The International Financial Reporting Standard (IFRS) is a set of accounting standards issued by the International Accounting Standards Board (IASB) aimed at ensuring transparency, accountability, and efficiency in financial markets worldwide.
Comprehensive guide to International Financial Reporting Standards (IFRSs), including their historical context, types, key events, detailed explanations, and applications.
The International Financial Reporting Standards Advisory Council (IFRS-AC) is a body of experts advising the International Accounting Standards Board (IASB) on the priorities and implications of setting accounting standards.
An in-depth exploration of the IFRS Foundation, including its history, structure, significance, and impact on global financial reporting standards.
The International Integrated Reporting Council (IIRC) is a global coalition promoting a new form of financial reporting known as integrated reporting (IR), combining financial and non-financial aspects to provide a holistic view of an organization’s value creation.
A comprehensive overview of the International Public Sector Accounting Standards (IPSAS), their history, significance, application, and key standards.
The International Public Sector Accounting Standards Board (IPSASB) is an independent organization focused on improving the quality and transparency of public sector financial reporting worldwide. The IPSASB issues International Public Sector Accounting Standards (IPSAS) with a strong emphasis on the accruals concept.
A detailed exploration into inventory adjustment, including its importance, types, methods, and relevance in various sectors such as finance, accounting, and management.
Comprehensive overview of Inventory Valuation including historical context, types, key events, methods, examples, related terms, and more.
A comprehensive exploration of investing activities, a critical heading in the cash-flow statement highlighting cash flows related to asset acquisitions or disposals, as mandated by Financial Reporting Standard 1.
A comprehensive guide to understanding the International Public Sector Accounting Standards (IPSA), its significance in public sector financial reporting, and its key principles.
The International Public Sector Accounting Standards Board (IPSASB) develops and issues International Public Sector Accounting Standards (IPSAS), which are designed to improve the quality, consistency, and transparency of financial reporting in the public sector.
Comprehensive coverage of the International Public Sector Accounting Standards Board (IPSASB), its history, importance, standards, and applicability.
An in-depth exploration of what defines a large company, including its characteristics, historical context, importance, and key considerations.
A comprehensive guide to the classification of large groups in corporate contexts, their significance, regulatory standards, and implications for business operations.
The Lower of Cost or Market (LCM) principle is an accounting guideline that mandates inventory to be recorded at the lower of its original cost or its current market value.
A comprehensive look at lease accounting, its history, types, key events, detailed explanations, models, examples, related terms, and more.
An in-depth overview of the Lease Operate Statement (LOS), which provides a comprehensive breakdown of operational expenses and revenues for an oil or gas property.
LIFO, or Last In, First Out, is an inventory valuation method where the most recently produced items are recorded as sold first. This approach impacts cost of goods sold and inventory balances.
Comprehensive overview of LIFO (Last-In-First-Out) cost, its application in accounting, historical context, mathematical formulas, charts, importance, examples, and related terms.
Linear depreciation refers to depreciation charges that result in a straight line when plotted on a graph, indicating a constant amount is written off each year.
Linked Presentation is a method of showing an asset that is essentially a financing arrangement on a balance sheet. This item is presented gross with the finance deducted within a single asset caption.
An in-depth look into Little GAAP, the generally accepted accounting principles tailored for small companies. Explore its history, key features, importance, examples, and related terms.
A detailed guide on Long-Term Contracts, their historical context, types, key events, detailed explanations, mathematical formulas/models, importance, applicability, examples, and related terms.
Long-term contracts span over a year or more and require specialized accounting methods to reflect financial performance accurately.
An in-depth exploration of long-term debtors, including historical context, types, key events, models, importance, examples, and more.
A detailed examination of the Management Discussion and Analysis (MD&A) section in annual reports, its purpose, historical context, key elements, importance, and examples.
An in-depth look at the management letter written by auditors to suggest improvements to a client company's accounting and internal control systems.
The Matching Concept in accounting is a principle that mandates revenues and the associated expenses to be recorded in the same accounting period. It ensures financial statements provide a clear, accurate representation of a company’s financial performance.
Materiality assesses the significance of accounting information. It considers if an omission or misstatement can influence decision-making in financial statements. As a critical accounting principle, materiality is not absolute; it varies with the size, nature of the item, and specific circumstances.
Management Discussion and Analysis (MD&A) is a section within a company's annual report or quarterly filing that provides a comprehensive overview of its performance, financial condition, and future prospects.
