Articles related to "Gaap"

Generally accepted accounting principles (GAAP) are the basis of financial accounting and reflect federal financial accounting standards. GAAP is important to US firms.

The SEC has decided to give up GAAP. Financial statements by companies in the U.S. will no longer follow GAAP, but will follow IFRS.

These 12 Generally Accepted Accounting Principles help ensure that information in financial statements is relevant, reliable, consistent, and comparable.

What is the International Accounting Standards Board (IASB) and why are the International Financial Reporting Standards (IFRS) issued by it so important?

Life-cycle costing offers a different way to look at overall product costs than other types of costing such as job-order, process, and activity-based costing.

The field of business accounting is divided into financial accounting and managerial accounting. They are different by purpose, target audience, and standards.

The Financial Crisis Advisory Group has singled out fair value or mark-to-market accounting as one of the main areas of improvement in response to the global crisis.

Businesses selling customized, high-value products or services can smooth out large swings in revenue by using the percent complete method for revenue recognition.

An accountant may prepare financial reports for a company using one method, but use a different method for the company's tax return. An example of this is depreciation.

The accounting cycle refers to nine steps, repeated in each reporting period, to verify transactions and prepare financial statements for internal and external users.

A summary of the types of accounts used in accounting, how they fit into the chart of accounts, and how they are related.

The balance sheet is an important financial statement that is released on an annual basis by companies; it demonstrates that the accounting equation is in balance.

Prepayments are those made in advance and used throughout an accounting period, such as rent or insurance. It is important to match these payments to the right period.

Backflush costing is a nontraditional type of costing that complements just-in-time inventory systems.

Progress towards global accounting standards is under threat as EU finance ministers pressure standard setters for a more level playing field.

There are four financial statements that firms release on an annual basis. One of the most important of these financial statements is the Income Statement.

Activity-based costing is a type of costing system that can be used to assign costs more accurately to products and departments in today's complex business world.

This article illustrates the differences between a "Certified Public Accountant" (CPA) and an accountant.

There are a number of ways to become an accountant. A CGA, CMA or CA designation indicates professionalism and adherence to industry standards.

Following the nine steps in the accounting cycle is easier with software designed to automate the process of double entry accounting.

Earnings Management occurs when managers manipulate financial statements to make what they wished have happened from what actually happened.

Free accounting software downloads are an affordable, reliable option for new or small businesses to record transactions, create reports, track inventory and more.

The American Institute of Certified Public Accountants is an accounting organization dedicated to the enhancement of the accounting profession.

Use web-based accounting software to access small business financial data online from anywhere in the world.

Double entry accounting requires that each transaction is properly recorded in two accounts. The sum of all credits must equal the sum of all debits.

Online accounting degree programs are a good choice for those returning to school after a lay-off, to upgrade skills, or to gain valuable business and finance knowledge.

Fixed assets are items that a company purchases for long-term use in their business. Equipment, furniture, machinery, and tools are all examples of tangible fixed assets.