Financial accounting is a specific branch of accounting involving a process of recording, summarizing, and reporting the myriad of transactions resulting from business operations over a period of time ...

Financial accounting refers to the generally accepted accounting principles used to create financial statements for the public, while tax accounting follows the rules of the Internal Revenue Service.

While large corporations and publicly traded companies must follow the financial accounting, small businesses have the choice of using either the financial accounting method or the tax accounting ...

The Chicago-based CME Group runs four of world’s largest financial markets, accounting for around one-quadrillion dollars (1000 trillion) worth of trades, from three-billion contracts per year. Three ...

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 ...

The International Accounting Standards Board published a consultation document Wednesday with eight proposed illustrative examples showing how companies could apply International Financial Reporting ...

Hedge documentation is important in both financial reporting and income taxation.For financial accounting purposes, on the date of the hedge, an entity must identify the hedged item, the instrument ...