HIFO Accounting Explained: Differences With LIFO and FIFO

Discover how HIFO inventory accounting contrasts with LIFO and FIFO methods, and why it impacts COGS and taxable income, ...
Houston Chronicle

Types of Inventory Accounting

If your small business manufactures goods for sale or purchases goods for resale, you need to elect a method of accounting for inventory. In a resale business, all goods purchased for resale are ...
Business Wire

Inventory Accounting Services Market: Impact and Recovery Report | Evolving Opportunities and New Market Possibilities Post Pandemic | SpendEdge

LONDON--(BUSINESS WIRE)--SpendEdge forecast the global Inventory Accounting Services market is expected to grow by USD 10,124.28 million as we reach 2024. This is due to the impact of the COVID-19 ...
Houston Chronicle

Inventory Accounting Issues

If your line of business requires you to maintain an inventory, you'll become familiar with many of the accounting issues raised by keeping goods in stock. The big questions center on how you account ...
Automation World

Avoid Critical Inventory Accounting Lapses

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.
Accounting Today

Best Practices for Managing Inventory

IMGCAP(1)]Inventory management is the practice of planning, directing and controlling inventory so that it contributes to the business' profitability. Inventory is an asset on the balance sheet that ...
Accounting Today

A refined approach to inventory valuation

Limited guidance from the IRS and accounting standard-setting bodies has led to a divergence in interpretation and practice for inventory valuation within the scope of business combinations. A few ...
Your Story

Inventory management: The importance of accounting software in the present scenario

In current times, businesses are becoming increasingly complex as there is so much of crucial data that needs to be handled efficiently. As a result, accounting software has become vital for any ...
JournalofAccountancy

The Death of LIFO?

Few differences between IFRS and U.S. GAAP loom larger than accounting for inventories, particularly the disallowance of the last-in, first-out (LIFO) method in IFRS. The proposed shift of U.S. public ...
JournalofAccountancy

How auditors can test inventory without a site visit

Editor’s note: The coronavirus pandemic has made inventory testing a huge challenge for auditors, particularly for client entities with a March 31 fiscal year end. Audit firms are requiring staff to ...

IFRS vs. U.S. GAAP: Key Differences in Accounting Standards

Explore the major differences between IFRS and U.S. GAAP, including inventory write-downs, intangible assets, and accounting ...