The Sarbanes-Oxley Act of 2002 mandates accounting firms to retain financial statements and accounting documents for seven years, according to the U.S. Securities and Exchange Commission, or SEC. This includes records, d... More » Business & Finance Business Resources Accounting

Generally, financial records should be kept on file until the expense, income or asset is no longer necessary for filing tax returns, which could be indefinitely, according to the Internal Revenue Service. The time lengt... More » Business & Finance Business Resources Accounting

According to the Internal Revenue Service, how long people should keep their tax records depends on the type and purpose of the documentation, but IRS and Forbes magazine guidelines say that keeping records three to six ... More » Business & Finance Taxes

The four regulatory bodies for the accounting profession include the Financial Accounting Standards Board (FASB), the Government Accounting Standards Board (GASB), the International Accounting Standards Board (IASB) and ... More »

There are four types of financial reports; balance sheets, cash flow statements, income statements and statements of shareholders' equity, and each type is interpreted differently, explains the Securities and Exchange Co... More » Business & Finance Corporations

Federal securities laws require public companies to disclose financial statements and other information to the public so that prospective investors judge accurately whether a company's securities are a good investment, e... More » Business & Finance Corporations

The five accounting cycles are source documents, journals, ledger (T-accounts), trial balance and financial statements. This cycle of action is appropriate for any business, according to Accounting Basics for Students. More »