With accrual accounting, a business records revenue or expenses when a transaction occurs using the double-entry accounting ...

Standard-setters agreed Tuesday to consider simplifying global lease accounting rules that companies have criticized for ...

Countries and jurisdictions throughout the world mandate that entity financial statements be prepared using International Financial Reporting Standards, and that audits be conducted in accordance with ...

For the black-and-white reputation that accounting has, the profession allows transactions to be accounted for in many different ways. The preferred method of accounting for a transaction depends on ...

As a business owner, you understand that accounting has to be accurate, but you may not know why accounting standards – the rules with acronyms such as GAAP and IFRS – are such a big deal. If you were ...

How do you improve the quality of financial reporting in countries switching from a planned to a market economy? Conventional wisdom suggests these countries should simply adopt high-quality ...

Given new standards, changes in the economy, and corporate trends, accounting and financial reporting seem to grow more complex every year. The Financial Accounting Standards Board (FASB) has tried to ...

The IRS issued proposed regulations (REG-132766-18) on July 30 related to simplified tax accounting rules for small businesses and updating various tax accounting regulations to adopt the simplified ...

As a result of Covid-19 and the changing landscape related to leases, private companies have received more time to prepare for and adopt the new lease accounting standards in their financial reporting ...

CPAs dealing with the new 1099-DA rules this year are challenged by the fact that they only report gross proceeds this year, ...

Today, the Financial Accounting Standards Board (FASB) announced new rules that will require companies to account for cryptocurrencies like Bitcoin at fair value. The rules are set to go into effect ...

More than half of Kenya’s 56 insurers were fined as new accounting rules exposed compliance gaps, delayed reporting and data ...