Expenses are the costs of doing business to gain revenues, and they are accrued when they are incurred but not paid in the same period. Since the expense still applies to the period it was incurred, ...

Discover how tax liabilities are reflected in balance sheets, income, and cash flow statements. Learn about deferred tax ...

A profit and loss statement summarizes a business’s revenue and expenses. Learn how to use a profit and loss statement to ...

Discover the differences, advantages, and drawbacks of single-step vs. multiple-step income statements for better financial ...

GASB on Wednesday issued a proposed concepts statement addressing recognition of financial statement elements as well as a call for feedback on preliminary views on revenue and expense recognition ...

The Financial Accounting Standards Board released an accounting standards update Monday to improve financial reporting by requiring public companies to disclose, in their interim and annual reporting ...

An income statement reflects your small-business earnings and shows all the expenses incurred in generating that income. If your small business is a manufacturing company, you will show different ...

This story was originally published on CFO Dive. To receive daily news and insights, subscribe to our free daily CFO Dive newsletter. The Financial Accounting Standards Board published new rules ...