Time period assumption is the accounting rule that time can be divided into distinct and consecutive periods and that accounting transactions can be allocated to these periods using criteria laid ...

The Internal Revenue Service and the Treasury Department are extending a transition period for an exception to the requirement for companies to pay taxes on royalties for intellectual property abroad.

Matching Principle Is a Defining Requirement In conjunction with the concept of accrual basis accounting, it’s important for businesses to follow the matching principle. This concept states that ...

The accounting cycle is an eight-step process that accountants and business owners use to manage a company’s books throughout a particular accounting period—typically throughout the fiscal ...

Under Section 46 of the National Internal Revenue Code (NIRC) of 1997, as amended, if a taxpayer, other than an individual, changes his accounting period from FY to CY, from CY to FY, or from one ...

Accrual accounting adheres to the matching principle, which requires that expenses be matched with the revenues they help generate in the same reporting period.