The International Public Sector Accounting Standards Board, the governmental standard-setting unit of the International Federation of Accountants, has issued a statement that, for the first time, ...

Related-party transactions have played a significant role in accounting failures and frauds. In a study of Securities and Exchange Commission fraud allegations by the Committee of Sponsoring ...

The Financial Accounting Standards Board issued a proposed accounting standards update Wednesday offering guidance for debt exchange transactions involving multiple creditors. Processing Content The ...

The Federal Accounting Standards Advisory Board (FASAB) recently issued technical bulletins related to accounting for intragovernmental exchange transactions and assigning assets to component ...

FASB on Wednesday published a proposed Accounting Standards Update (ASU) on debt exchange transactions involving multiple creditors. The proposed ASU, based on a recommendation of FASB’s Emerging ...

Businesses provide products or services in exchange for money. The purpose of accounting is to record these financial exchanges or transactions. Simply put, accounting transactions are records kept of ...

Generally accepted accounting principles, or GAAP, include specific guidelines for recording foreign currency transactions. Problems can arise when currencies change value and routine business ...

Another major issue in revenue accounting is when to recognize or record the revenue. A common practice is to record the revenue when we receive payment (cash) from the customer. This is referred to ...