Saturday, February 21, 2015
Tuesday, February 17, 2015
Research and Development
According to IAS 38: Research · Activities aimed at obtaining new knowledge · The search for applications of research findings or other knowledge · The search for product or process alternatives · The formulation and design of possible new or improved product or process alternatives Development · The evaluation of product or process alternatives ·...
Wednesday, February 11, 2015
The conceptual framework
The conceptual framework The framework for the preparation and presentation of financial statements sets out the concepts that underlie financial statements for external users. It is designed to: • assist the Board of the IASB in developing new standards and reviewing existing ones • assist in harmonizing accounting standards and procedures •...
IFRS vs GAAP
IFRS vs GAAP GAAP (US Generally Accepted Accounting Principles) is the accounting standard used in the US, while IFRS (International Financial Reporting Standards) is the accounting standard used in over 110 countries around the world. GAAP is considered a more “rules based” system of accounting, while IFRS is more “principles based.” The U.S....
The Standard Setting Procedure
The Standard Setting Process of International Financial Reporting Standards by the International Accounting Standards Board (IASB) The Standard Setting Process International Financial Reporting Standards (IFRSs) are developed through an international consultation process, the "due process", which involves interested individuals...
Accounts Receivable and its Subsidiary Ledger
Accounts receivable Money which is owed to a business by a customer for products and services provided on credit. This is often treated...
