Financial accounting refers to the generally accepted accounting principles used to create financial statements for the public, while tax accounting follows the rules of the Internal Revenue Service.

A balance sheet is a company's financial big picture for a particular moment in time. Every financial decision a business makes will eventually land on the balance sheet but understanding how the ...

Sale and leaseback transactions have long been popular because they present benefits to both seller-lessees and buyer-lessors. The accounting for such transactions has changed significantly, though, ...

Learn what an onerous contract is, regulations for reporting them, and examples. Explore how IFRS and GAAP differ in handling these unfavorable contracts.

The International Financial Reporting Standards Foundation has published a set of near-final examples showing how companies can improve the reporting of uncertainties in their financial statements ...

The International Accounting Standards Board published a consultation document Wednesday with eight proposed illustrative examples showing how companies could apply International Financial Reporting ...

To help understand international trade, suppose that there are only two international transaction that take place in a given period, but let’s assume that those two transactions are representative of ...

To help understand international trade, suppose that there are only two international transactions that take place in a given period, but let's assume that those two transactions are representative of ...