The new international accounting standard is aimed at more consistent reporting that’s better aligned with how businesses are ...

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 ...

Similar to a balance sheet, a budgetary financial statement helps you determine whether your business is profitable. But unlike a balance sheet, budgetary financial statements rely on average expense ...

A profit or loss statement, also called an income statement, reports information about the flow of money into and out of your small company. It's an important financial statement for analytical ...

Intuition and ambition can spark a business, but they’re not enough to sustain one. To make sound decisions, owners need a ...

Thomson Reuters has introduced PPC’s Guide to SSARS Preparation Engagements to explain the new financial statement preparation service introduced by the American Institute of CPAs’ Accounting and ...

Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations. There are a number of types of accounting, serving a wide ...

When it is time to bring in an external audit firm — perhaps because lenders, investors or a regulatory body triggered the need to audit your financial statements — preparation and responsiveness are ...

Financial statements are written records of a business’s financial situation. They include standard reports like the balance sheet, income or profit and loss statements, and cash flow statement. They ...