Industry Accounting
FEATURED ARTICLES
All articles in this category pertain to industry accounting. Industry accounting, also referred to as private accounting, is the accounting performed internally by a company. Industry accountants work in the accounting department for a specific company rather than an accounting firm. Public accounting refers to third-party firms to prepare documents that must be disclosed to the public.
Learn more about industry accounting below.
Recent articles
Proposal to Eliminate Troubled Debt Restructuring (TDR) Accounting
Accounting for troubled debt restructurings (TDRs) has always been a pain point for many accountants, especially those who work in or have clients in the banking industry. The implementation of ASC 326, the current expected credit loss (CECL) standard, didn’t make...
ARO (Asset Retirement Obligation) Accounting Example for Oil and Gas Production
Asset Retirement Obligations (ARO) are commonly associated with industries such as oil and gas, mining, waste disposal, or nuclear energy. Some examples specific to the oil and gas industry include oil well plugging and abandonment and underground storage tank...
Asset Retirement Obligation (ARO) Accounting Example for Real Estate
An asset retirement obligation (ARO) represents the legal commitment to remove certain improvements or modifications to an asset at the end of the asset’s use. The FASB’s ASC 410 Asset Retirement and Environmental Obligations (ASC 410) discusses accounting for AROs....
FASB decides not to delay leases standard for private cos., nonprofits
The Financial Accounting Standards Board voted Wednesday against deferring the lease accounting standard for a third time for private companies and not-for-profit organizations.The standard is set to take effect for nonpublic entities for fiscal years beginning after...
Considerations for Nonprofit Startups
While in many ways similar to for-profit corporations, nonprofit organizations are bound by legal, tax, and accounting laws that are unique to them and them alone. As they navigate through their business lifecycles they will face many different challenges, of which...
How Proposed Changes to 1031 Exchanges Could Impact Real Estate Investors
When buying and selling properties, a 1031 exchange is a commonly used tax strategy for real estate investors. A 1031 exchange, also known as a “like-kind exchange” allows investors to roll the profits of real estate transactions into future property purchases while...