Written by: Barbora Choi on Thu Jul 17
Accounting treatments of costs
There is not a single standard dedicated exclusively to treatment of costs/ expenses.
"Count the cost before you make your choice.”
Recently I had a conversation with a colleague who is a brilliant controller.
We were discussing current tight budgets and cost cutting efforts.
Somewhere in the middle of the chat they confessed:
I know a great deal about how costs of products are calculated. I know all about the costs of inputs and how to control them. But accounting for costs? Just a headache. Happen to know a good, simple rulebook?
This short illustration is for you, dear colleague, and for all, who want to understand how accounting views and treats costs and expenses.
Opening quote by Lailah Gifty Akita via Goodreads.
