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Though I have posted about balance sheet’s disclosures required under the US’s accounting standard codification, in the past. This post discusses financial statements disclosures required under...
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 which...
What is provision? IFRS, the IAS 37 to be exact, defines provision as a liability of uncertain timing or amount. It means that, under the standard,...
Including foreign currency transactions of foreign operations (usually subsidiary companies)—in the financial statements of corporate parent—has already been a complex and labor-intensive work, since long time...
While many sales are in certain collection, some others are uncertain. A good example of sales with uncertain collection is a stationary supplier delivers stationary stuffs...
It has been a question of many Accounting persons (particularly in the U.S.) whether the IASB’s funding sources are stable enough for it to truly be...
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...
In case if you haven’t got the information: the AICPA, NASBA, Prometric launched the new Uniform CPA Examination on January 05, 2011. It’s called CBT-e, which...
Disclosure requirements relating to financial statements of banks and similar financial institutions had long been set forth by IAS 30. Commencing with years beginning on or...
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...
Interim reporting refers to a requirement by the securities regulator for most publicly held companies to file quarterly or semiannual information. The intent of this requirement...
The general principles followed by company management in recognizing revenue should be stated in a disclosure [footnote]. An entity should disclose: (1) The accounting policies adopted...
The International Financial Reporting Standards (IFRS) are arguably the most widely discussed accounting topic of the moment among businesses in the United States (US)—in particular, what...
Most revenue transactions—those initiated and completed almost at the same time—pose few problems for revenue recognition. However, not all transactions are that simple. For example, customers...
share-based payment transaction – A transaction in which the entity receives goods or services as consideration for equity instruments of the entity (including shares or share...
primary financial instruments – Financial instruments such as receivables, payables and equity securities, that are not derivative financial instruments. [IAS 32.AG15] prior period errors – Omissions...
matching of costs with revenues – A process in which expenses are recognized in the income statement [statement of comprehensive income] on the basis of a...
incremental borrowing rate of interest (lessee’s) – The rate of interest the lessee would have to pay on a similar lease or, if that is not...