Discover how modified accrual accounting merges accrual and cash basis methods, its key principles, and why it's preferred by government agencies for accurate financial reporting.

Cash- and accrual-based business accounting are two methods for tracking financial performance. Learn which is right for your business.

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 ...

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 ...

In Rev. Proc. 2023-24, the IRS on Thursday provided a comprehensive, updated list of changes in tax accounting methods to which the automatic change procedures in Rev. Proc. 2015-13, as subsequently ...

Discover how black box accounting obscures financial reports. Learn about its methods, ethical concerns, and why it's a challenge for investors seeking transparency.

The Internal Revenue Service issued a new revenue procedure with guidance on how certain businesses can obtain automatic consent to a change in accounting methods. Revenue Procedure 2022-9 modifies ...

Financial accounting is a specific type of accounting that uses standardized processes and guidelines for businesses to record their financial transactions and prepare financial statements for ...

You might think accounting is the same across the board, but it can differ significantly by industry. For example, while restaurant accounting uses many of the same costing methods, profit and loss (P ...

Under guidance in Rev. Proc. 2022-9 issued Thursday, taxpayers may obtain the IRS’s automatic consent to change their tax accounting methods to comply with final regulations relating to simpler tax ...

The Financial Accounting Standards Board agreed to release a draft proposal to simplify accounting for internal use software costs by, among other things, no longer considering the development stage ...

As your company grows, so do its financial requirements. In my time as COO of a financial services firm, I've seen the mishaps that can happen when a company relies only on traditional accounting ...