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 – Finally 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.
Lean Manufacturing
What is lean manufacturing? Lean manufacturing and a lean enterprise or business mean that the Company is focused on supplying exactly; The objective of lean manufacturing is to maximize customer value by identifying waste and eliminating it. History of Lean Manufacturing Henry Ford in 1913, constructed the first-ever production line for Ford Ts in Highland... Continue Reading →
Inflation Indices
We all have come across the recent headlines relating to inflation in Pakistan that our Consumer Price Index (CPI) based inflation increased to 9% on year on year basis. However, CPI is not the only inflation index, there are other indices as well through which inflation is being measured. Let’s see what these indices are and when are they used.
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 →
IS IT THE RIGHT TIME?
For all those small investors who have invested their limited savings in stock exchange directly or indirectly (through mutual funds, etc.) have been wondering and asking their stock brokers is it the right time for investment or disinvestment or not? More often or not stock brokers come up with lollipop statements that its just a... 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.
