IFRS 12-Disclosure of Interests in Other Entities
Overview IFRS 12 Disclosure of Interests in Other Entities is a consolidated disclosure standard requiring a wide range of disclosures about an entity’s interests in subsidiaries, joint arrangements, associates and unconsolidated ‘structured entities’. Objective and scope The objective of IFRS 12 is to require the disclosure of information that enables users of financial statements to evaluate: [IFRS […]
IFRS 11 – Joint Arrangements | Overview
International Financial Reporting Standard (IFRS) 11 prescribes the accounting treatment of joint arrangements, which occur when two or more entities have control over an economic activity. The standard is meant to ensure that financial reports clearly show the nature of the collaboration and rights and obligations of each entity participating in it. IFRS 11 categorizes […]
IFRS 10 — Consolidated Financial Statements
The International Financial Reporting Standard (IFRS) 10, Consolidated Financial Statements, is the key to facilitating financial statements reflecting the economic events of a set of entities with common control effectively. Developed by the International Accounting Standards Board (IASB), IFRS 10 gives rise to one control-based framework for assessing when an entity has to consolidate its […]
IFRS 9 Financial Instruments | Meaning and Overview
IFRS 9 is a set of international financial reporting standards issued by the International Accounting Standards Board (IASB) that outlines the rules for accounting and reporting of financial instruments. It was first introduced in 2014 and became effective for annual reporting periods beginning on or after January 1, 2018. Reasons to Issue IFRS-9 IFRS 9 […]
IFRS 8 – Operating Segments
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): However, when both separate and consolidated financial statements for the parent are presented in a single financial report, segment information need be shown only on the basis of the […]
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 and the type and extent of the risks associated with those financial instruments, both qualitatively and quantitatively. The main objective of IFRS 7 is to provide users of financial statements with relevant and reliable information […]
Treatment of Goodwill: IFRS v. US GAAP
When it comes to accounting principles, the treatment of goodwill can vary significantly between International Financial Reporting Standards (IFRS) and United States Generally Accepted Accounting Principles (US GAAP). In this blog post, we will explore the differences in the treatment of Goodwill under IFRS and GAAP and the implications for financial reporting. Also Read: Write […]
What are mutual fund loads? Meaning and Types
Mutual fund loads are sales charges or commissions levied on investors when they purchase or sell shares in certain types of mutual funds. The total charges for the fund are called the load. Fund loads are generally paid when you purchase or redeem shares, but they may be applied at other times, including redemption before […]
5 Helpful Tips For Getting Rid Of Debt
Debt can feel like a heavy weight on your shoulders. It can limit your financial freedom and cause a lot of stress. But you don’t have to stay stuck! Taking control of your debt is empowering, and it’s definitely achievable. Going into debt is that you won’t find out that debt is a trap until […]
What is zero-based budgeting? Meaning and Explanation
Zero-based budgeting, or ZBB, is a strategic approach to financial planning that expects each expense to be justified starting from zero. Unlike the traditional method of budgeting where adjustments are made incrementally on previous budgets, in ZBB each budgeting cycle develops a new financial baseline. Such methodology ensures resource allocation according to requirement and prioritization […]