Misstatement is a situation that arises when a transaction or event has not been recorded or treated correctly in an...

A reserve is an account that appears on liability and owners’ equity side of the statement of financial position (balance...

Negative goodwill (NGW) arises when an entity acquires another for less than the book value of its assets and liabilities....

The terms "cost" and "expense" are often used interchangeably. However, in accounting, there is a conceptual difference between the two...

An interim financial report is a financial report for an interim period constituting either a complete set of financial statements...

The term "significance" (i.e., the state of being significant) implies anything (e.g., an amount, occurrence, transaction, etc.) that has the...