In March 2024, the Financial Reporting Council (FRC) published the most significant revision to FRS 102 since its inception. The update, effective for accounting periods beginning on or after January 1, 2026, introduces a single accounting model for lease accounting...
CONTENT BY
Taylor Guthrie, Technical Accounting Consultant
Taylor Guthrie is an Accounting Manager at FinQuery. Prior to FinQuery, Taylor earned a Bachelor's degree in accounting from Lynchburg College and then transitioned to a public auditor role at Brown Edwards. As a former audit senior, he assisted in the audits of various entities in various niches. This background includes implementation and maintenance of ASC 842, GASB 87, and GASB 96. Today Taylor helps FinQuery's customers understand and implement the new lease standards as well as navigate intricacies of the software.
Accrual Accounting Explained: Summary, Examples, Journal Entries, Applications, & More
1. What is accrual accounting?2. Key components of accrual accounting Prepaids Accruals 3. Cash basis vs. accrual basis accounting Cash basis accounting Accrual basis accounting 4. Benefits of accrual accounting5. Challenges of accrual accounting6. When should you use...