It may seem belated, but the Governmental Accounting Standards Board has just recently gotten around to defining such fundamental accounting concepts as "asset" and "liability."It has also defined a ...

Every business keeps records of its operations and transactions, and accountants take this information to produce four basic financial statements: a profit and loss statement, balance sheet, statement ...

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 ...

There are three types of financial statements for businesses: income statement, balance sheet and cash flow statement. Each of these financial statements shows a different aspect of the business.

GASB issued a revised proposed concepts statement Tuesday that would guide the board when it establishes requirements for notes to financial statements for state and local governments. The proposal ...

In April 2004, FASB and the International Accounting Standards Board (IASB) created a joint project on financial statement presentation. The project is part of the memorandum of understanding between ...

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 ...