The Financial Accounting Standards Board provides broad definitions of revenues, expenses, gains, losses, and other terms that appear on the income statement in its Statement of Concepts No. 6.

Income statements have always been a necessity for smart business planning and with accounting software, creating them is among the fastest tasks on your list. Dock Treece contributed to this article.

All three accounting statements are important for understanding and analyzing a company’s performance from multiple angles. The income statement provides deep insight into the core operating ...

Unrealized gain is on an income statement when you're using accrual accounting instead of cash accounting. Large companies almost always use accrual accounting to gauge their financial health.

The income statement is a simple and straightforward report on a business’ cash-generating ability. It’s an accounting scorecard on the financial performance of your business that reflects ...

To illustrate how the accrual basis of accounting may impact a company's income statement for a period, assume that on February 14, an electrical company approves a credit account for a new salon ...

The income statement, also called the profit-and-loss statement, is a more detailed presentation of earnings, which is crucial when trying to uncover potential bargain stocks. To describe where a ...

Matt Lee is the founding partner of Atlas Growth Capital. He has 3+ years of experience as a consultant and startup advisor. While looking at a particular company's latest income statement, you ...

Three FASB board members say the requirements don’t provide investors with adequate details on government assistance.

The IASB standard also goes a bit further by changing the income statement presentation, while FASB's is a disclosure-only project. The new standard may help investors analyze the impact of inflation ...

The proposed update would give investors more detailed information about the kinds of expenses, such as for depreciation, amortization, employee compensation, and costs related to inventory and ...