GASB issued a concepts statement to guide the board when establishing note disclosure requirements for state and local governments — part of its response to research reexamining existing note ...

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.

Learn about consolidated financial statements, the criteria for aggregation, reporting guidelines, and practical examples for ...

A financial statement expresses the value of an enterprise by listing and evaluating its parts. In the process, the statement sets forth as accurately as possible each asset and liability. Determining ...

Charlene Rhinehart is a CPA , CFE, chair of an Illinois CPA Society committee, and has a degree in accounting and finance from DePaul University. Katrina Ávila Munichiello is an experienced editor, ...

When a corporation issues a promissory note to a lender, it signs a written agreement stating a promise to repay the money, along with interest, at a future date. The obligation to repay the debt will ...

The International Financial Reporting Standards Foundation has published a set of near-final examples showing how companies can improve the reporting of uncertainties in their financial statements ...

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 ...

Editor’s Note: This post is focused on helping you understand profit and loss statements. This financial statement is used by most small business owners to help assess business profits and losses ...

The issue concerns statutory timelines for filing financial statements. Companies must file adopted statements within 30 days of AGM, ensuring compliance with Section 137 to avoid ...