A small business must decide on how it will account for the inventory of goods it sells. The decisions can have a substantial effect on taxable income. An owner can choose how to value inventory, the ...

To determine the value of ending inventory and, ultimately, margins, many retailers have stuck with an accounting practice known as the retail inventory method — in some cases for more than 100 years ...

The Financial Accounting Standards Board sets national accounting standards, called Generally Accepted Accounting Principles, for publicly traded companies in the United States. GAAP standards provide ...

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 ...