FASB issued a proposed new chapter to its Conceptual Framework on Thursday that defines 10 elements of financial statements and seeks feedback from stakeholders. “The proposed new chapter of the ...

The Financial Accounting Standards Board is proposing a new chapter in its conceptual framework that defines 10 elements of financial statements. The proposed chapter, Concepts Statement No. 8, ...

GASB issued a concepts statement to guide the board when establishing note disclosure requirements for state and local governments — part of its response to research reexamining existing note ...

Meagan is a former Series 7 financial advisor and current writer focused on blending straightforward information with a dose of humor on topics including equity investments, insurance products, and ...

Will Kenton is an expert on the economy and investing laws and regulations. He previously held senior editorial roles at Investopedia and Kapitall Wire and holds a MA in Economics from The New School ...

Businesses create financial statements to communicate the financial state of the business. The accountant prepares the financial statements on an accrual basis or on a tax basis. Accrual basis ...

Financial statements are written records of a business’s financial situation. They include standard reports like the balance sheet, income or profit and loss statements, and cash flow statement. They ...