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 principles are the rules and guidelines that companies must follow when reporting financial data. The common set of U.S. principles is the generally accepted accounting principles (GAAP). To remain listed on many major stock exchanges in the United States, companies must regularly file financial statements reported according to GAAP. Explaining Accounting Principles Accounting principles… Read More