Compiled vs. Certified Financial Statements: Key Differences Explained

Discover the key differences between compiled and certified financial statements, including auditing, reliability, and ...

Clean Surplus Accounting: Decode Hidden Income Statement Items

Explore how clean surplus accounting exposes hidden income statement items, impacts net income, and its significance for ...
JournalofAccountancy

OCBOA Financial Statements

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 ...
Accounting Today

FASB proposes changes in conceptual framework to define elements in financial statements

The Financial Accounting Standards Board is proposing a new chapter in its conceptual framework that defines 10 elements of financial statements. The proposed chapter, Concepts Statement No. 8, ...
Accounting Today

GASB sets guidelines on notes to financial statements

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 ...
JournalofAccountancy

FASB issues 2 new financial accounting concept statements

New concept statements released Wednesday address financial statement elements and factors FASB should consider in developing accounting guidance. The statements are presented as new chapters of ...
Forbes

What Is Accounting? The Basics Of Accounting

Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations. Accounting is the process of keeping track of all financial ...