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Accounting Standard Definition: How It Works

By Itho November 15, 2010

[ad_1] What Is an Accounting Standard? An accounting standard is a common set of principles, standards, and procedures that define the basis of financial accounting policies and practices. Key Takeaways…

Understanding Discontinued Operations: Definition, Reporting, & Importance

By Itho May 10, 2010

[ad_1] What Are Discontinued Operations? Discontinued operations involve sections of a company that are either sold or terminated and must be reported separately from ongoing activities. This separation on the…

Accounting Principles Explained: How They Work, GAAP, IFRS

By Itho March 28, 2008

[ad_1] What Are Accounting Principles? Accounting principles are the rules and guidelines that companies and other bodies must follow when reporting financial data. These rules make it easier to examine…

Direct Method: Complexities of Cash Flow Method of Accounting

By Itho May 25, 2007

[ad_1] What Is the Direct Method? The direct method is one of two accounting treatments used to generate a cash flow statement. The statement of cash flows direct method…

Contingent Asset: Overview and Consideration

By Itho November 20, 2003

[ad_1] What Is a Contingent Asset? A contingent asset is a potential economic benefit that is dependent on some future event(s) largely out of a company’s control. A contingent asset…

Understanding Contingent Liabilities: Definition and Key Examples

By Itho November 20, 2003

[ad_1] What Is a Contingent Liability? A contingent liability is a potential obligation that hinges on the outcome of future uncertain events. These liabilities, such as pending lawsuits or product…