The Conceptual Framework for Financial Reporting sets out the basic accounting concepts informing International Accounting Standards and International Financial Reporting Standards, serving as a guide for both the International Accounting Standards Board (IASB) and management.
A process allowing firms to withhold certain data from public disclosure under specific conditions.
A comprehensive guide to consignment stock, its definitions, types, historical context, key events, and practical applications in accounting and commerce.
The Consistency Concept is a key accounting principle that demands uniformity in accounting practices within each accounting period and from one period to another. Though no longer recognized as a fundamental principle, it underpins the comparability and reliability of financial statements.
An in-depth look into consolidated accounts, their historical context, types, key events, explanations, mathematical models, and more.
An in-depth exploration of consolidated accounts, combining financial information of all the members within a group of companies, including historical context, key events, detailed explanations, and more.
The Consolidated Balance Sheet is a financial statement providing a combined snapshot of a parent company and its subsidiaries' financial standing.
An in-depth overview of the Consolidated Cash-Flow Statement, including its historical context, types, key events, formulas, examples, and FAQs.
An in-depth exploration of consolidated financial statements, covering definitions, historical context, standards, key elements, importance, applicability, and examples in the context of corporate finance and accounting.
An overview of consolidated income and expenditure accounts, including historical context, types, key events, detailed explanations, mathematical models, importance, applicability, examples, considerations, related terms, and more.
A detailed exploration of the consolidated profit and loss account, its significance, methodology, and applications in financial management.
Detailed explanation of the Consolidated Statement of Financial Position, its importance, structure, key components, and related concepts.
A comprehensive overview of contingencies, including definitions, accounting treatments, key events, mathematical models, and examples.
An exploration of the concept of contingent assets, their recognition, and reporting in accounting and financial contexts.
Comprehensive information about contingent liabilities, including definitions, types, examples, and their implications in finance and accounting.
An in-depth guide on contingent liabilities, including definitions, historical context, types, key events, models, charts, applicability, examples, and related terms in financial accounting and reporting.
A comprehensive overview of the Continuity Assumption, also known as the Going-Concern Concept, including its importance, applications, and related considerations.
Explore the role, responsibilities, and significance of the Controller, the chief accounting executive responsible for financial reporting, taxation, and auditing within an organization.
Currency conversion and currency translation are pivotal concepts in finance, each addressing the handling of different currencies but serving distinct purposes and context—conversion for immediate transactions and translation for financial reporting.
Cookies-Jarring is a method where businesses save sales for future periods to ensure consistent growth figures, a practice that is legally permissible but ethically questionable.
An in-depth exploration of the traditional method of measuring fixed assets, valued at historical cost less accumulated depreciation, and its implications in financial reporting.
Cost of Sales Adjustment (COSA) is a crucial aspect of current-cost accounting that adjusts the trading profit of an organization by accounting for holding gains on the cost of sales.
Understanding Current Purchasing Power (CPP) Accounting - A Financial Reporting Method
Creative Accounting involves using alternative, often legally permissible methods, to manipulate financial figures for presenting them in a desired manner. This can include shifting receipts between income and capital gains, leasing back sold assets, or relegating transactions to off-balance-sheet accounts.
Current Purchasing Power Accounting (CPP accounting) is a form of accounting that measures profit while maintaining the purchasing power of shareholders' capital. This entry delves into the historical context, methodologies, key events, importance, and examples of CPP accounting.
Comprehensive explanation of Current-Cost Accounting, its historical context, methodologies, importance, and applicability in finance and accounting.
Understanding how current-cost depreciation charges are calculated based on the current cost of assets, including historical context, methods, models, and practical applications.
An accounting method that takes account of changes in specific prices rather than changes in the general price level, valuing assets based on their current realizable value, replacement cost, or net present value.
The practice of writing off goodwill to reserves and creating a goodwill account, which was deducted from shareholders' funds, known as dangling debit, and its cessation under Financial Reporting Standard 10.
The Dearing Report, published in 1988, examined the setting of accountancy standards in the UK, leading to significant changes including the creation of the Accounting Standards Board and the establishment of the Financial Reporting Council.
An in-depth exploration of the debit and credit rules which form the basis of double-entry bookkeeping, including their historical context, applications, types, and examples.
A comprehensive guide to understanding decommissioning costs, their importance in various industries, and their accounting implications based on standards such as IAS 37.
An in-depth exploration of deemed cost, an accounting concept used during transitions to new accounting standards, including its applications, calculations, and implications.
Detailed explanation of defective accounts, including historical context, legislation, implications, types, and corrective measures. Important for understanding financial accountability and compliance.
Deferred expenses, also known as prepaid expenses, are costs that have been incurred but will be recognized as expenses in future accounting periods.
