Accounting standards are authoritative standards for financial accounting and reporting, such as the Financial Reporting Standards issued by the Financial Reporting Council in the UK or the International Financial Reporting Standards issued by the International Accounting Standards Board. In the USA, the responsibility falls on the Financial Accounting Standards Board. These standards provide rules and procedures for the measurement, valuation, and disclosure of accounting transactions.
An in-depth look at the accrual basis of accounting, its historical context, key principles, importance, applicability, and related terms.
Asset Impairment refers to a significant and unforeseen decline in the value of an asset, resulting in an adjustment to the carrying value on the balance sheet. It ensures that the recorded value of the asset does not exceed its recoverable amount.
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.
An in-depth exploration of Consolidated Goodwill, including its definition, historical context, accounting standards, methodologies for calculation, and real-world applications.
A comprehensive guide on discontinued operations, covering its definition, historical context, key events, types, importance, and application in financial reporting.
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.
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.
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.
An in-depth exploration of Fair Value Accounting, its history, key concepts, criticisms, and its impact on financial reporting and markets.
Fair Value Through Profit or Loss (FVPL) is a classification for financial assets measured at fair value, with changes recognized directly in profit or loss. This guide explores its historical context, applications, models, and more.
A detailed comparison between the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB), focusing on their roles, standards, and impact on global financial reporting.
Financial Data Standards are guidelines and frameworks used to prepare, present, and report financial information, ensuring uniformity and comprehensibility across different entities and jurisdictions.
An in-depth look at FRS 102, the comprehensive accounting standard issued by the Financial Reporting Council in 2013, which brought UK GAAP in line with International Financial Reporting Standards (IFRSs).
An in-depth look at the guidelines and principles for the preparation and presentation of financial statements, serving as the foundation for financial reporting.
Full IFRS refers to the complete set of International Financial Reporting Standards, which are mandatory for large, publicly listed companies to ensure uniformity, transparency, and comparability in their financial statements.
An in-depth look at the fundamental accounting concepts that form the bedrock of financial reporting and accounting practices.
A detailed comparison of GAAP and IFRS, exploring their differences, key concepts, applications, and implications for multinational corporations.
An extensive guide to Generally Accepted Accounting Principles (US GAAP), encompassing historical context, key events, detailed explanations, and their significance in financial reporting.
A comprehensive guide to understanding group accounting, including historical context, key concepts, methods, and practical applications.
A comprehensive guide on International Accounting Standards (IAS), which served as the predecessors to International Financial Reporting Standards (IFRS) and are still in use today.
The International Accounting Standards Board (IASB) develops and approves International Financial Reporting Standards (IFRS), ensuring transparency, accountability, and efficiency in global financial markets.
The International Accounting Standards Board (IASB) is an independent, private-sector body that develops and approves International Financial Reporting Standards (IFRS).
The International Accounting Standards Committee (IASC) was an independent, private-sector body that developed and approved International Accounting Standards (IAS).
An in-depth guide to the International Financial Reporting Interpretations Committee (IFRIC) that issues interpretations for International Financial Reporting Standards (IFRS).
The International Financial Reporting Interpretations Committee (IFRIC) issues interpretations of accounting standards under International Financial Reporting Standards (IFRS).
Comprehensive guidance on the application and interpretation of International Financial Reporting Standards (IFRS), issued by the International Financial Reporting Interpretations Committee (IFRIC).
International Financial Reporting Standards (IFRS) are a set of global accounting guidelines developed by the International Accounting Standards Board (IASB) for the purpose of standardizing financial reporting across the globe.
A comprehensive overview of International Financial Reporting Standards (IFRS), their historical context, significance, types, key events, formulas, diagrams, applicability, examples, related terms, interesting facts, and more.
A comprehensive guide to IFRS 11, which addresses the financial reporting for entities that have an interest in joint arrangements.
An international financial reporting standard that addresses lease accounting, providing guidelines and requirements for the recognition, measurement, presentation, and disclosure of leases.
An in-depth look into IFRS 8, its historical context, application, importance, and more.
IFRS for SMEs is a self-contained standard designed by the International Accounting Standards Board to simplify the core principles and requirements of full IFRS for use by smaller, non-listed companies.
An in-depth look at the IFRS Foundation, which oversees the development and implementation of International Financial Reporting Standards (IFRS) to ensure transparency, accountability, and efficiency in global financial markets.
A comprehensive guide to understanding the differences between IFRS and GAAP, including historical context, key differences, importance, applicability, and related terms.
