Discover what accounting changes are, how they affect financial statements, and why full disclosure is essential for ...

The Financial Accounting Standards Board, FASB, is a private, independent organization that since 1973 has been given the authority by the U.S. Securities and Exchange Commission, or SEC, to establish ...

Many claim that "principles-based" accounting standards are superior to "rules-based" standards. For example, the chair of the International Accounting Standards Board, Sir David Tweedie, made this ...

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 ...

American accountants follow the generally accepted accounting principles, called GAAP, when recording transactions and preparing financial statements. One of those financial statements is the income ...

Knowing GAAP accounting principles will help you understand why your accountant does the things they do. Many, or all, of the products featured on this page are from our advertising partners who ...