Most individuals who understand the basics of financial reporting are familiar with the phrase generally accepted accounting principles (GAAP) and will readily identify the Financial Accounting Standards Board (FASB) as the standard-setting body in the...

Generally Accepted Accounting Principles (GAAP) is the standard framework of guidelines for financial accounting, mainly used in the U.S.A.. It includes the standards, conventions, and rules accountants follow in recording and summarizing transactions,...

Big Four accounting firm Ernst & Young LLP appears to have signed off on some public-company audits without having sufficient evidence to support its opinion, according to a 2006 inspection report issued Wednesday by the Public Company Accounting Oversight Board.Ernst & Young defended its work...

Electronic Arts Inc., benefiting from brisk holiday sales of video games used on Sony Corp.'s new Playstation 3, exceeded Wall Street's earnings expectations Thursday despite fiscal third-quarter sales that dropped 38 percent.Net income for the three months ended Dec. 31 was $160 million, or 50...

EBay Inc. reported Wednesday that fourth-quarter profit increased 24 percent from the same period last year, trouncing Wall Street estimates and prompting executives to raise estimates for the current quarter.Thanks to scorching holiday sales _ particularly in eBay's traditional strongholds of the United States, United...

Federal regulators on Wednesday tentatively agreed to ease an accounting requirement for foreign companies whose shares trade in the United States, a move seen as propelling them on a path toward a single global standard and the possible demise of the stricter U.S. rules.The action...