by Noorjahan S. Yargatti | Apr 23, 2020 | English Topics, Uncategorized
Intangible assets definition: an identifiable non-monetary asset without physical substance. An asset is a resource that is controlled by the entity as a result of past events (for example purchase, or self-creation) and from which future economic benefits (inflow of...
by Noorjahan S. Yargatti | Apr 23, 2020 | English Topics, Uncategorized
There are two main types of liquidations for insolvent companies– compulsory liquidation and creditor’s voluntary liquidation (CVL). When the companies all assets are sold to repay its creditors, business closes down, and its name is removed from the register at...
by Noorjahan S. Yargatti | Apr 21, 2020 | English Topics, Uncategorized
It is usually prepared by the accountant and finalized by an auditor or a charted accountant. The annual statement is compiled on the basis of information from the general ledger and accounting journal, the income statement, the balance sheet, the equity contribution...
by Noorjahan S. Yargatti | Apr 20, 2020 | English Topics, Uncategorized
What remains in IAS 27 after the introduction of IFRS 10 is the accounting treatment of its separate financial statements for branches, jointly managed companies and associates. IFRS 10 establishes principles for presenting and preparing consolidated financial...
by Noorjahan S. Yargatti | Apr 19, 2020 | English Topics, Uncategorized
These are tangible items which they will use for their production or supply of goods or services for rental to others, or for administrative purposes. And it is expected to be used during more than one period. IAS 16 states that the cost of an item of property,...
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