New concept statements released Wednesday address financial statement elements and factors FASB should consider in developing accounting guidance. The statements are presented as new chapters of ...

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, ...

But they shouldn't be. Governments and nonprofits take our tax and contribution money to provide valuable services--shouldn't we be making sure that they're making good use of our money? (To get ...

In a double-entry accounting system, a corporate bookkeeper records every transaction through two accounts, depending on the underlying economic event -- the other name for a transaction. The ...

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. GASB ...

An understatement in accounting refers to business assets given a valuation lower than their fair market value or a devaluation of liabilities to less than their actual cost. Either results in an ...