Financial reporting includes, in particular, the financial position (balance sheets, statements of net position), and the results from operations (statement revenue, expenses, changes in net position, the statement on comprehensive income, disclosures, etc.)
These financial statements are prepared according to the accounting standards established by the Financial Accounting Foundation’s standard-setting Boards, the Financial Accounting Standards Board (FASB), and the Governmental Accounting Standards Board (GASB). These standards are collectively known as Generally Accepted Accounting Principles (or US GAAP Accounting).
The FASB sets financial accounting and reporting standards that apply to public and private businesses, as well… read more
