To raise funds, firms often issue bonds, which obligate the issuer to make payments of interest, and sometimes principal, to the lender on specified dates. Bond is a form of liability. In general, a liability is a legal or constructive obligation resulting... 

In order to recognize a provision [and record it on the books as opposed to only disclosing it in footnotes], certain conditions [as discussed on my previous post: Recognition and Measurement of Provision] need to be satisfied. However, when one of the... 

Lease accounting has been a disaster for a very long time. Many Corporate managers can deceive investors and creditors by reporting leases as operating leases and pretend that they do not have any lease obligations. “How does it work?“ This...