After more than 4 decades of existence IAS 8 finally has it own definition of Accounting Estimates. Read through what the definition is along with its implications and examples.
Accounting Estimates – Defined
IFRS 16 “Leases” – Covid-19 Rent Related Concessions
Considering the unusual circumstances of Covid-19, IASB has made amendments to IFRS 16 for rent related concession. Read below the complete overview of the amendment along with practical examples.
Business Plan for Startups
A great Business Plan is the Corner stone for securing funding for startups. However, not all the business owners are great in developing a compelling Business Plan. I have tried to summarize the key components of any business plan. Do give it a read and provide your feedback.
IFRS 9 – The Expected Credit Loss Method
In Numerology, Number 9 is known as the number of Universal Love, though in the International Financial Reporting Standards, IFRS 9 ‘Financial Instruments’ was certainly not welcomed with much love. After the financial crisis of 2007 and 2008, the accounting standard bodies were blamed for not adequately catering the impairment provisions of financial assets. The... Continue Reading →
Why Budgeting?
“Don't tell me what you value, show me your budget, and I'll tell you what you value.” Joe Biden That’s what the significance of Budgeting is for any Organization! But Budgeting and forecasting process in any average size Organization takes extensive amount of resources and time of all level of management. So many times executives... Continue Reading →
Offsetting when & how?
How and when the offsetting of financial assets and liabilities is allowed
IAS 37 – Provisions (only)
Provisions - recognition IAS 37 defines provision as a liability of uncertain timing or amount. So, provision is a type of liability the timing and amount of which is uncertain. Liability is defined in the Conceptual Framework for Financial Reporting which is repeated by IAS 37 as well, as a present obligation of the entity... Continue Reading →
IAS 16 – Accounting of spare parts, stand-by equipment and servicing equipment
There has been no clear guidance available in IFRS (accounting standards) in relation to the accounting for Capital Spares and Stand-by equipment. I have tried to summarize the interpretations used by various accounting firms and committees. Hope you find it useful.
Discover n learn 
You must be logged in to post a comment.