The update has been drafted to keep presentation requirements broadly aligned with IFRS.

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

The new chapter will become Chapter 2 of FASB Concepts Statement No. 8, Conceptual Framework for Financial Reporting. It's similar to the rest of the framework, establishing concepts that FASB would ...

External Reporting Australia will be set up to establish accounting, audit, assurance and sustainability standards.

It should be no surprise that accounting standards have become more complex over the years. Transactions have become increasingly challenging as new products and services emerge and financial ...

A landmark research study by the Governmental Accounting Standards Board has provided one of the most detailed examinations to date of how state and local governments in the United States use GAAP.

GASB issued guidance Monday designed to improve the accounting and financial reporting requirements for accounting changes and error corrections. GASB Statement No ...

Discover how black box accounting obscures financial reports. Learn about its methods, ethical concerns, and why it's a challenge for investors seeking transparency.

Ole-Kristian Hope is the Deloitte Professor of Accounting at the University of Toronto's Rotman School of Management. He teaches Commerce, MBA, and PhD courses in accounting. He has broad research ...

If you run a small business, you may not know much about the Generally Accepted Accounting Principles (GAAP). After all, GAAP standards apply mainly to publicly traded companies, so these rules don’t ...

The changing environment in the economy has been a massive influence on the business and political world. In particular, constant change has had an impact on where companies and people choose to put ...