A comprehensive overview of the International Financial Reporting Standards Advisory Council (IFRS-AC), including its historical context, roles, and importance in global financial reporting.
Impairment of Assets involves recognizing when an asset's market value has fallen below its book value, leading to necessary adjustments in financial statements.
An impairment review is a critical financial process ensuring that the carrying amounts of fixed assets or goodwill on a company’s balance sheet are recoverable and reflect current economic realities.
Impairment Testing is the process of evaluating whether an asset's carrying amount exceeds its recoverable amount, crucial for financial accuracy.
A detailed examination of International Accounting Standards (IAS), their historical context, key standards, importance, examples, and related terms.
A set of accounting standards developed by the International Accounting Standards Board (IASB) to ensure consistency in financial reporting across different nations.
An in-depth look at the International Accounting Standards Board (IASB), its history, purpose, processes, and impact on global financial reporting standards.
An in-depth exploration of the International Accounting Standards Board, its history, roles, and impact on global financial reporting.
Explore the origins, evolution, and significance of the International Accounting Standards Committee Foundation, which paved the way for the International Financial Reporting Standards Foundation.
A comprehensive exploration of the International Association of Book-keepers, including its history, structure, qualifications, and role within the global financial community.
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.
An accounting method for inventory valuation ensuring inventory is not overstated in financial statements.
A comprehensive overview of Last-In, First-Out (LIFO) Inventory Accounting, its definitions, applications under GAAP, and restrictions under IFRS.
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.
A comprehensive understanding of negative goodwill on consolidation, its treatment in financial statements, and its significance under various financial reporting 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 into Other Comprehensive Income (OCI), its historical context, significance in financial statements, components, and more.
Comprehensive income not recognized in profit or loss under IFRS, including gains and losses from revaluation of financial assets and liabilities.
A comprehensive guide to understanding post-balance-sheet events, their types, implications, and significance in financial reporting.
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.
A comprehensive guide to understanding Purchase Accounting, also known as acquisition accounting under the International Financial Reporting Standards (IFRS).
Retrospective application involves applying a new accounting policy to transactions and events as though it had always been applied, ensuring consistency across financial statements.
An alternative to the cost model where fixed assets are revalued to reflect current market values.
Comprehensive overview of the Revenue Recognition Principle, a key accounting principle that dictates how and when revenue is recognized in financial statements.
An in-depth exploration of the Standards Advisory Council, specifically focusing on the International Financial Reporting Standards Advisory Council (IFRS Advisory Council), its historical context, importance, applicability, key events, and more.
The Statement of Cash Flows, a key financial document, provides detailed information on a company's cash inflows and outflows over a specific period, helping stakeholders understand the liquidity and solvency of the business.
An in-depth examination of the Statement of Changes in Equity, including its definition, historical context, types, key components, examples, and related terms.
An in-depth exploration of the Statement of Comprehensive Income, its historical context, importance, components, and examples within financial reporting.
An in-depth exploration of the Statement of Financial Position, also known as a Balance Sheet, its historical context, categories, key events, and detailed explanations.
An in-depth exploration of the Statement of Recognized Income and Expense (SORIE), its historical context, components, significance in financial reporting, and transition to the Statement of Comprehensive Income.
The sum of the net profit shown in the profit and loss account (income statement) and any other comprehensive income, presented under the Financial Reporting Standard applicable in the UK and Republic of Ireland.
Grounds on which a subsidiary undertaking may be excluded from the consolidated financial statements of a group, particularly when held exclusively with a view to subsequent resale.
The International Accounting Standards Board (IASB) is a London-based privately funded organization established in 1973 to develop and promote International Financial Reporting Standards (IFRS) for general-purpose financial statements.
International Financial Reporting Standards (IFRS) are standards and interpretations adopted by the International Accounting Standards Board (IASB) to improve the comparability of financial statements across national jurisdictions, supported by the Financial Accounting Standards Board (FASB).
Explore the foundations of International Accounting Standards (IAS) and their evolution into the International Financial Reporting Standards (IFRS). Understand their history, principles, and global impact on financial reporting.
An in-depth look at International Financial Reporting Standards (IFRS), a set of accounting rules used by public companies in 166 jurisdictions. Learn about the importance, framework, and global applicability of IFRS.
Delve into the comprehensive definition of Level 3 assets, including examples, how they compare to Level 1 and Level 2 assets, and their unique characteristics in financial reporting.
