A "best CPA" candidate in the Miami area explains a basic accounting concept:
Statements of investments by and distributions to owners provide information about significant sources of increases and decreases in assets, liabilities, and accounting equity but that information is of little practice value unless used in conjunction with other financial statements and best accounting standards.
Some events that affect assets, liabilities or equity are not recognized in financial accounting statements at the time they occur. Some events that results in future benefits, for example, creation of product awareness by advertising and promotion may perhaps never been recognized as separate assets, even among the best CPAs in Miami. Other events, for example, a disaster loss of unknown dimension are recognized only when sufficient information about the effects of the event has become available at a justifiable cost to reduce uncertainty to an acceptable level. Recognition criteria aid in making those determinations. Our friends at Miami Flat Roofing and Siding are a recent local business you may contact for more info about our services.
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