Stephen Souky

Experienced Professional

Archive for the month “April, 2015”

Stephen Souky – GAAP Constraint Principles

Stephen Souky, a knowledgeable accounting and tax preparation professional, is strongly familiar with and adherent to GAAP, or Generally Accepted Accounting Principles, those that ensure the highest standards of professional accountability and performance at all times. As he knows, GAAP Accounting principles are divided up into three basic areas: Assumptions, Principles and Constraints.

Below, Stephen Souky seeks to provide basic explanations of the four GAAP Constraint Principles, those that round out GAAP fundamentals and help to maintain the high professional standards set forth by GAAP.

Objectivity

The principle of Objectivity, says Souky, states that all company financial statements provided by the accounting professional should always be based on and produced as the result of objective evidence.

Materiality

The Materiality principle, says Stephen Souky, places emphasis on the significance of a reported item, as its significance should always be a consideration of the accounting professional when making the report. Significance is determined if the item in question would affect the decision of a reasonable person.

Consistency

The principle of consistency, says Souky, stipulates that the same methods and principles of professional accounting should be used during each financial period.

Conservatism

This principle, as stated by Souky, stipulates that when two solutions are available to choose from, the solution that will lead to the least favorable outcome is always the one that will be chosen.

Rounding out the idea of GAAP Constraint Principles is the concept of Cost Constraint, which states that the benefits of reporting financial information should always be greater than, and should justify, the costs of supplying that financial information.

Stephen Souky – Helping Companies Meetit’s Objectives

Stephen Souky enjoys the opportunity to work for winning teams, one reason he is proud to be a valuable part of successful firms. Serving as a Controller/Senior Financial Professional for many years, Souky is trusted to provide the accounting, budget, strategic planning, tax preparation and overall assistance needed to ensure the firms stay on course, prepared and equipped to meet company objectives.

As a Controller/Senior Finance Professional, Stephen Souky provides invaluable assistance to both the leaders of the firms he has served regarding both strategic business valuation calculations and modeling, responsibilities that include determining the impact of taxes for various business entities and personal returns

Stephen Souky is also responsible for serving as the company liaison with an external auditor during the preparation phases of audited financial statements. In this role, Souky has been instrumental in saving the firms money by preparing financial statements and notes internally. He is proud of this particular accomplishment due to the significant costs it saved the firms throughout the preparation process.

Souky has also been responsible for the oversight of fixed assets/ capital purchases made by firms. He enjoys the responsibility of providing management to both the inventory system and the purchasing process, including the oversight of a warehouse that includes a significant amount of company inventory.

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