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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 made...
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 very...
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 standard’s...
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 risk....
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 be...
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 predict...
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 you...
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 London-based...
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 typically...
INVESTMENT IN ASSOCIATES Definition IFRS: An associate is an entity over which the investor has significant influence – that is, the power to participate in, but...
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 outflows...
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 current...
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) and...