Learn about consolidated financial statements, the criteria for aggregation, reporting guidelines, and practical examples for parent companies with subsidiaries.

In April 2004, FASB and the International Accounting Standards Board (IASB) created a joint project on financial statement presentation. The project is part of the memorandum of understanding between ...

Every business has an accountant who prepares financial statements on a regular basis. Management, creditors and stockholders use these statements to gauge the performance of the company and make ...

IN CERTAIN INSTANCES CPAs SHOULD CONSIDER preparing and reporting on financial statements using an “other comprehensive basis of accounting” (OCBOA). Tax-basis and cash-basis, including ...

Companies must produce a series of financial statements to provide information on the their activities, net worth and viability. There are three main financial statements maintained by companies and ...

Charlene Rhinehart is a CPA , CFE, chair of an Illinois CPA Society committee, and has a degree in accounting and finance from DePaul University. Katrina Ávila Munichiello is an experienced editor, ...

The Private Company Financial Reporting Committee has given the Financial Accounting Standards Board feedback on its financial statement presentation project, including worries about newly onerous ...

The International Financial Reporting Standards Foundation has published a set of near-final examples showing how companies can improve the reporting of uncertainties in their financial statements ...

A written report of the financial condition of a firm. Financial statements include the balance sheet, income statement, statement of changes in net worth and statement of cash flow. The first step in ...