What is the ECL model under IFRS-9?
ECL or expected credit loss model is applied to accounts receivables. In simple words, it’s a modern approach to expect provision and apply it to … Read more
ECL or expected credit loss model is applied to accounts receivables. In simple words, it’s a modern approach to expect provision and apply it to … Read more
IAS 8 is about implementation of accounting policies, the accounting for changes in estimates, and the correction of prior period errors. The standard establishes rules … Read more
International Accounting Standard IAS 10 comes into the part when an organization has to make post-reporting period modifications to the accounts it keeps; and the … Read more
IAS-2 (inventory valuation) is about calculating and recording the value of the inventory items. These inventory items include raw material, finished goods, and goods in … Read more
Despite their similarities, tax avoidance and evasion are not the same things. Avoiding taxes is not the same thing as evading taxes. The alternative approach … Read more
Before choosing an accounting approach for your business, you must know the primary differences between cash Vs accrual accounting. By recognizing their distinctions, you may … Read more
Accounting accuracy is the foundation of organizational stability and development and that is why an accountant needs to know the difference between the General ledgers … Read more
Cost concept of accounting records assets at their respective cash values at the time of acquisition or purchase. The recorded value of the assets cannot … Read more
Expenditure, invoicing, and revenue are only some of the elements at the foundation of project accounting, which is a subset of general accounting. Project administrators … Read more
In the context of a business acquisition, contingent consideration refers to the obligation of the acquiring company to provide additional assets or equity interests to the … Read more
As per the prudence concept in accounting, a firm should not overestimate its revenues, assets, or profits, nor should it underestimate its obligations, losses, or … Read more
Merchandise Inventory is the term frequently asked. Retailers, wholesalers, and distributors earn money by obtaining items from manufacturers or other suppliers and then marketing, or … Read more
It is the most frequent question being asked by accounting learners, “Is retained earnings an asset?” Typically, retained earnings reflect a corporation’s earnings from its … Read more
Depreciation in accounting is when you make a proportion of the depreciable amount and charge it in the income statement. The proportion is calculated by … Read more
Objective Full disclosure is an accounting concept to ensure the financial statement user gets all the relevant information. Definition This concept requires a business to … Read more
Accounts payable is the balance that needs to be paid to the vendors/suppliers. It’s a credit balance in the balance sheet of the company. Following … Read more
The accounting for bond retirement is based on the principles of liability. In simple words, if the bond is retired, liability is removed from the … Read more
Accounting is one of the hardest aspects of corporate management. The intricacy of the accounts used to classify money movement is only one of the … Read more
A post-closing trial balance is a statement that is a statement of all balance sheet accounts having a balance of greater than zero at the end … Read more
What is meant by Recurring Expense? Recurring expense is also known as recurring costs as the name suggests are repeating expenses. They are brought about … Read more