How do auditors verify sales? [Video]

In this video we've got an important topic that many of you have been asking for: "Tax Deductions Explained." Taxes can be intimidating, but understanding tax deductions can save you money and make tax season a little less stressful.

Negotiations are a fundamental part of both personal and professional life. Whether you're haggling over the price of a car, discussing a job offer, or brokering a business deal, effective negotiation skills can make a significant difference in the outcome. To prepare for negotiations and maximize your chances of success, follow this comprehensive guide.Get free business and management guides, tools, and worksheets at: https://www.bizmove.com

Join us this November for timely updates, cutting-edge information on new technology, and quality networking with other forensic accounting and valuation professionals. Whether you’re an experienced valuation pro or a newcomer to the field, you’ll find all the answers at the AICPA & CIMA Forensic & Valuation Services Conference. You’ll gain the latest insights and updates, hear from top thought leaders in the industry, explore cutting-edge technology and forge powerful connections with your professional community.

Here's a summary of IFRS 16 for both lessees and lessors. Lessees must capitalize all leases except for short-term leases (12 months or less) and leases of low-value assets (asset has a fair value of $5,000 or less at the beginning of the lease). Capitalization means the lessee must record a right-of-use asset and a lease liability on its statement of financial position at the commencement of the lease. The lessee then records depreciation expense (for the right-of-use asset) and interest expense (for the lease liability) throughout the lease term. Lessors must first classify their lease as a finance lease or an operating lease, as this has a significant effect on the lessor's accounting. If the lease is a finance lease, the lessor must derecognize the asset from its statement of financial position and record a lease receivable upon commencement of the lease. (If the lessor is a manufacturer or a dealer, the lessor must also record sales revenue and cost of goods sold upon commencement of the lease.) The lessor then records interest revenue (for the lease receivable) throughout the lease term.If the lessor has classified the lease as an operating lease, then the lessor should not remove the asset from its statement of financial position or record a lease receivable upon commencement of the lease. (Also, the lessor should not recognize sales revenue or cost of goods sold, even if it is a manufacturer or a dealer.) When it comes to the income statement, the lessor records depreciation expense (because the asset is still on the lessor's books) and records lease revenue on a straight-line basis throughout the lease term.— Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. Edspira’s mission is to make a high-quality business education accessible to all people.— SUBSCRIBE FOR A FREE 53-PAGE GUIDE TO THE FINANCIAL STATEMENTS* http://eepurl.com/dIaa5z— LISTEN TO THE SCHEME PODCAST* Apple Podcasts: https://podcasts.apple.com/us/podcast/scheme/id1522352725* Spotify: https://open.spotify.com/show/4WaNTqVFxISHlgcSWNT1kc* Website: https://www.edspira.com/podcast-2/ — CONNECT WITH EDSPIRA* Website: https://www.edspira.com* Blog: https://www.edspira.com/blog/ * Facebook page: https://www.facebook.com/Edspira* Facebook group: https://www.facebook.com/groups/561316587899818//* Reddit: https://www.reddit.com/r/edspira* LinkedIn: https://www.linkedin.com/company/edspira— CONNECT WITH MICHAEL* Website: http://www.MichaelMcLaughlin.com* LinkedIn: https://www.linkedin.com/in/prof-michael-mclaughlin * Twitter: https://www.twitter.com/Prof_McLaughlin* Facebook: https://www.facebook.com/prof.michael.mclaughlin* Snapchat: https://www.snapchat.com/add/prof_mclaughlin*Twitch: https://twitch.tv/prof_mclaughlin * Instagram: https://www.instagram.com/prof_mclaughlin*TikTok: https://www.tiktok.com/@prof_mclaughlin