Daniel Liberto is a journalist with over 10 years of experience working with publications such as the Financial Times, The Independent, and Investors Chronicle. A comparative statement is a financial ...

Comparative statements are financial reports that compare a given financial statement with either a prior time period or another company. Comparative statements add two critical dimensions to the ...

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 ...

Jason Morris has 9+ years of experience as a financial professional. He is currently a controller for Nucorp, the largest steel producer in the U.S. Suzanne is a content marketer, writer, and ...

Generally accepted accounting principles, or GAAP, are a set of rules that all public companies must follow and most private companies also follow. Many small businesses follow GAAP from a requirement ...

FASB HAS ISSUED STATEMENT NO. 154 PROVIDING rules for how companies should treat changes in accounting principle. The statement requires retrospective application in all comparative financial ...

Companies have always faced a major issue of how to reflect changes in accounting methods and error corrections in financial statements. In 2005 FASB issued Statement ...