-
IFRS
IFRS 6 – Exploration for and Evaluation of Mineral Resources
IFRS 6 outlines the accounting treatment for the mineral resource exploration and evaluation, for mining, oil, and gas companies to recognize related expenses.
-
IFRS
IFRS 5 – Non-current Assets Held for Sale and Discontinued Operations
IFRS 5 offers guidance on the classification, measurement, and disclosure of non-current assets held for sale and discontinued operations. The standard ensures
-
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
-
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
-
IFRS
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
-
Cost Accounting
What is Marginal Cost Equation | Practical Application
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
-
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
-
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
-
Financial Accounting Concepts
Introduction to Contract Costing – Meaning and Types
The term ‘contract’ refers to the agreement between two parties to do a particular task within a given time frame. Typically, a contract involves a
-
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