Small business accounting would be much simpler if you got paid for all of your work right away and then paid for all your purchases as soon as you received the goods. The actual situation is more ...

There are two basic methods of accounting that businesses use to track and report revenues: the cash basis and the accrual basis. Under the accrual basis, revenues are recorded on a company's income ...

A business that uses the accrual basis of accounting recognizes revenue and expenses in the accounting period in which they are earned or incurred, regardless of when payment occurs. This differs from ...

In the U.S., there are accounting standards known as Generally Accepted Accounting Principles (GAAP). They are the accounting standards used for all businesses in this country and provide principles ...

Progress has not been as quick as predicted, but is expected to continue, according to IFAC and the Chartered Institute of Public Finance and Accountancy.

Every year, for decades, the City of Chicago claimed to balance its budget as required by state law. Yet the City of Chicago still accumulated many billions of dollars of unfunded but real obligations ...

First, let me say that the independent accounting professions promulgating “generally accepted accounting principles” (GAAP) for the United States, Australia, New Zealand, Canada, and the United ...

In recent times, discussions have been rife in the public sector on the merits of shifting from cash to accrual basis of accounting for purposes of enhancing fiscal reporting. Accrual basis of ...