Learn what every business owner needs to know about financial accounting, accounting software and financial statements.

What Are Generally Accepted Accounting Principles (GAAP)? Your email has been sent Understanding GAAP is essential for anyone involved in finance or accounting. Learn the key principles and their ...

GAAP reports in detailed, precise formats; IFRS allows flexible, principle-based reporting. GAAP does not permit asset value recovery post-impairment; IFRS allows revaluation. IFRS does not mandate ...

Financial statements are one mechanism in which to provide insight into a company's financial health. However, management may not be satisfied that this information clearly reflects their business, ...

Explore OCBOA, a flexible non-GAAP accounting framework that includes tax-basis, cash-basis, and statutory accounting, offering an easier, cost-effective alternative for financial statements.

A contingent liability is a potential cost a company may or may not incur in the future. A contingent liability could be a guarantee on a debt to another entity, a lawsuit, a government probe, or even ...

Accruals in accounting are income earned and revenue incurred that are recorded as transactions occur, rather than upon completion of payment or delivery. Accruals are the basis of the accrual method ...