The thing about a balance sheet is that even though there are two sides, you don't always have a transaction that changes both sides. Sometimes, it just affects one side, but the balance sheet ...

Accounting errors of omission occur when data are not recorded, resulting in inaccurate information being presented on a balance sheet. Errors of omission include expenses not being reported and ...

Costs can be capitalised when they are recorded on the balance sheet as an asset. For example, the cost of new factories might be capitalised, in recognition of the long-term value they will bring ...

Example of Carrying Value Assume ABC Plumbing buys a $23,000 truck to assist in the performing of residential plumbing work, and the accounting department creates a new plumbing truck asset on the ...

General Electric Co.’s (GE) $22 billion write-down of the value of its struggling power business in October 2018, referred to as a goodwill impairment charge, is a great example of a non ...

White Tower Park stormwater pond project in Gibsons, B.C., on Dec. 2, 2021. The Public Sector Accounting Board is looking at ways municipalities can add the value of its natural assets to their ...

Although the aim of the International Accounting Standards Board’s (IASB) IFRS 16 and the US Financial Accounting Standards Board’s (FASB) ASC 842 is to create more transparency, leaders are ...

A big change in lease accounting due in January of 2019 will affect every public and private company in the U.S., just like the tax revamp and the new rules for recording revenue that took effect ...