The Difference Between Principles & Rules Based Accounting Standards. Unethical accounting practices enabled companies like Enron and WorldCom to bilk investors out of huge sums of money. In ...

The AICPA has previously recommended (in a letter dated May 7, 2020) that the definition of tax shelter be modernized in order to simplify the tax system for many small businesses and provide parity ...

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

The Public Company Accounting Oversight Board issued a staff paper Tuesday seeking input on whether it should update its rules on auditing companies' use of estimates, as well as measurements of ...

Without a rules-based accounting system, companies could report only the numbers that made them appear financially successful while avoiding reporting any negative news or losses.

In a decade-plus of helming this publication, I often marvel at how many of the issues and trends impacting the profession the day I took office in September 2000 have returned front and center.

Understanding the various types of accounting methods is crucial for any business or individual looking to manage their ...

Previously under U.S. GAAP accounting rules, when companies started offering hardware, services, software, and support as a package, "their sales organizations [got] pretty creative on how these ...

Proposed regulations (REG-132766-18) issued Thursday update various tax accounting regulations to adopt the simplified tax accounting rules for small businesses enacted by the law known as the Tax ...

Accounting is the process of keeping track of all financial transactions within a business, such as any money coming in and money going out. It’s not only important for businesses in terms of ...