Recently, the United States Securities and Exchange Commission adopted changes to some disclosure requirements in an attempt to streamline rules and regulations and remove redundant, duplicative, overlapping, obsolete, or superseded requirements. We have previously summarized these changes. As part of these changes, the SEC revised the financial statement requirements from Part F / S to …

Representative image | Photo credit: BCCL New Delhi: The EPF or employee provident fund constitutes an important part of an employee’s retirement corpus. An employee contributes 12 percent of his basic salary to the EPF kitty, while 3.67 percent of his basic salary is contributed by the employer to the EPF kitty and 8.33 percent …

The tax reform will significantly affect the accounting and reporting of corporate income taxes, as well as the corresponding processes and controls related to the publication of financial statements. The accounting effects of the radically amended tax code must be recognized in the financial statements from December 2017 and beyond. The income statement, balance sheet, …

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by Sally Kilbridge May 1, 2017 Knowing how to read a financial report is the first step in investigating the health of a business. (“Magnifying Glass” by John Lester via Flickr, CC BY 2.0) The first stop for a journalist examining the financial health of a public company is its financial statement, which can easily …

What is a personal financial statement? The term personal financial statement refers to a document or spreadsheet that describes an individual’s financial situation at a particular time. The statement usually includes general information about the person, such as name and address, as well as a breakdown of total assets and liabilities. The statement can help …

Month after month, many people go through their bank and credit card statements and are amazed that they’ve spent more than they thought. To avoid this problem, a simple method of recording income and expenses is to have personal financial statements. Just like those used by businesses, financial statements give you an indication of your …

What Are Financial Statement Assertions? Financial statement assertions, also known as management assertions, are explicit or implicit statements that a company makes about the fundamental accuracy of the information contained in its financial statements: the balance sheet, income statement, and statement of cash flows. Treasury. Financial statement assertions are an official statement by an enterprise …

What is a common size financial statement? A common-sized financial statement displays items as a percentage of a common baseline figure, such as total revenue. This type of financial statement allows easy analysis between companies, or between periods, for the same company. However, if companies use different accounting methods, any comparison may not be exact. …

Retained earnings are the cumulative net profits or profits of a business after payment of dividends. Retained earnings are the net earnings after dividends that are available to be reinvested in the business or to pay off debt. Since they represent the remainder of a company’s unpaid profits as dividends, they are often referred to …