Daniel Liberto is a journalist with over 10 years of experience working with publications such as the Financial Times, The Independent, and Investors Chronicle. A comparative statement is a financial ...

Comparative statements are financial reports that compare a given financial statement with either a prior time period or another company. Comparative statements add two critical dimensions to the ...

Financial statements are written records of a business’s financial situation. They include standard reports like the balance sheet, income or profit and loss statements, and cash flow statement. They ...

Generally accepted accounting principles, or GAAP, are a set of rules that all public companies must follow and most private companies also follow. Many small businesses follow GAAP from a requirement ...

FASB HAS ISSUED STATEMENT NO. 154 PROVIDING rules for how companies should treat changes in accounting principle. The statement requires retrospective application in all comparative financial ...