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 ...

Accounting is the compilation of financial information for various purposes, such as managing a corporate budget, making informed decisions with regard to business operations and predicting future ...

The IRS allows you to calculate your tax bill using one of two tax accounting methods. The more common of the two methods for individual taxpayers is the cash method. However, most businesses prepare ...

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 ...

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.

In Rev. Proc. 2022-14, the IRS on Monday provided a comprehensive updated list of changes in tax accounting methods to which the automatic change procedures in Rev. Proc. 2015-13, as subsequently ...

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 ...

Many retailers have used the LIFO (last in, first out) accounting method to manage their inventory reporting. The methods assumes that the last unit to arrive in inventory (the most recent) is sold ...

Discover how HIFO inventory accounting contrasts with LIFO and FIFO methods, and why it impacts COGS and taxable income, ...

Is there a way to put a dollar amount on pristine forests or marshlands? The United Nations believes so—and that the ability to do it might be a valuable step toward combating the slew of ...

As a new small-business owner you must make a decision between using accrual or cash accounting methods. Regardless of which method you choose, you must use it consistently. The accrual accounting ...