When disaster hits, the last thing you want is to argue about what you owned and what it was worth. Yet that is exactly where ...

Learn about accounting interpretations, why they matter, and how they clarify standards, prevent errors, and provide consistency in financial reporting.

It is often argued that the failure to use indexation (i.e., the use of historical cost accounting methods) implies that real income tax rates will vary directly with rates of inflation. This ...

A profit and loss statement summarizes a business’s revenue and expenses. Learn how to use a profit and loss statement to ...

Learn what lagged reserves are, how they're calculated, and their role in banking. Discover why the Federal Reserve set the requirement to zero in response to economic changes.