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 ...

An essential financial document that reports revenue, expenses, gains, and losses David Kindness is a Certified Public Accountant (CPA) and an expert in the fields of financial accounting, corporate ...

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 ...

This guide was reviewed by a Business News Daily editor to ensure it provides comprehensive and accurate information to aid your buying decision. In financial accounting — one of the most common types ...

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 ...

Companies periodically report gains, losses, income and expenses on their income statements. This statement distinguishes between your company's results from operations and those from other sources.

The income statement is significant among the major financial statements in that it sheds light on how well the company performed in earning a profit. As such, using the income statement to spot ...

J.B. Maverick is an active trader, commodity futures broker, and stock market analyst 17+ years of experience, in addition to 10+ years of experience as a finance writer and book editor. Suzanne is a ...