financial accounting


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Financial Accounting

A branch of accounting involving the preparation and publication of financial statements, earnings reports, and other forms for disclosure to shareholders, regulators, and any other stakeholders. Financial accounting is necessary for publicly-traded companies and some other corporations. It must be accomplished in accordance with the Generally Accepted Accounting Principles or the equivalent in different countries. The primary difference between financial accounting and managerial accounting is the fact that financial accounting involves explanation to outside parties, while managerial accounting is primarily internal.

financial accounting

ACCOUNTING activities directed towards the preparation of annual PROFIT-AND-LOSS ACCOUNTS and BALANCE SHEETS in order to report to shareholders on their company's overall (profit) performance. See MANAGEMENT ACCOUNTING.

financial accounting

the accounting activities undertaken by a company directed towards the preparation of annual PROFIT-AND-LOSS ACCOUNTS and BALANCE SHEETS in order to report to shareholders on their company's overall (profit) performance. See MANAGEMENT ACCOUNTING.
References in periodicals archive ?
SFFAC = statement of federal financial accounting concepts.
Ott, president of Chemical Financial Corporation (NASDAQ-NMS: CHFC), stated that the corporation will adopt in the first quarter of 1993, two new accounting standards, Financial Accounting Standards Board Statements 109 and 106, mandated by the Financial Accounting Standards Board, which together will result in a first-quarter after-tax gain of approximately $2 million, or $0.
142, Goodwill and Other Intangible Assets, addresses financial accounting and reporting for acquired goodwill and other intangibles and supercedes APB Opinion 17.
The GASB is the independent, not-for-profit organization formed in 1984 that establishes and improves financial accounting and reporting standards for state and local governments.
Statements and Interpretations of the Financial Accounting Standards Board (FASB), Opinions of the Accounting Principles Board (APB) and Accounting Research Bulletins of the American Institute of Certified Public Accountants (AICPA).
As Denny Beresford's term as Financial Accounting Standards Board chairman comes to an end on June 30, the board of trustees of the Financial Accounting Foundation - the group mandated to select the members and chairperson of the FASB - is busy identifying top candidates for the slot.
The Financial Accounting Foundation, which oversees and appoints members of the Financial Accounting Standards Board and the Governmental Accounting Standards Board, announced FAF officers elections as well as new appointments for each board's advisory council.
Financial Accounting Standard 106 covers accounting methods for retirement benefits other than pensions, including health care and life insurance.
DeSantis, President and Chief Operating Officer of the Financial Accounting Foundation ("FAF") today announced that the FAF Board of Trustees has appointed Lawrence W.
In 1986, the Financial Accounting Standards Board adopted Statement of Financial Accounting Standards (SFAS) No.
Goldman Appointed to Financial Accounting Standards Advisory Council
Dennis Beresford retired on June 30 as chairman of the Financial Accounting Standards Board after 10 productive years.

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