Construction and engineering contracts normally use the percentage of completion method for revenue recognition. Under U.S. generally accepted accounting principles, the PCM is the preferred method ...

NORWALK, Conn.--(BUSINESS WIRE)--The Financial Accounting Standards Board (FASB) today issued an Accounting Standards Update (ASU) intended to improve targeted areas of consolidation guidance for ...

The Financial Accounting Standards Board released an accounting standards update Wednesday for the consolidation of variable interest entities, aiming to reduce the cost and complexity of accounting ...

Sean Ross is a strategic adviser at 1031x.com, Investopedia contributor, and the founder and manager of Free Lances Ltd. Suzanne is a content marketer, writer, and fact-checker. She holds a Bachelor ...

When a group of two or more businesses is required to report financial results on a consolidated basis, generally accepted accounting principles, or GAAP, require the elimination of intercompany sales ...

NORWALK, Conn.--(BUSINESS WIRE)--The Financial Accounting Standards Board (FASB) today issued an Accounting Standards Update (ASU) that reduces the cost and complexity of financial reporting ...

IMGCAP(1)]In the first article in this series, we explained the concepts behind the American Institute of CPAs’ release of its guidelines called Financial Reporting Framework for Small and ...

Learn the principles of financial accounting, its importance, and how it functions to provide a clear picture of a company's financial health and compliance.

Washington, D.C. – Today, the Office of Management and Budget’s Cost Accounting Standards (CAS) Board, chaired by the Office of Federal Procurement, published two proposed rules to eliminate more than ...

Accrual accounting is the preferred approach for companies reporting their financial statements under generally accepted accounting practices (GAAP), which are issued through the standards of the ...