The Financial Accounting Standards Board (FASB) release the proposed 2017 GAAP Financial Reporting Taxonomy for public review and comment. The deadline to submit written comments is October 31, 2016. The proposed 2017 Taxanomy contains updates for accounting standards and other recommended improvements. The Taxonomy is used by public issuers registered with the U.S. Securities and… Read More

The GASB releases an exposure draft on Monday that is designed to promote uniformity in state and local government accounting for eradicating debt early. The exposure draft, Certain Debt Extinguishment Issues, is intended for transactions when only existing resources are placed in a trust for the purpose of getting rid of debt. GASB standards currently… Read More

Accounting, tax preparation, bookkeeping and payroll services – crammed together in one category – comprised the most profitable industry in the United States for the 12 months ending June 30, according to a new report by financial information provider Sageworks. Accounting firms’ net profit margin of 18.13% led real-estate rental companies and legal services, both… Read More