Accounting is a powerful word. Investorwords.com defines it as "The systematic recording, reporting and analysis of (the) financial transactions of a business." The two organizations that regulate ...

Like others, we've watched a slowly developing controversy over the question of whether accounting standards should be "principles-based" or "rules-based." When Sarbanes-Oxley was passed, it required ...

The whole point of accounting is to present a precise financial picture of your business operations. By the accepted standards of the industry, financial accounting consists of five basic elements.

Accounting is a comprehensive system for collecting, recording, classifying, summarizing, interpreting, and communicating financial information. It is often referred to as the language of business as ...

Financial accounting is a specific type of accounting that uses standardized processes and guidelines for businesses to record their financial transactions and prepare financial statements for ...

The accounting industry's oversight board yesterday unanimously approved new rules forcing auditors to preserve backup documents that would allow inspectors and others to better review their work.

WASHINGTON -- Companies' balance sheets are bloated because of faulty accounting practices that include fake assets and must be changed to prevent future Enrons, a former Securities and Exchange ...

The White House Office of Management and Budget’s (OMB’s) Cost Accounting Standards (CAS) Board last week announced one final rule and one proposed rule that would eliminate more than 60 requirements ...