A company figures its profit or loss over time by subtracting expenses from revenue. For tax purposes, the relevant time period is the tax year or other fiscal year approved by the Internal Revenue ...

FASB’s efforts to simplify accounting continued Tuesday, when the board issued a standard eliminating the requirement to retroactively adopt the equity method of accounting when an investment ...

Explore the key differences between successful-efforts and full-cost accounting methods for oil and gas companies, including their impact on expenses and financial transparency.

The IRS has issued new guidance on automatic accounting method changes. Revenue Procedure 2009-39 provides certain additions, modifications and clarifications to Revenue Procedures 2008-52 and 97-27 ...

Construction companies and contractors can choose among several accrual accounting methods specialized for their industry. They can also use cash accounting. If they choose accrual accounting, they ...

View post: Amazon's $60 Christmas ornament storage box is only $36, just in time to un-decorate If you are an entrepreneur or small business owner, it is a good idea to familiarize yourself with both ...

The American Institute of CPAs has sent a letter to the Internal Revenue Service with three recommendations on the accounting method change procedures for business taxpayers. A 2015 IRS revenue ...

Explore depletion in accounting, covering key factors and methods for allocating the cost of extracting natural resources ...

There are two basic methods of accounting that businesses use to track and report revenues: the cash basis and the accrual basis. Under the accrual basis, revenues are recorded on a company's income ...

Accrual accounting is one of the primary accounting methods and is based on the matching principle, which dictates that revenues and their associated expenses be recorded in the same accounting period ...

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 ...

This is a guest post from Digital Currency Council Member Marty Zigman. Recently, I gave a webcast presentation to AICPA members to help accounting professionals understand Bitcoin and how to treat it ...