Accrual method accounting separates revenue recognition from cash flow. That means a company records revenue in its books based on whether it has earned money, not whether it has actually received ...

Prepaid cards and several other payable-based consumer products are popular retail items and marketing tools. Portions of the proposed revenue recognition standard that FASB is working on will affect ...

The Internal Revenue Service is proposing procedures for how a taxpayer can ask for automatic consent to change an accounting method in preparation for the Financial Accounting Standards Board’s new ...

The IRS is asking for comments on proposed procedures for requesting consent to make accounting method changes to reflect FASB’s new revenue recognition standards (Notice 2017-17). The proposed ...

Revenue recognition has always represented a challenge for the construction sector. This basic accounting principle defines the how and when a business addresses income it earns through contracted ...

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 ...

As companies prepare for the new revenue accounting standards that take effect for all public companies in 2018, a wide range of accounting and financial executives are tasked with evaluating what ...

Opinions expressed by Entrepreneur contributors are their own. Like businesses in most industries, the new revenue recognition rules put forth by the Financial Accounting Standards Board (FASB) — and ...

The Tribunal held that change in accounting method causing timing difference cannot lead to double taxation. Since prior period adjustment was allowed and no revenue loss occurred, the addition was ...