Learn about accounting interpretations, why they matter, and how they clarify standards, prevent errors, and provide consistency in financial reporting.

Discover NIFO, a unique inventory valuation method based on replacement cost instead of original cost, its working mechanism, ...

Comprehensive guide to the five-step revenue recognition model under ASC 606, covering contract identification, performance obligations, transaction price determination, allocation, and revenue ...

Editor: Mo Bell-Jacobs, J.D. Accounting for income taxes in accordance with FASB Accounting Standards Codification (ASC) Topic 740, Income Taxes, is a time-consuming and complex process. Federal and ...

The Financial Accounting Standards Board released an accounting standards update Thursday that provides illustrative guidance to help entities determine whether profits interest and similar awards ...

The Financial Accounting Standards Board recently introduced a significant update to the accounting standards for certain crypto assets, like bitcoin. This update, known as the Accounting Standards ...

Today, the Financial Accounting Standards Board (FASB) announced new rules that will require companies to account for cryptocurrencies like Bitcoin at fair value. The rules are set to go into effect ...

The Financial Accounting Standards Board issued a final accounting standards update to its guidance that will increase requirements for how public companies must report major segment expenses, meaning ...

FASB issued an Accounting Standards Update (ASU) that incorporates 14 SEC disclosure requirements into the FASB Accounting Standards Codification, a set of amendments covering a variety of topics that ...

The Financial Accounting Standards Board scrapped plans to consider new rules on how companies account for and disclose goodwill, a blow to businesses and investors that have sought improvements to ...

Private companies that issue equity-classified share-based awards will be able to elect a practical expedient and use the reasonable application of a reasonable valuation method to determine the ...