Accounting

Every business is unique in its way and so are its methods of working. Depending upon the need of the business or the ease of owner they decide the way they wish to transact with customers, products, purchase, sales, and stakeholders or even with the books of account. Where there are two types of recording transactions, viz. Cash accounting and accrual accounting; businessman opts for the one that suits his objectives.

A company might decide to sell a non-current asset or discontinue its business operations. This decision not only affects cash flows in the future but also changes the profitability and financial situation on the whole. In other words, Non-current assets held for sale and Abandoned Operations in accordance with IFRS 5 which was effective from January 1st, 2005. Let us look at the primary objectives of IFRS 5.

“Accounts and Accounting terms”, are the two terms which have become a major problem for many of the business owners, the primary task of whom is to run their business efficiently on day to day basis. Accounting as a process is a very important and prominent part of the business. When it comes to handling the resources of the company or managing the funds or it comes to following the compliance, accounting becomes a game-changer. Even if you want to hire some professional for accounting or you want to learn the basics of accounting, it is important for you to understand the meaning of the basics terms related to accounting.

IFRS 4 prescribes some revenue recognition features for insurance contracts issued by entities that have not adopted IFRS 17. Unknown future events (the insured event) are covered by an insurance contract, which commits one party (the insurer) to pay the policyholder back if it hurts the policyholder. To learn more, continue reading!

Any business owner with sufficient experience knows that being an employer requires wearing multiple hats. However, this may get tiresome, and regular duties might detract from your primary business. It is crucial for business owners to understand when and how to outsource non-core business operations. You may outsource practically every aspect of your firm in today's market. But ought you? Here's a guide to outsourcing everything to help you make a decision.

First-time Adoption of International Financial Reporting Standards (IFRS) outlines an organization's steps to prepare its first set of consolidated financial statements using IFRSs as a foundation. In addition, a limited number of IFRS exemptions are granted by the International Financial Reporting Standards (IFRS) after its first IFRS reporting period.

Accounting for equity-based compensation To receive payment, an organization must account for all transactions involving the payment of equity-based assets (such as granted shares, or share appreciation rights) in its financial statements. This includes payments made to employees or other parties in cash, other parties in assets, or equity instruments of the organization. Specific criteria are specified for equity-based and cash-settled share-based payment transactions and those where the entity or supplier has the option of cash or stock instruments.

IFRS 3 was issued in January 2008 and applies to business combinations in the first year of an entity's existence and begins on or after July 1, 2009.