Discover how modified accrual accounting merges accrual and cash basis methods, its key principles, and why it's preferred by government agencies for accurate financial reporting.

Governmental Accounting Standards Board chair Joel Black has been overseeing GASB for nearly two years as state and local governments deal with the continuing fallout from the pandemic while ...

An update from the Financial Accounting Standards Board concerning capitalizing software is on the way. The new pronouncement, ASU 2025-06, ...

Nonprofit organizations are entities that perform charitable services by accepting funds from the general public. To help regulate activities and encourage the proper use of funds, accounting ...

Discover how financial accounting influences decision-making for investors, lenders, and managers through transparent ...

Members of Congress have recently introduced bipartisan legislation to delay the implementation of a new accounting standard that will require many banks to more carefully calculate, and report in ...

GAAP rules are constantly being clarified and tightened, reducing gray areas and increasing consistency, which means less flexibility and more scrutiny from auditors. Here is an executive-level ...

In a prior article, I wrote about the appeal of counting the Federal Government as a customer, because of the size of the government’s budget, as well as its creditworthiness. In that article, I ...

Private and governmental entities use separate accounting standards to create their financial statements and manage their funds. Without knowing the differences between the standards, it is harder for ...

Given new standards, changes in the economy, and corporate trends, accounting and financial reporting seem to grow more complex every year. The Financial Accounting Standards Board (FASB) has tried to ...

Revenue recognition and lease accounting remain a challenge for private companies after a one-year, pandemic-related delay in effective dates provided financial statement preparers some relief.

To smooth the transition, Irdai has proposed parallel reporting under both Ind AS and Indian GAAP during the first year of ...