A comprehensive guide to deferred taxation, explaining timing differences, accounting principles, relevant standards, and their significance in financial reporting.
An in-depth guide to depletion accounting, its methodologies, historical context, and application in various industries.
An in-depth guide to understanding the depreciable amount of fixed assets, its calculation methods, importance in accounting, and related concepts.
A comprehensive guide to depreciated cost, its importance in accounting, various methods of depreciation, key considerations, and related terms.
Depreciation is a crucial concept in both accounting and economics, referring to the decrease in the value of tangible fixed assets over time or the fall in value of a currency with a floating exchange rate.
An in-depth look at the concept of depreciation, including its types, mathematical models, historical context, applicability, and key considerations.
Derecognition refers to the removal of assets and liabilities from a company's balance sheet. This occurs when an asset is disposed of, reaches the end of its useful life, or under certain financial conditions. It is crucial for off-balance-sheet finance and is guided by Section 17 of the Financial Reporting Standard in the UK and Republic of Ireland, as well as International Accounting Standard 39 and International Financial Reporting Standard 7.
The diminishing-balance method, also known as the reducing-balance method, is a technique used to calculate depreciation, which gradually reduces the value of an asset over time.
Understanding the Direct Method for preparing a cash-flow statement under Financial Reporting Standard 1 and International Accounting Standard 7.
In the USA, the direct write-off method is a procedure for writing off bad debts as they occur. While this practice is unacceptable for financial reporting purposes, it is the only method allowed for tax purposes.
A comprehensive look at the Disclaimer of Opinion, its types, significance in the audit process, and related concepts.
An in-depth look at disclosures in various fields such as finance, real estate, and law, explaining their significance, types, and related concepts.
A comprehensive guide on discontinued operations, covering its definition, historical context, key events, types, importance, and application in financial reporting.
Discovery Value Accounting is an accounting method used primarily in the extractive industries, like oil and gas, where increases in discovered reserves signify an increase in assets and future earnings.
A comprehensive article on Discussion Memorandum, detailing its significance in the accounting standard-setting process, historical context, categories, key events, applicability, and more.
Dollar Value LIFO is a method of inventory valuation that expresses the value of inventory in monetary terms rather than units, using base-year prices and price indices to measure changes over accounting periods.
An in-depth exploration of doubtful accounts, accounts receivable that are considered unlikely to be collected, including definitions, recognition, accounting treatment, and examples.
Dual reporting is a critical practice for multinational companies that must prepare financial statements under multiple accounting standards, such as IFRS and U.S. GAAP.
A detailed exploration of earnings, including historical context, types, key events, formulas, and more.
EDGAR (Electronic Data Gathering, Analysis, and Retrieval System) is the SEC's electronic system for submitting, accessing, and analyzing public company filings.
The Effective Interest Rate Method is a sophisticated technique to allocate interest expenses by considering the bond's carrying value, making it crucial for accurate financial reporting and investment analysis.
An in-depth exploration of the European Financial Reporting Advisory Group (EFRAG), its historical context, importance, and key contributions to financial reporting standards in Europe.
Understanding the significance of 'Emphasis of Matter' in auditing, its historical context, and related concepts.
Enterprise Performance Management (EPM) is a framework that helps organizations monitor and manage their performance by integrating business planning, budgeting, forecasting, and financial reporting to achieve strategic objectives.
A comprehensive guide to understanding the concept of Entry Value, its historical context, applications in accounting, and comparisons with Exit Value.
An in-depth exploration of Equal-Instalment Depreciation, also known as the Straight-Line Method, including historical context, formula, examples, and its importance in accounting and finance.
Equity Accounting, also known as the equity method, is a critical practice in financial reporting that shows a company's share of the undistributed profits and net assets of another company in which it holds equity.
The Equity Method is a method of accounting for associated undertakings where the investor records their initial investment at cost and subsequently adjusts this amount based on their share of the investee's results and changes in net assets.
An in-depth explanation of Error of Omission, its types, historical context, significance in accounting, examples, and related terms.
A comprehensive exploration of the Error of Principle in accounting, including historical context, types, key events, detailed explanations, examples, considerations, related terms, interesting facts, and more.
A comprehensive guide to ethical accounting, covering its importance, principles, historical context, applications, and related terms.
The EU Accounting Directive sets out the financial reporting requirements for companies within the EU, ensuring transparency, consistency, and comparability of financial statements.
International Financial Reporting Standards (IFRS) as adopted for use in the European Union, tailored to meet the needs and regulatory requirements of EU jurisdictions.
A comprehensive article on the European Financial Reporting Advisory Group (EFRAG), its role, historical context, key events, and importance in the realm of financial reporting within the EU.
