A top Chicago CPA firm answers basic accounting questions:
Final results of incomplete cycles usually can be reliably measured at some point of substantial completion or sometimes earlier in the cycle - for example the best Chicago CPAs would suggest that as work proceeds on certain long-term, construction type contracts, it is usually not necessary to delay recognition until the point of full completion. The best example of this, according to our CPAs, would be until after receivables have been collected and warranty obligations have been satisfied.
Guidance for applying recognition criteria to components of earnings and other best practices helps define earnings by aiding in making those determinations. Also consider that the patterns of cash-to-cash cycles vary by industry and even the best accountants in Chicago may take some time in deciphering such info.
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Guidance for applying recognition criteria to components of earnings and other best practices helps define earnings by aiding in making those determinations. Also consider that the patterns of cash-to-cash cycles vary by industry and even the best accountants in Chicago may take some time in deciphering such info.
Chicago zip codes include: 60619, 60634, 60640, 60641, 60657, 60614, 60626, 60644, 60637, 60638, 60649, 60630, 60643, 60636, 60613, 60660, 60621, 60610, 60616, 60624, 60615, 60645, 60707, 60659, 60652, 60612, 60653, 60827, 60655, 60631, 60656, 60646, 60611, 60706, 60803, 60805
More accounting best practices from a top Chicago CPA firm employee
The guidance stated above is intended to summarize key considerations in a form useful for guidance for future standard setting - guidance which also is consistent with the vast bulk of current practice. Our local Chicago CPAs provide the best guidance separately for recognition of revenues and gains and for expenses and losses as components of earnings.
