Revenue recognition is generally required of all public companies in the U.S. according to generally accepted accounting principles. The requirements for tend to vary based on jurisdiction for other companies. In many cases, it is not necessary for small businesses as they are not bound by GAAP ...
Devaluation accounting is a critical aspect of financial reporting and management for businesses operating in economies with volatile currencies. It refers to the process of adjusting the value of assets and liabilities denominated in a foreign currency to reflect changes in the exchange rate. We will...
GAAP also recommends that companies take into consideration events and economic circumstances that occur between annual impairment tests in order to determine if it is "more likely than not" that the fair value of an asset has dropped below its carrying value.7 Causes of Impairment Specific situati...
is a fundamental accounting principle that governs the timing of recognizing revenues and expenses. It is based on the idea that expenses should be recognized in the same accounting period as the revenues they help generate.
In the world of accounting, goodwill refers to extra monetary value that exceeds the net book value on a company’s balance sheet. The net book value is the value of all combined assets, with consideration for any accumulated depreciation. Some private companies have intangible assets that may...
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What is trial balance? Learn about trial balance in accounting, features of trial balance, and how the preparation of trial balance helps in accounting.
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When deciding to merge, in addition to how both companies will reward shareholders, it is important to take into consideration the Federal Trade Commission’sguidelineson keeping the industry competitive and avoiding the creation of monopolies. ...