Determining the cost or valuation of inventory held in a company is an important management task. Inventory often represents a large portion of total assets on the balance sheet and the method used to ...

Companies have used the retail method of inventory accounting for many years. According to the Committee on Ways and Means, the retail inventory method has been the best accounting method since 1941.

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.

The AICPA Financial Reporting Executive Committee (FinREC) is seeking comments on a recently published working draft on inventory valuation. The inventory valuation material ultimately will be ...

The American Institute of CPAs’ Financial Reporting Executive Committee has posted an early working draft of guidance on inventory valuation guidance, with a goal of eventually publishing a broader ...

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 ...

Jeff is a writer, founder, and small business expert that focuses on educating founders on the ins and outs of running their business. From answering your legal questions to providing the right ...

Accounting and parts tracking can be some of the most challenging chores for fleet managers. To help, Fleetio added new inventory valuation methods to its list of offerings on Tuesday — LIFO / FIFO ...

The AICPA Financial Reporting Executive Committee (FinREC) on Monday published a working draft on inventory valuation and is seeking comments on the draft. The inventory valuation material ultimately ...

Inventory valuation is often necessary for the purposes of evaluating and determining damages. Such damages could arise from a multitude of factors such as water intrusion, fire, theft and / or ...

To provide guidance on accurately recording the value and minimizing the risk of loss of assets held in inventory by university service centers. UTSA service centers purchase and distribute products ...

One of QuickBooks’ failings, even the higher-end Enterprise versions, is its relatively weak inventory management module. QuickBooks does the job quite well for service-based companies, and companies ...