The Financial Accounting Standards Board has issued a pair of proposed accounting standards updates on the classification of debt in a classified balance sheet (current versus noncurrent), and changes ...

Learn about the methods of calculating and tracking inventory that are used in retail accounting.

Two new proposals by FASB address balance sheet classification of debt and the disclosure requirements for inventory under the board’s Disclosure Framework. The proposed Accounting Standards Update on ...

Inventory classification and optimisation techniques are pivotal in modern supply chain management, offering structured approaches to managing diverse inventory portfolios. Traditional methods such as ...

Learn what inventory accounting is, how it works, and key methods like FIFO, LIFO, and WAC. Includes real-world examples, tips, and best practices. I like to think of inventory accounting like ...

FIFO (first in, first out) is the most common method of accounting for inventory. It assumes that the first items in were the first items sold. When inventory is used to create products, there is ...

Accurate inventory accounting is vital, especially in the globalized world of low-cost competition. Five critical inventory accounting control lapses threaten a company’s long-term survival.

The income statement describes how much money a company has made or lost over a given period, usually three or 12 months. A company that produces or sells merchandise uses a form of the income ...