Events accounting is a specialized method of accounting that focuses on recording and reporting financial data related to particular events, rather than using traditional chronological methods. This approach provides detailed insights into the financial impact of specific occurrences.
An in-depth look at the conditions under which subsidiaries can be excluded from consolidation under Financial Reporting Standard applicable in the UK and Republic of Ireland, including historical context, key conditions, examples, and related financial regulations.
Learn about the scenarios under the Companies Act and Financial Reporting Standards where a parent company is exempt from preparing consolidated financial statements, including eligibility, criteria, and examples.
The principle that expenses should be recognized in the period when they are incurred.
An accounting principle that states expenses should be recognized in the period they are incurred.
An Exposure Draft is a draft issued as a discussion document prior to the release of a final document. Specifically, it refers to a draft issued for discussion by the Financial Reporting Council before issuing a Financial Reporting Standard.
An in-depth exploration of Extensible Business Reporting Language (XBRL), its history, applications, key features, and importance in business and financial data communication.
Extraordinary items are costs or income affecting a company's profit and loss account that do not derive from the ordinary activities of the company, are not expected to recur, and, if undisclosed, would distort the normal trend of profits. These items are now treated as exceptional items under current rules.
A comprehensive guide to understanding the concept of fair presentation in financial reporting, its historical context, importance, key considerations, and related terms.
An in-depth exploration of Fair Value Accounting, its history, key concepts, criticisms, and its impact on financial reporting and markets.
A comprehensive guide to understanding Faithful Representation, its historical context, importance, applicability in financial reporting, related terms, and much more.
An in-depth look at farming, its historical context, types, key events, important figures, and modern applications, along with related tax provisions, financial considerations, and inspirational stories.
Comprehensive overview of the Financial Accounting Standards Board (FASB) and its role in establishing Generally Accepted Accounting Principles (GAAP).
An in-depth exploration of the Financial Accounting Standards Board (FASB), its historical context, importance, key events, and its role in establishing financial accounting standards.
FATCA: A U.S. law aimed at preventing tax evasion by U.S. taxpayers holding accounts overseas.
A comprehensive guide on FBAR, its historical context, requirements, importance, and applicability for U.S. persons.
A comprehensive exploration of finance leases, where the risks and rewards of ownership are transferred to the lessee, essentially treating it as ownership in accounting.
The Financial Accounting Foundation (FAF) is the organization responsible for the oversight, administration, and funding of the Financial Accounting Standards Board (FASB) in the United States. This article explores the historical context, roles, functions, and importance of the FAF.
The Financial Accounting Standards Advisory Council (FASAC) provides critical advice to the Financial Accounting Standards Board (FASB) on various financial accounting standards, ensuring transparency and consistency in financial reporting.
The Financial Accounting Standards Board (FASB) is a non-governmental organization in the USA, responsible for establishing generally accepted accounting principles (GAAP). Established in 1973, FASB plays a crucial role in the regulatory landscape, ensuring transparency and consistency in financial reporting.
A comprehensive guide to understanding Financial Capital Maintenance, its importance, methods, and implications in financial and economic contexts.
Financial Data Standards are guidelines and frameworks used to prepare, present, and report financial information, ensuring uniformity and comprehensibility across different entities and jurisdictions.
A Financial Period refers to a specific span of time used for accounting purposes, during which financial statements are prepared to assess the financial performance of an organization.
Financial reporting is the process of disclosing financial performance and conditions of a business through statements to stakeholders, including external users and management.
Comprehensive overview of the Financial Reporting Council (FRC), its historical context, roles, regulations, and impact on financial reporting standards.
A Financial Reporting Exposure Draft (FRED) is a document issued by the Financial Reporting Council (FRC) for discussion and debate prior to the issuance of a Financial Reporting Standard (FRS). This article covers its historical context, types, key events, detailed explanations, models, charts, importance, applicability, examples, and much more.
Comprehensive guide on Financial Reporting Release (FRR), its historical context, importance, applicability, and detailed explanations.
A comprehensive overview of Financial Reporting Releases (FRRs) issued by the SEC, covering historical context, types, key events, importance, examples, and related terms.
An in-depth look at the Financial Reporting Review Panel (FRRP), its role in regulatory compliance, and its impact on financial reporting standards.
The Financial Reporting Review Panel (FRRP) is an operating body of the UK Financial Reporting Council that investigates and addresses departures from accounting requirements of the Companies Acts. It oversees the financial reports of public and large private companies, holding the authority to take legal action when necessary.
Comprehensive coverage of Financial Reporting Standards (FRS), including historical context, key events, detailed explanations, importance, applicability, examples, related terms, comparisons, interesting facts, FAQs, and references.
