In early May, several pronouncements were issued by the Internal Revenue Service in connection with changes in accounting periods. The guidance reflects the continuing effort by the IRS to identify ...

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The Internal Revenue Service and the Treasury Department announced changes Tuesday in the procedures for changing the accounting period of foreign corporations owned by U.S. shareholders subject to ...

Understand adjusting entries for accounting purposes, how they are made and what they impact. Many, or all, of the products featured on this page are from our advertising partners who compensate us ...

Companies have always faced a major issue of how to reflect changes in accounting methods and error corrections in financial statements. In 2005 FASB issued Statement ...

The end of any accounting period is chaotic without the right procedures in place to ensure everyone has the right information and reports. Establishing set procedures for period-ending reporting ...

Net income or loss represents the difference between a company's revenues and expenses during an accounting period. It may be a month, quarter or fiscal year, but a time frame in between is not ...

FASB continued its work to simplify accounting standards Thursday, issuing a proposal designed to make it easier to account for adjustments made to provisional amounts recognized in a business ...

Will Kenton is an expert on the economy and investing laws and regulations. He previously held senior editorial roles at Investopedia and Kapitall Wire and holds a MA in Economics from The New School ...

Whether they know it or not, financial statement preparers are entering a period of accounting change like no other in recent times. Here are a few things to consider. Whether they know it or not, ...

This paper investigates the effect of using an end-of-period accounting scheme for inventory-related costs when costs actually accrue in continuous time. Using a simple model, we show that (i) the end ...