The ASC 925 Film standard provides guidance on the accounting and reporting for film production and distribution companies. One of the key aspects of financial reporting in the film industry is the capitalization of film production costs. In this article, we will explore how film production costs are capitalized under the ASC 925 Film standard and explain the associated journal entries.
The ASC 908 Airlines standard provides industry-specific guidance on the accounting and reporting for airline companies. One of the key aspects of financial reporting for airlines is the recognition of passenger revenue, which constitutes a significant portion of their income. In this article, we will explore how passenger revenue is recognized under the ASC 908 Airlines standard and explain the associated journal entries.
In the complex world of architecture, efficient and accurate financial management is critical to a firm's success. While architects often excel in design and project management, they may not be experts in accounting. The reliance on manual financial processes without the support of software solutions can lead to human errors that have far-reaching consequences. This article explores the risks of human error in architectural accounting and highlights the importance of minimizing mistakes through the adoption of software solutions.
Project management and accounting go hand in hand, as successful projects require effective financial planning, budgeting, and monitoring. Many accounting software solutions now offer project management features, providing businesses with an integrated approach to managing both project tasks and financials. In this article, we will explore how accounting software can help businesses improve their project management processes and maximize project success.
Professional service firms, such as law firms, consulting agencies, and architectural firms, have unique accounting needs that differ from those of product-based businesses. Selecting the right accounting software is crucial for efficiently managing financial processes, tracking billable hours, and maintaining profitability. In this article, we will discuss the essential features and considerations for choosing accounting software tailored to the specific needs of professional service firms.