Business happens in real time, but it can take time for everything else to catch up. This includes accounting. Sure, financial transactions may happen instantly, but account reconciliation happens at ...

Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations. Accurate bookkeeping is a necessity for any business.

In early May, several pronouncements were issued by the Internal Revenue Service in connection with changes in accounting periods. The guidance reflects the continuing effort by the IRS to identify ...

Accounting is a foundational process for every business, no matter how big or small. Learn what accounting is, why it matters and how to make it work for you. Keeping accurate financial records is the ...

Generally accepted accounting principles, known as GAAP, are a standard set of guidelines followed by US accountants and corporations. Since publicly traded companies are required to report GAAP ...

Companies have always faced a major issue of how to reflect changes in accounting methods and error corrections in financial statements. In 2005 FASB issued Statement ...