GASB issued a concepts statement to guide the board when establishing note disclosure requirements for state and local governments — part of its response to research reexamining existing note ...

Financial statements report the business activities and financial performance of a company. Learn how they are used by ...

The Governmental Accounting Standards Board released a concepts statement Thursday to provide a conceptual framework for its work on note disclosure requirements for state and local governments. GASB ...

A business transaction, such as obtaining financing, often requires companies to provide financial statements that have been evaluated by an outside independent party. Accountants are outside parties ...

The Financial Accounting Standards Board made two changes to its conceptual framework Tuesday and released a pair of accounting standards updates aimed at making disclosures in notes to financial ...

IN CERTAIN INSTANCES CPAs SHOULD CONSIDER preparing and reporting on financial statements using an “other comprehensive basis of accounting” (OCBOA). Tax-basis and cash-basis, including ...

A financial statement expresses the value of an enterprise by listing and evaluating its parts. In the process, the statement sets forth as accurately as possible each asset and liability. Determining ...

Editor’s Note: This post is focused on helping you understand profit and loss statements. This financial statement is used by most small business owners to help assess business profits and losses ...