This accounting standard outlines how companies should recognize revenue from contracts with customers, based on the transfer of promised goods or services. It establishes a framework to ensure revenue is recognized in a way that reflects the timing and amount of consideration expected.

This accounting standard requires companies to recognize most leases on the balance sheet as a right-of-use asset and a corresponding lease liability. It aims to increase transparency and comparability by providing a more complete picture of a company’s leasing activities.

This accounting standard outlines how an acquiring company should recognize and measure the identifiable assets acquired, liabilities assumed, and any noncontrolling interest at fair value on the acquisition date.

This accounting standard provides guidance on the accounting for intangible assets and goodwill, including their recognition, measurement, and impairment testing. It requires that goodwill and indefinite-lived intangible assets be tested for impairment at least annually, rather than amortized.

This accounting standard governs how companies recognize, measure, and disclose income taxes in their financial statements. It ensures that the effects of income taxes, including deferred tax assets and liabilities, are accurately reflected based on temporary differences between financial and tax reporting.

This accounting standard provides guidance on how to determine when one entity should consolidate another in its financial statements, focusing on control and the concept of a controlling financial interest. It includes rules for consolidating both voting interest entities and variable interest entities (VIEs) to ensure accurate and transparent reporting of a parent company’s financial position.

This accounting standard governs the reporting of stock-based compensation, such as employee stock options and restricted stock units (RSUs), in the financial statements. It requires companies to recognize the fair value of share-based payments as an expense over the period in which the related services are performed.

This accounting standard provides guidance on how to account for derivative instruments and hedging activities. It aims to ensure that the financial statements reflect the fair value and risk management strategies related to derivatives.companies to recognize the fair value of share-based payments as an expense over the period in which the related services are performed.

This accounting standard provides guidance for loss contingencies and gain contingencies—uncertain situations that may result in future financial impacts depending on events outside the company’s control.

This accounting standard provides a framework for measuring fair value and applies to assets, liabilities, and certain equity instruments that require or permit fair value measurement under other accounting standards.

Focuses on compliance with the Sarbanes-Oxley Act of 2002, primarily Section 404, which requires management and auditors to report on the adequacy of a company’s internal controls over financial reporting. Includes planning, testing, and documenting controls; evaluating deficiencies; and ensuring compliance with PCAOB standards. Applies heavily in public company environments.

Internal Controls over Financial Reporting (ICFR) are processes designed to ensure the accuracy and reliability of financial statements in compliance with U.S. GAAP. Built around the COSO framework, ICFR activities include control design, walkthroughs, testing, and monitoring. Strong ICFR practices help prevent errors and fraud, address deficiencies, and support the preparation of high-quality financial reporting.