The two types -- or methods -- of financial accounting are cash and accrual. Although they're distinct, both methods rely on the same conceptual framework of double-entry accounting to record, analyze ...

Discover the hidden details in financial footnotes essential for interpreting income statements, balance sheets, and cash flow statements for better investment decisions.

Discover the key differences in inventory accounting between GAAP and IFRS, including valuation methods, write-down reversals, and costing formulas.

While large corporations and publicly traded companies must follow the financial accounting, small businesses have the choice of using either the financial accounting method or the tax accounting ...

Not all forms of accounting are the same. Some focus on costs, others on audits and some focus on taxes. While having a solid handle on your business’s finances is essential, how you track business ...

The first treatise on double-entry bookkeeping came from the mind and pen of Luca Pacioli. If you've ever wondered why there is a system of accounting software named after a Renaissance era ...

The Financial Accounting Standards Board is aiming to clarify the interaction between two of its accounting standards: the standard on recognition and measurement of financial instruments and the ...

On May 10, 2018, the Internal Revenue Service (IRS) issued Rev. Proc. 2018-29, 2018-21 I.R.B. 1, which provides automatic accounting method change procedures for taxpayers seeking to align methods of ...

Taxpayers that fail the gross receipts test are not eligible for the new rules governing inventory accounting. The $25 million threshold will be indexed annually for inflation; the 2025 amount is $31 ...

The law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, which generally took effect in 2018, provides welcome simplifications for small business taxpayers. This article highlights some of ...