 million use accrual accounting.hen companies get desperate to show earnings or reduce losses, sometimes they resort to fraudulent timing differences to show phony profits.By recognizing these often simple schemes CPAs can usually detect material financial statement frauds early, before they become catastrophic.

million must still be included in the business's income this year.

Because the accrual method is considered a better reflection of income, the Internal Revenue Code requires that businesses with annual sales of more than million use accrual accounting.

hen companies get desperate to show earnings or reduce losses, sometimes they resort to fraudulent timing differences to show phony profits.

By recognizing these often simple schemes CPAs can usually detect material financial statement frauds early, before they become catastrophic.

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