FASB issued a proposed new chapter to its Conceptual Framework on Thursday that defines 10 elements of financial statements and seeks feedback from stakeholders. “The proposed new chapter of the ...

FASB on Wednesday issued a new chapter of its Conceptual Framework related to the recognition and derecognition of an item in financial statements. The chapter, Chapter 5 of FASB Concepts Statement No ...

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, ...

Learn about accounting interpretations, why they matter, and how they clarify standards, prevent errors, and provide consistency in financial reporting.

Learn what every business owner needs to know about financial accounting, accounting software and financial statements.

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

Consolidated financial statements combine a parent company's information with one or more subsidiary companies to produce one master document. Investors, lenders or regulatory agencies often require a ...

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 ...

Tax returns and compiled financial statements give a financial breakdown of a business for investors, lenders and shareholders. Despite containing similar information, these two methods of financial ...

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 ...

Learn how to prepare an up-to-date profit and loss statement, balance sheet and statement of cash flows. Many, or all, of the products featured on this page are from our advertising partners who ...