It is not uncommon for accountants and auditors to carry professional liability insurance to cover such areas as: The generally accepted accounting principles (GAAP), issued by the Financial ...

David has helped thousands of clients improve their accounting and financial systems, create budgets, and minimize their taxes. A contingent liability is an existing condition or set of ...

Under GAAP, even specific details such as tax preparation and asset or liability declarations are reported in a standardized manner. GAAP is managed and published by the Financial Accounting ...

The International Accounting Standards Board has published a proposed set of changes in the accounting standards for financial liabilities to address what it calls the counter-intuitive effects of ...

Accounting gives a business a way to keep track of its liabilities and expenses. In terms of liability vs. expense accounts, a liability refers to a financial obligation, or upcoming duty to pay.

Although the new GASB standard on lease accounting differs in a few significant ways from the FASB approach, it still achieves the same goal of improving financial reporting by requiring entities to ...

Financial accounting provides investors and tax professionals the hard business facts based on assets, liabilities and equity, so they can properly assess a company's performance and tax obligations.

It's no secret that proper financial planning is key to a successful future. But what many people don't know is what happens to their tax liability with a well-thought-out plan. For example, what ...

It’s considered a liability because there’s a ... which can be a more accurate way to reflect a company’s financial situation. Accrual accounting principles dictate that income is recognized ...

the government amasses large new financial liabilities and makes a legally binding obligation for expenses incurred. But under cash-basis accounting, the new pension liabilities won’t show up in ...

The Financial Accounting Standards Board (FASB ... equipment, land, etc.) and liabilities (amounts owed to outsiders, loans, etc.) and equity (composition of the ownership).