Financial statements report the business activities and financial performance of a company. Learn how they are used by executives, investors, and lenders.

When you hear the term audit, you may immediately think of a team of IRS officers rummaging through your files looking for discrepancies and errors in your business's tax returns. However, financial ...

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, ...

Every business keeps records of its operations and transactions, and accountants take this information to produce four basic financial statements: a profit and loss statement, balance sheet, statement ...

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 ...

Credit losses represent a significant area of focus in financial statement audits. As economic conditions fluctuate and accounting standards evolve, auditors face increasing challenges in evaluating ...

The new audit risk standards require the auditor to understand and respond to risks of material misstatement, whether due to errors or fraud. In reaching that understanding, auditors should identify ...

The issue concerns statutory timelines for filing financial statements. Companies must file adopted statements within 30 days of AGM, ensuring compliance with Section 137 to avoid ...

As a business owner, you know the value of audited financial statements. Audits provide essential credibility to stakeholders, both internal and external, regarding the accuracy and reliability of ...