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Financial Accounting Concepts
IFRS 6 – Exploration for and Evaluation of Mineral Resources
Overview IFRS 6 Exploration for and Evaluation of Mineral Resources allows organisations adopting the standard for the first time to continue to apply pre-IFRS
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IFRS
IFRS 5 – Non-current Assets Held for Sale and Discontinued Operations
IFRS-5 Standard is being developed, revised and adopted by the IASB to establish a framework for recognising and measuring the income of entities that acquire o
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Financial Accounting Concepts
Meaning and Objectives of Preparing Cash Flow Statement
Cash is critical to a business’s economic life. A business requires cash to pay suppliers, incur daily expenses, and pay salaries, wages, interest, and di
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Financial Accounting Concepts
What are Ind-ASs and When They Are Applicable?
What is an Ind-AS? An IND-AS is an accounting standard prepared in India in compliance with IFRS. IND AS is currently tracked by all listed firms and those unli
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Financial Accounting Concepts
IFRS 4 – Insurance Contracts, Scope and Applicability
Overview IFRS 4 is the IASB’s first advice on insurance contract accounting – but not the last. A detailed study of insurance contracts is now being
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Cost Accounting
What is Marginal Cost and Marginal Cost Equation
The marginal cost of an additional unit of output is often referred to as the “prime cost plus variable overhead.” It encompasses all costs that var
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Cost Accounting
Integrated Accounting System of Cost Accounting
Integrated accounting is defined by the Chartered Institute of Management Accountants (CIMA) as “a collection of accounting records that offers financial
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Cost Accounting
What is a Non-Integrated Accounting System?
The non-integrated accounting system is an accounting method whereby accountants keep separate ledgers for cost and financial accounts. In such a system, the co
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Financial Accounting Concepts
Introduction to Contract Costing – Explanation
What is a Contract? The term ‘contract’ refers to the agreement between two parties to do a particular task within a given time frame. Typically, a
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Cost Accounting
What is Job Costing? Advantages and Disadvantages
Job costing is a cost accounting system that allocates the costs of producing a good or service to the particular products and services of the company that crea