How Do I Calculate Fixed Assets Depreciation Under IFRS?
IAS 16 (of the IFRS) provides for two acceptable alternative approaches to accounting for fixed assets. The first of these is the cost model, under …
Posts tagged Depreciation
Assigning Appropriate Lives to Fixed Assets
There is a very easy way to tell if you have been assigning appropriate lives to fixed asset in your company. Take the existing file …
Fixed Asset Accounting: 23 Most Frequently Asked Questions
Analyzing key phrases keyed in the search tab of AFT and comments left in the articles so far, I found tens of essential questions around …
Accrual Basis Accounting Fundamental
The regulators do not permit a business organized as a C-corporation (in the United States) to use cash basis accounting. Instead, these companies must use …
Depreciation Methods [IAS 16]
Depreciation is designed to spread an asset’s cost over its entire useful service life. Its service life is the period over which it is worn …
Asset Impairments [A Closer Look]
Asset impairment occurs when the fair value of an asset declines below the amount at which it is recorded on the books (its carrying amount). …
New Standard Mileage Rates For 2010
Thursday [3-Dec-2009], IRS has just issued 2010 optional standard mileage rates for calculating the deductible costs of operating an automobile for business, charitable, medical or …
IFRS for Small Business: Financial Statements Disclosures
The objective of financial statements is to provide information for economic decisions. A complete set of financial statements comprises a balance sheet, income statement, statement …
Journal Entries Most Used by Accountants
This post contains a list of the journal entries that most used by accountant and is likely to deal with. There are a plethora of possible …
Financial Accounting Glossary by Lie Dharma Putra [Part 2]
CAPITAL – This is a very broad term with its roots in economic theory that refers to money and other assets that are invested in …
Accounting For Property Plant And Equipment [IAS 16]
This post prescribes rules regarding the recognition, measurement, and disclosures relating to property, plant, and equipment (often referred to as fixed assets) that would enable …
Accounting Terms and Definitions by IFRS and IAS : [C to D]
contingent asset – A possible asset that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one …
Depreciation Methods [Basic Accounting]
The basic theory of depreciation accounting is unarguable: The amount of capital a business invests in a fixed asset, less its estimated future residual (salvage) …