Reporting Frameworks

Reporting Frameworks

Management should determine what reporting framework is to be used for bookkeeping and reporting i.e. GAAP, tax basis (OCBOA), cash basis (OCBOA), International Financial Reporting Standards (IFRS), International Financial Reporting Framework for Samll Businesses (IFRS for SMEs).

Bookkeeping and Independence

Bookkeeping and Independence

A bookkeeping serivce is a nonattest accounting service.  Generally, a CPA firm will not retain its independence from the client when the firm performs bookkeping services and therefore the CPA firm must state that it is not independent in any compilation reports.

Bookkeeping and Reporting Frameworks

Bookkeeping and Reporting Frameworks

Bookkeeping is the source of information for financial reporting.  The bookkeeper must understand the basis of presentation principles for the various reporting frameworks - GAAP, tax basis (OCBOA), cash basis (OCBOA), IFRS and IFRS for SMEs.

  • Firm Principles

    Honesty is the first chapter in the book of wisdom.
    Thomas Jefferson
    A life lived with integrity -- even if it lacks the trappings of fame and fortune is a shinning star in whose light others may follow in the years to come.
    Dennis Waitley
    We are what we repeatedly do. Excellence, then, is not an act, but a habit.
    Aristotle
    Genius is one percent inspiration and ninety-nine percent perspiration.
    Thomas Edison
    There is no twilight zone of honesty in business. A thing is right or it's wrong. It's black or it's white.
    John F. Dodge
    Excellence can be attained if you care more than others think is wise, Risk more than others think is safe, Dream more than others think is practical, and Expect more than others think is possible.
    Anon
    A racehorse that consistently runs just a second faster than another horse is worth millions of dollars more. Be willing to give that extra effort that separates the winner from the one in second place.
    H. Jackson Brown Jr
    The daily grind of hard work gets a person polished.
    Source unknown
    Honesty is the cornerstone of all success, without which confidence and ability to perform shall cease to exist.
    Mary Kay Ash
    Man's biggest mistake is to believe that he's working for someone else.
    Nashua Cavalier
    Integrity without knowledge is weak and useless, and knowledge without integrity is dangerous and dreadful.
    Samuel Johnson
    The highest reward for a person's toil is not what they get for it, but what they become by it.
    John Ruskin
    An honest man's the noblest work of God.
    Alexander Pope
    Integrity is the first step to true greatness. Men love to praise, but are slow to practice it. To maintain it in high places costs self-denial; in all places it is liable to opposition, but its end is glorious, and the universe will yet do it homage.
    Charles Simmons
    If it is not right do not do it; if it is not true do not say it.
    Marcus Aurelius
    Excellence is the gradual result of always striving to do better.
    Pat Riley
    Morality may consist solely in the courage of making a choice.
    Leo Blum
    It is not what we eat but what we digest that makes us strong; not what we gain but what we save that makes us rich; not what we read but what we remember that makes us learned; and not what we profess but what we practice that gives us integrity.
    Francis Bacon
    Integrity is the essence of everything successful.
    Richard Buckminster Fuller
    To aim at excellence, our reputation, and friends, and all must be ventured; to aim at the average we run no risk and provide little service.
    Oliver Goldsmith
    The harder you work, the harder it is to surrender.
    Vince Lambardi
    Real excellence and humility are not incompatible one with the other, on the contrary they are twin sisters.
    Jean Baptiste Lacordaire
    No man should advocate a course in private that he's ashamed to admit in public.
    George McGovern
    There are two kinds of people, those who do the work and those who take the credit. Try to be in the first group; there is less competition there.
    Indira Gandhi
    The integrity of men is to be measured by their conduct, not by their professions.
    Junius
    Would you want to do business with a person who was 99% honest?
    Sidney Madwed
    Every noble work is at first impossible.
    Thomas Carlyle
    It is not from ourselves that we learn to be better than we are.
    Wendell Berry
    I would give no thought of what the world might say of me, if I could only transmit to posterity the reputation of an honest man.
    Sam Houston
    Excellence is doing ordinary things extraordinarily well.
    John W Gardner
    There is always a best way of doing everything.
    Ralph Waldo Emerson
    I hope I shall possess firmness and virtue enough to maintain what I consider the most enviable of all titles, the character of an honest man.
    George Washington

Bookkeeping

Kevin D. Smith, CPA, PLLC provides professional bookkeeping services on a weekly, monthly or quarterly basis using the reporting framework (i.e. GAAP, OCBOA, IFRS, IFRS for SMEs) selected by management.  We will meet with you to determine the best approach for bookkeeping and help to determine what procedures management should perform each reporting period to provide us with the information.  The information gathering process should be simple and straightforward.  Once we receive the information, we will process the information in a timely manner and provide reports as needed.  We will quickly respond to any requests or questions at any time so that you can make your decisions in a timely manner.  The bookkeeping service should be simple, efficient and affordable.

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