Revenues on long-term construction contracts are exceptions to the general rule that revenues should be recorded once earned, meaning that these revenues can be recorded throughout the time periods of ...

General accepted accounting principles (GAAP) recommend that businesses use an accrual method of accounting. This means that the income statement reflects expenses and income earned but not yet ...

If FASB follows through with its plan to mandate a direct-method cash flow statement for not-for-profit entities, experts say financial statement preparers would be wise to address implementation ...

In tax practice, bright-line rules provide clarity and certainty for clients. One example is the statute of limitation for tax assessment. Under Sec. 6501, the IRS generally has three years (with some ...