The Financial Accounting Standards Board and the International Accounting Standards Board issued amendments Thursday to improve and align the presentation of items of other comprehensive income in ...

The Financial Accounting Standards Board has released an updated accounting standard for reporting amounts reclassified out of accumulated other comprehensive income. Accounting Standards Update No.

In an effort to simplify its Accounting Standards Codification, FASB has combined its guidance for income statements and comprehensive income into one topic. Previously, FASB’s guidance on these ...

Accumulated other comprehensive income (AOCI) accumulates other comprehensive income (OCI), which records unrealized and realized gains and losses from certain transactions. Unrealized means paper ...

Discover the differences, advantages, and drawbacks of single-step vs. multiple-step income statements for better financial ...

Learn what every business owner needs to know about financial accounting, accounting software and financial statements.

A financial document generated monthly and/or annually that reports the earnings of a company by stating all relevant revenues (or gross income) and expenses in order to calculate net income. Also ...

An income statement presents the results of a company’s operations for a given period—a quarter, a year, etc. The income statement presents a summary of the revenues, gains, expenses, losses, and net ...

A profit and loss statement summarizes a business’s revenue and expenses. Learn how to use a profit and loss statement to ...

FASB on Thursday issued an Accounting Standards Update (ASU) that the board said is intended to increase the prominence of other comprehensive income in financial statements and to facilitate ...