Discover the key differences in inventory accounting between GAAP and IFRS, including valuation methods, write-down reversals ...

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 ...

Inventory methodology is used to measure the value of assets as well as determine the cost of goods sold during a year. The choice is important, and it may be tempting to use different methods for ...

Discover when businesses must use accrual accounting and how it differs from cash accounting. Learn why it's essential for ...

Companies have used the retail method of inventory accounting for many years. According to the Committee on Ways and Means, the retail inventory method has been the best accounting method since 1941.

Home Depot, Inc. announced a key change in accounting principals in its third quarter filing with the SEC. After adopting a new enterprise resource planning system, otherwise known in the ...

How LIFO and FIFO accounting methods impact a company's inventory outlook Fact checked by Suzanne Kvilhaug Reviewed by Natalya Yashina All companies must determine how to record the movement of their ...

Few differences between IFRS and U.S. GAAP loom larger than accounting for inventories, particularly the disallowance of the last-in, first-out (LIFO) method in IFRS. The proposed shift of U.S. public ...

Revenue Procedure 2014-48 provides the exclusive procedures under which a taxpayer can obtain the IRS’s consent to change a method of accounting to comply with final regulations on the retail ...