Financial Accounting Concepts
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Differences Between Accounting Concepts and Conventions
Although to a layman, both accounting concepts and accounting conventions may sound similar, there are some fundamental differences between them. There are
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What the Limitations of Financial Accounting?
Many of us still belief that the financial accounting system is perfect, and it would be a miracle to find something wrong with the financial accounting sy
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What is a Bank Reconciliation Statement?
Bank Reconciliation Statement A bank reconciliation statement is a document that reconciles the balances of a bank’s checking account with the bank&#
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IFRS 9 Financial Instruments | Meaning and Overview
Overview of IFRS 9 IFRS 9 is effective for annual periods beginning on or after 1 January 2018 with early application permitted. IFRS 9 specifies how an en
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IFRS 8 – Operating Segments | Scope and Disclosure Requirements
Scope IFRS 8 applies to the separate or individual financial statements of an entity (and to the consolidated financial statements of a group with a parent
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IFRS 7 – Financial Instruments: Disclosures
Overview IFRS 7 Financial Instruments: Disclosures require a business to disclose information on the financial instruments’ relevance to the entity a
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Treatment of Goodwill: IFRS v. GAAP
Goodwill is an intangible asset representing the future economic benefit arising from assets that are not recognised separately. It constitutes an ess
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What is zero-based budgeting? Meaning and Explanation
Zero-based budgeting Zero-based budgeting (ZBB) is an accounting method that calculates every budget element from an initial zero point. This can seem a li
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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-
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Meaning and Objectives of Preparing Cash Flow Statement
Importance of Cash Cash is critical to a business’s economic life. A business requires cash to pay suppliers, incur daily expenses, and pay salaries,
