Companies have always faced a major issue of how to reflect changes in accounting methods and error corrections in financial statements. In 2005 FASB issued Statement ...

The selection by an entity of its company structure, its fiscal year and its method of accounting are the three main mechanisms that a company can employ in performing substantial tax planning, ...

What Does FIFO Stand For? FIFO stands for ‘First In, First Out’. It is an accounting method used to track the cost of goods sold (COGS). Under FIFO, the cost of inventory purchased first is recognised ...

Although rising prices increase the cost of your inventory purchases, rising prices affect LIFO (Last-in, First-out) and FIFO (First-in, First-out) inventory values differently. Each inventory ...

I know what you’re thinking. “Ugh. Yet another inventory accounting method I have to know.” But when I say “NIFO,” I’m not talking about Next In First Out. I’m talking about Nose In, Fingers Out.

How much you paid for your cryptocurrency (the cost basis) has a major impact on the taxes you pay when you eventually sell them. Understanding how Specific ID, First in, first out (FIFO) & Highest in ...