An asset is anything, tangible or intangible, that has economic value to its owner or could have economic value in the future.

Suppose you buy a major asset like a new piece of machinery. Under standard accounting rules, you cannot write off the cost of the machinery in the year you incur the expense. Rather, you have to ...

The Financial Accounting Standards Board has released guidance aimed at clarifying the official definition of a “business” for purposes of the accounting rules. The new accounting standards update ...