If an improvement increases the useful life of the asset (fancy weather-resistant shingles on a roof, for example), you should decrease the accumulated depreciation account to record the value of the extraordinary repair

Now that we know what to include and why, here’s a typical engagement letter example. If the scope of services or anything else changes during the year, the letter must be reissued. They

The Completed Contract Method delays the recognition of revenue and expenses until a construction project is either fully or substantially completed. This method is often used for short-term or small-scale projects where it

To learn more about best practices for compliance in law firm accounting click here. Clear financial data reporting and analysis provides confidence in operational decision, management, transparency, and partner trust. This systematic approach