The difference between these two accounting methods is the treatment of accruals. Naturally, under the accrual method of accounting, accruals are required. A good accountant is an impeccable rule-follower — and there are a ton of rules in business finance. Many small business owners who attempt to do their own accounting find it to be… Continue reading What is an accounting period? Sage Advice US
Category: Bookkeeping
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The GAAP guidance can be 1) adopted; 2) adopted with modification; or 3) rejected for statutory accounting. Information regarding the decision for GAAP guidance can be found in the various SSAPs (Statements of Statutory Accounting Principles) and collectively in Appendix D – GAAP Cross-Reference to SAP. Judge Courtney D. Jones agreed with the IRS that… Continue reading 4 2 Premium recognition and unearned premium liability