Financial statement footnotes provide an important element regarding a business' activities -- they provide context. Absent discussion in the footnotes about how the business conducts its operations, ...

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

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, ...

At times during audit season, not-for-profit financial statement auditors may feel like medical professionals in January. They’re extremely busy, and many of the “patients” receive the same diagnosis.

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 ...

Financial statements are written records of a business’s financial situation. They include standard reports like the balance sheet, income or profit and loss statements, and cash flow statement. They ...