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.
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.
The concept of Public Private Partnership (PPP) was introduced to combine contrasting objectives i.e. public sector whose prime objective is to provide maximum service to general public whereas private sector whose main objective is to maximize profits and returns for its shareholders. There is no consensus on the definition of PPP however, the most relevant... Continue Reading →
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 →