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 ?
The Board of Trustees of the Financial Accounting Foundation (FAF) has announced the appointment of Kathleen L.
SAP S/4HANA Financial Accounting Certification Guide: Application Associate Exam
Summary: On June 2, the Financial Accounting Foundation announced that it had named John Auchincloss as vice president, general counsel.
The relation between the tax laws and financial accounting generally was mentioned only in passing, if at all.
Correlative Changes to the Financial Accounting Procedures Require Time to Implement.
1 (CON1)--issued by the Financial Accounting Standards Board (FASB) in 1978--that forms the underpinning for FASB's Conceptual Framework (CF), reads: "Financial reporting is not an end in itself, but is intended to provide information that is useful in making business and economic decisions.
He became the manager of the Financial Accounting program in 1989 and the manager of the division's Payment System Risk program in 1993.
It's been more than a year since FASB released its unprecedented Financial Accounting statements 141 and 142 on business combinations that sent the merger and acquisition sector reeling from the implications.
One purpose of financial accounting standards is to create comparability between companies to allow financial statement users to make evaluations and decisions based on the consistent presentation of useful information about a company.
New accounting standards released last summer by the Financial Accounting Standards Board (FASB) are significantly changing the way not-for-profit organizations account for charitable contributions.
The Board of Trustees of the Financial Accounting Foundation (FAF) today announced the appointment of four new members to the Financial Accounting Standards Advisory Council (FASAC).

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