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, ...

A business transaction, such as obtaining financing, often requires companies to provide financial statements that have been evaluated by an outside independent party. Accountants are outside parties ...

In April 2004, FASB and the International Accounting Standards Board (IASB) created a joint project on financial statement presentation. The project is part of the memorandum of understanding between ...

What Else Do Financial Records Include? Other than the most common line items found in financial statements, investors can also read the lesser known items, such as the footnotes, which often contain ...

Financial statements are essentially the report cards for businesses. They tell the story, in numbers, about the financial health of the business. The information found on the financial statements of ...

Financial statements are key to understanding the underlying drivers of a business—i.e., how your business is growing, what the margin profile is, how much cash it is generating and using and from ...

Businesses commonly prepare condensed financial statements in addition to the traditional financial statements. Internal preparation of these documents serves several legal purposes and commonly ...

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 ...

A written report of the financial condition of a firm. Financial statements include the balance sheet, income statement, statement of changes in net worth and statement of cash flow. The first step in ...