Learn how GAAP applies to a company's inventory reserves, using cost or market value methods, and its impact on accounting standards and financial planning.

When a public company issues a financial statement, everything needs to be clear and well-understood by everyone reading it. To ensure this, it’s paramount to have a baseline for reporting. That’s ...

The GAAP approves four different methods for depreciating business assets: the straight-line method, the units of production method, the declining balance method and the sum-of-the-year's-digits ...

Generally accepted accounting principles, or GAAP, are a set of fundamentals for financial record-keeping and reporting that public companies and many private companies must follow. The Financial ...

Private companies are calling for their own accounting playbook. While privately held companies easily make up the majority of businesses in the U.S., they still are governed by the same set of basic ...

GAAP, which stands for generally accepted accounting principles, is the set of accounting standards followed by most U.S. businesses, not-for-profit organizations, and state and local governments, as ...

In May 2012, the Financial Accounting Foundation (FAF) of the Financial Accounting Standards Board (FASB) announced the formation of the Private Company Council (PCC). The PCC was created to work with ...

A letter arrived from a New York number cruncher just over a year ago, as the Financial Accounting Standards Board -- the U.S. authority on accounting rules -- was collecting comments on whether to ...