A comprehensive overview of mergers, highlighting their historical context, key events, types, considerations, and importance in the business world.
Merger accounting treats two or more businesses as combining on equal terms without restating net assets to fair value. This method includes the results of combined entities for the entire accounting period as if they had always been combined, differing from acquisition accounting.
The Micro-entities regime offers a simplified reporting framework tailored specifically for very small entities, easing their administrative burden.
A comprehensive guide to understanding micro-entities, their criteria, regulations, and implications in financial reporting.
Micro-Entity Accounts offer a streamlined and simplified approach to accounting tailored for the smallest businesses, ensuring compliance with legal requirements while minimizing administrative burden.
An in-depth look at modified accounts, the original term for abbreviated accounts used in financial reporting, their significance, key differences, historical context, and implications.
A comprehensive examination of the Modified Historical-Cost Convention, including its history, applications, types, key events, importance, and related terms.
The presentation of financial information prepared on different bases in a columnar format to facilitate understanding by the user.
A comprehensive understanding of negative goodwill on consolidation, its treatment in financial statements, and its significance under various financial reporting standards.
The basis upon which the earnings per share (EPS) of a company is calculated, taking into account both constant and variable elements in the company's tax charge. Under International Accounting Standard 33 (IAS 33), Earnings Per Share, a listed company must show the EPS on the net basis on the face of the profit and loss statement.
An in-depth exploration of the term 'Net Position' used in proprietary and fiduciary fund reporting, outlining its classifications, importance, examples, related terms, and more.
An in-depth exploration of neutrality in financial reporting, its historical context, importance, application, and related terms.
An in-depth exploration of the New UK GAAP, its historical development, categories, key events, detailed explanations, and more, helping readers understand the principles and applications of UK accounting standards.
An in-depth exploration of Non-Controlling Interest, including its definition, historical context, importance in financial reporting, related terms, and more.
An in-depth look at Non-GAAP Measures, which are financial metrics that do not conform to Generally Accepted Accounting Principles, including their historical context, types, key events, detailed explanations, and importance in finance and accounting.
Explore the definition, types, and significance of non-monetary items in accounting and finance, with examples and contextual understanding.
Normative Accounting Theory prescribes how accounting should be done, offering guidelines and principles for creating and evaluating accounting practices, contrasting with Positive Accounting Theory, which describes and predicts current practices.
Normative Theories of Accounting focus on what accounting procedures and policies should be, guided by a priori concepts and deductive reasoning, rather than merely describing current practices.
A detailed overview of the Note of Historical Cost Profits and Losses, its relevance, historical context, and practical applications in financial reporting.
An in-depth exploration of notes to financial statements, including historical context, importance, key components, and real-world examples.
An in-depth exploration of the objectives of financial statements, their role in economic decision-making, historical context, key principles, and related standards.
An in-depth look into Other Comprehensive Income (OCI), its historical context, significance in financial statements, components, and more.
An Operating and Financial Review (OFR) is a narrative report that offers a comprehensive analysis of a company's business activities and financial performance, providing insights beyond the standard financial statements.
An in-depth look at operating leases, their types, historical context, key considerations, and more.
Operating Segment: Understanding its Role, Financial Reporting Implications, and Regulatory Requirements
Understand the distinctions between operating segments and reportable segments, including definitions, criteria, examples, and key considerations.
Different parts of a company that engage in business activities from which they may earn revenues and incur expenses.
An operating statement is a comprehensive financial and quantitative report provided to an organization's management to record and evaluate the performance of a specific operational area for a selected budget period. This statement includes production levels, incurred costs, revenue generation, budget comparisons, and historical performance data.
A comprehensive look into ordinary activities, their types, implications, examples, and differentiation from extraordinary items.
Understanding the nuances of originating timing difference in the realm of accounting and finance.
Comprehensive income not recognized in profit or loss under IFRS, including gains and losses from revaluation of financial assets and liabilities.
A comprehensive exploration of Paper Profit, its types, historical context, significance in finance and economics, and more.
An accounting method that recognizes revenue and profit proportional to the work completed.
An in-depth exploration of percentage-of-completion capitalization, a cost accounting method where costs are capitalized based on the project's percentage completion.
An extensive exploration of the Period of Account, its historical context, types, key events, formulas, importance, examples, considerations, related terms, and more.
