Comprehensive exploration of the fundamental concepts that underlie financial accounting practices, including historical context, key principles, examples, related terms, FAQs, and much more.
The Accounting Principles Board (APB) was a crucial body established by the American Institute of Certified Public Accountants (AICPA) in 1959 to enhance accounting standards in the USA. It was the forerunner of the Financial Accounting Standards Board (FASB).
A detailed explanation of accounting profit, how it's calculated using generally accepted accounting principles (GAAP), its theoretical and practical problems, and its significance in financial reporting.
An in-depth look at accrual basis accounting, a method of recording revenues and expenses when they are incurred, irrespective of cash flow.
An in-depth look at the accrual basis of accounting, its historical context, key principles, importance, applicability, and related terms.
A comprehensive overview of the generally accepted accounting principles (GAAP) specifically tailored for large entities, including historical context, key events, detailed explanations, comparisons, examples, and more.
The Emerging Issues Task Force (EITF) addresses new and emerging accounting issues to ensure timely and effective responses.
Comprehensive overview of the Financial Accounting Standards Board (FASB) and its role in establishing Generally Accepted Accounting Principles (GAAP).
A detailed comparison between the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB), focusing on their roles, standards, and impact on global financial reporting.
The Financial Accounting Standards Board (FASB) is a non-governmental organization in the USA, responsible for establishing generally accepted accounting principles (GAAP). Established in 1973, FASB plays a crucial role in the regulatory landscape, ensuring transparency and consistency in financial reporting.
Financial Data Standards are guidelines and frameworks used to prepare, present, and report financial information, ensuring uniformity and comprehensibility across different entities and jurisdictions.
An in-depth look at the guidelines and principles for the preparation and presentation of financial statements, serving as the foundation for financial reporting.
An in-depth exploration of FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland, including its history, key components, applications, and impact on financial reporting.
An in-depth look at the fundamental accounting concepts that form the bedrock of financial reporting and accounting practices.
A comprehensive guide to the accounting standards widely used for financial reporting in the United States.
Comprehensive overview of GAAP, including historical context, principles, applicability, and examples.
Earnings Per Share (EPS) calculated following Generally Accepted Accounting Principles (GAAP), without adjustments.
A detailed comparison of GAAP and IFRS, exploring their differences, key concepts, applications, and implications for multinational corporations.
An extensive guide to Generally Accepted Accounting Principles (US GAAP), encompassing historical context, key events, detailed explanations, and their significance in financial reporting.
A comprehensive guide to understanding group accounting, including historical context, key concepts, methods, and practical applications.
International Financial Reporting Standards (IFRS) are a set of global accounting guidelines developed by the International Accounting Standards Board (IASB) for the purpose of standardizing financial reporting across the globe.
A comprehensive guide to understanding the differences between IFRS and GAAP, including historical context, key differences, importance, applicability, and related terms.
Impairment Testing is the process of evaluating whether an asset's carrying amount exceeds its recoverable amount, crucial for financial accuracy.
The Lower of Cost or Market (LCM) principle is an accounting guideline that mandates inventory to be recorded at the lower of its original cost or its current market value.
A comprehensive overview of Last-In, First-Out (LIFO) Inventory Accounting, its definitions, applications under GAAP, and restrictions under IFRS.
An in-depth look into Little GAAP, the generally accepted accounting principles tailored for small companies. Explore its history, key features, importance, examples, and related terms.
An overview of the lower of cost and net realizable value rule, a method required by UK generally accepted accounting practice for valuing current assets and work in progress.
An in-depth exploration of Non-Controlling Interest, including its definition, historical context, importance in financial reporting, related terms, and more.
The Realization Principle states that revenue should be recognized when earned, regardless of when the payment is received. This fundamental accounting principle ensures that income is reported accurately in the financial statements.
Comprehensive overview of the Revenue Recognition Principle, a key accounting principle that dictates how and when revenue is recognized in financial statements.
A comprehensive definition and exploration of Right-of-Use Asset, its components, recognition criteria under IFRS 16, practical examples, and its accounting treatment.
An in-depth exploration of SSAP (Statement of Standard Accounting Practice), its historical context, key events, explanations, applicability, and related terms.
A comprehensive guide to the Statement of Financial Accounting Standards (SFAS), including historical context, key events, importance, and examples. Explore the intricacies of SFAS, its applicability, and related terms.
'Except For' Opinion refers to one of the two qualified opinions issued by an auditor indicating that the financial statements are fairly presented except for certain specified conditions requiring disclosure.
Insurance for accountants covering liability lawsuits arising from their professional activities.
A detailed examination of accounting errors, their types, causes, and implications in the context of financial reporting and compliance with GAAP. Emphasis on differences from fraud and the importance of accurate accounting.
Censure denotes an act by a governmental agency or professional organization indicating condemnation or significant disapproval of an action by an individual or firm, often resulting from material wrongdoing in professional duties.
Compilation presentation refers to the financial statement information presented by the entity without an accountant's audit or assurance as to its conformity with Generally Accepted Accounting Principles (GAAP). This process follows the AICPA Statements on Standards for Accounting and Review Services (SSARS).
A Development Stage Enterprise focuses on establishing itself through early operations and planning, with minimal to no significant revenue generation.
Comprehensive guide to the Financial Accounting Standards Board (FASB), its history, role in setting Generally Accepted Accounting Principles (GAAP), and its comparison with the International Accounting Standards Board (IASB).
An in-depth exploration of Funds From Operations (FFO), a key measure of profitability for Real Estate Investment Trusts (REITs), including its calculation, significance, and associated terms.
A detailed exploration of Generally Accepted Accounting Principles (GAAP), including definitions, historical context, applications, comparisons, and related terms.
Detailed overview of Generally Accepted Accounting Principles (GAAP), including broad guidelines, detailed procedures, and their importance in accounting practices.
The concept of an increase in the value of an asset and its treatment under Generally Accepted Accounting Principles (GAAP), including methodologies, examples, and limitations.
An accounting rule requiring inventory to be recorded at the lower of its historical cost or market value.
A comprehensive look at Off-Balance-Sheet Financing, its implications, and its roles in financial strategy and risk management.
An in-depth look at Unqualified Opinions provided by independent auditors, confirming that a company's financial statements are fairly presented in all material respects following Generally Accepted Accounting Principles.
An in-depth examination of extraordinary items, their historical usage in financial reporting, and the implications of their removal from GAAP standards in 2015.
An in-depth exploration of the Hierarchy of Generally Accepted Accounting Principles (GAAP), detailing its meaning, structure, authority levels, and requirements for accounting practices.
