Do you know what your business is really worth?
Do you know what your business is really worth? Most business owners overvalue their business. Especially in the current economic climate it might be hard to determine the true value of something that you have built up over many years.
Financial statements are prepared according to agreed upon guidelines. In order to understand these guidelines, it helps to understand the objectives of financial reporting. The objectives of financial reporting, as discussed in the Financial Accounting standards Board (FASB) Statement of Financial Accounting Concepts No. 1, are to provide information that