Investopedia contributors come from a range of backgrounds, and over 25 years there have been thousands of expert writers and editors who have contributed. David Kindness is a Certified Public ...

Learn about changes in accounting principles and why businesses make them, as well as the reporting and recording ...

The Financial Accounting Standards Board, FASB, is a private, independent organization that since 1973 has been given the authority by the U.S. Securities and Exchange Commission, or SEC, to establish ...

Many claim that "principles-based" accounting standards are superior to "rules-based" standards. For example, the chair of the International Accounting Standards Board, Sir David Tweedie, made this ...

American accountants follow the generally accepted accounting principles, called GAAP, when recording transactions and preparing financial statements. One of those financial statements is the income ...