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 ...

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 ...

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 ...

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 ...

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 ...

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 ...

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 ...

Financial accounting isn't just a matter of writing ... many dollars in current assets you have for each dollar of current liabilities. Financial ratio analysis can be a powerful tool for the ...

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