Posts tagged GAAP

Guarantees are commonly encountered in the commercial world; these can range from guarantees of bank loans made as accommodations to business associates to negotiated arrangements …

The process and methodology of revenue recognition for development project depend on the type of project. The revenue recognition for sale of condominium units is …

IAS 34, Interim Financial Reporting, established new requirements for interim reporting, while not making the reporting of interim results mandatory. While the draft preceding this …

For the purpose of fair value measurements, “inputs” are the assumptions that market participants would use in pricing an asset or liability, including assumptions regarding …

A review is a step up in the level of service from a compilation engagement, since some form of assurance on the financial statements will …

Income statement summarize past transactions and events. Many users of income statements are interested in the past only to the extent that it can help …

Financial statements are prepared in conformity with standards that have been established over the years called generally accepted accounting principles (GAAP). Rarely, if ever, would …

Back in January 2005, listed companies in the European Union must comply with the rules of the International Financial Reporting Standards (IFRS) elaborated by the …

In this post, I am going to reveal “how to apply revenue recognition under Installment method” in step-by step. As the title says, it is …

INVESTMENT IN ASSOCIATES Definition IFRS: An associate is an entity over which the investor has significant influence – that is, the power to participate in, …

Cash flow statement Exemptions IFRS: No exemptions. US GAAP: Limited exemptions for certain investment entities and defined benefit plans.   Direct/indirect method IFRS: Inflows and …

BALANCE SHEET Each framework requires prominent presentation of a balance sheet as a primary statement.   Format IFRS: Entities present current and non-current assets, and …

Historical cost or valuation IFRS: Historical cost is the main accounting convention. However, IFRS permits the revaluation of intangible assets, property, plant and equipment (PPE) …