In December 2007, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards 141 (Revised) to implement a number of major modifications and additional refinements in ...

The Financial Accounting Standards Board is proposing to make further changes in the income tax disclosure requirements for companies to make them more relevant to users of financial statements. FASB ...

The four main financial statements for a small business include the income statement, the balance sheet, the statement of cash flow and the statement of owner's equity. Private companies and small ...

The income statement, also known as the profit and loss statement, is an important tool as it calculates the profitability or loss of a business.

A statutory basis of accounting (for example, a basis of accounting insurance companies use under the rules of a state insurance commission). Income-tax-basis financial statements. Cash-basis and ...

Shaking Up Financial Statement Presentation In April 2004, FASB and the International Accounting Standards Board (IASB) created a joint project on financial statement presentation. The project is part ...

Statement of changes in equity: While often included as a portion of the balance sheet, the statement of shareholder equity can also be prepared separately. It details all changes to your company’s ...

The Financial Accounting Standards Board sets the rules for reporting comprehensive income. In 2011, it updated its standard for presentation of other comprehensive income, saying that it must be ...

The American Accounting Association is the world's largest association of accounting and business educators, researchers, and interested practitioners. A worldwide organization, the AAA promotes ...

For financial companies, the disclosure is much less consistent. Berkshire Hathaway, for example, disclosed $22.2 billion in investment losses on the income statement in its 2018 10-K.