Detailed explanation of the period-end closing process, including historical context, key events, mathematical formulas, importance, applicability, examples, and related terms.
Understanding Permanent Differences Between Taxable Income and Accounting Income
A comprehensive approach to auditing that involves continuous assessment and validation of records to ensure accuracy and integrity in financial reporting.
A comprehensive guide to understanding post-balance-sheet events, their types, implications, and significance in financial reporting.
An overview of the early financial disclosure by listed companies under London Stock Exchange regulations, including definitions, historical context, key events, importance, and guidelines.
An in-depth look into financial statements that have been adjusted for changes in the general price level, providing a clearer representation of a company's financial position.
An accounting system that adjusts financial statements to reflect changes in price levels, addressing criticisms of historical-cost accounting.
Comprehensive overview of prior-period adjustments, including historical context, importance, examples, and key guidelines as per IAS 8.
An in-depth examination of prior-year adjustments, including their historical context, types, significance, and the accounting principles governing them.
An in-depth exploration of the Profit and Loss (P&L) Account, its structure, historical context, significance, and examples. Understanding the P&L Account in financial accounting.
Comprehensive overview of the different formats for profit and loss accounts as prescribed by the Companies Act, including their requirements and implications.
An overview of Property, Plant, and Equipment, focusing on tangible fixed assets such as land, buildings, machinery, fixtures, and fittings, and their significance in business operations.
Proportional Consolidation is a method of consolidation used in group accounts where subsidiaries are not fully owned, and a proportionate share of each category of joint venture revenue, expenditure, assets, and liabilities is included line by line.
The proprietary view in accounting emphasizes the rights and interests of shareholders, focusing on their stakes rather than the entity as a separate whole.
The prospective application is a method of applying new accounting policies to transactions and events occurring after the date of change, ensuring relevance and transparency in financial reporting.
Provision for Doubtful Accounts is a contra-asset account used to estimate and record bad debts, ensuring accurate financial reporting.
An in-depth exploration of the Prudence Concept in accounting, emphasizing cautious revenue recognition and provision for losses.
The Public Company Accounting Oversight Board (PCAOB) is a non-profit organization established by the Sarbanes-Oxley Act of 2002 to oversee the audits of public companies to protect investors and ensure the preparation of informative, fair, and independent audit reports.
Public Interest Entities (PIEs) are entities that hold a significant level of public interest due to their business activities, size, or number of employees.
Comprehensive understanding of Public Reporting, focused on detailed financial reports, disclosures to the SEC, and compliance with regulatory standards for greater transparency and investor protection.
Public Sector Accounting refers to accounting principles and standards designed specifically for government and public sector entities. It includes methods and systems to track, record, and report financial activities within the public domain.
A comprehensive guide to understanding Purchase Accounting, also known as acquisition accounting under the International Financial Reporting Standards (IFRS).
A comprehensive guide to Purchase Price Allocation, a critical step in mergers and acquisitions involving assigning purchase price to identifiable assets and liabilities of the acquired entity.
A Qualifying Company is a company that meets the required criteria for specific exemptions. This term is crucial in various fields such as taxation, regulation compliance, and financial reporting.
An in-depth exploration of the qualitative characteristics that make financial information useful, including relevance, faithful representation, and more.
An in-depth exploration of the qualitative characteristics that make accounting information in financial reports useful and reliable, including their historical context, types, key events, examples, and related terminology.
An in-depth exploration of the concept of Quality of Earnings, its importance, components, and impact on financial decision-making.
A detailed examination of the term "Quarter," a three-month period within a calendar or fiscal year used for financial reporting.
Quarter to Date (QTD) refers to the period from the beginning of the current quarter up to the current date. This term is widely used in financial reporting to analyze performance over part of a quarter.
A comprehensive guide to understanding the concept of a Quarterly Basis in financial reporting, its significance, and its application across various fields.
Comprehensive overview of Quarterly Data including its definition, historical context, types, key events, and detailed explanations.
A comprehensive look at quarterly reports, their contents, importance, and implications in financial analysis and decision-making.
Quarterly Reporting involves dividing a company's financial reporting into four distinct periods within a fiscal year, providing regular insights into its performance and financial health.
An in-depth look at quasi-subsidiaries, entities controlled by a reporting entity that offer similar benefits to those of a subsidiary and whose transactions must be reported in consolidated financial statements.
