Accrual vs. Cash Accounting: When Businesses Must Use Accrual

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

Automatic accounting method changes list updated by IRS

In Rev. Proc. 2024-23, the IRS on Tuesday provided a comprehensive, updated list of changes in tax accounting methods to which the automatic change procedures in Rev. Proc. 2015-13, as subsequently ...

Percentage of Completion vs. Completed Contract: Key Accounting Differences

Learn the differences between the percentage of completion and completed contract methods. Discover how each impacts revenue ...
Entrepreneur

What Are Cash Basis and Accrual Accounting Methods?

Accrual accounting is one of the primary accounting methods and is based on the matching principle, which dictates that revenues and their associated expenses be recorded in the same accounting period ...
JournalofAccountancy

New Accounting Methods Subject to Automatic Change Procedures

The IRS has issued new guidance on automatic accounting method changes. Revenue Procedure 2009-39 provides certain additions, modifications and clarifications to Revenue Procedures 2008-52 and 97-27 ...