Full cost (FC) accounting allows companies to capitalize all operating expenses related to locating new oil and gas reserves, regardless of the outcome.

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 ...

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

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 ...

Whether you do it yourself or rely on accounting software, finance tracking is essential for small business owners.

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 ...

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 ...

Private business owners need to understand the difference between cash and accrual accounting methods to accurately interpret their company's financial health. LONG ...

A company’s success hinges upon the mastery of its finances. While practically every business must maintain a tight rein on its assets, liabilities, income and cash flow, these accounting processes ...

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 ...

The Financial Accounting Standards Board (FASB) continues to issue pronouncements that are intended to improve investors’ and lenders’ ability to value equity and debt securities. Numerous statements, ...

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 ...