Business

Non Controlling Interest was previously known as Minority Interest in the accounting world. However, the difference in accounting for the…

FIFO (First-in, first-out  cost formula) assumes that items of inventory that were purchased or produced by a company first are…

The nature of inventory held by an entity does not affect its initial recognition at cost but has a significant…

Year End Inventory Accounting To ensure that reported figures for inventory, cost of sales and other expenses are accurate and…

Year End Inventory Accounting for Goods in transit: Accounting for goods in transit at the end of the reporting period…

Year End Inventory Cutoff Procedures: Under both periodic and perpetual methods there is a need to ensure that, when a…

Under the perpetual method, inventory records are updated each time a transaction involving inventory takes place. Thus, up-to-date information about…

The IASB and the FASB jointly undertook a project to enhance the comparability and transparency of accounting for post-employment benefits…

In the absence of accounting regulation, preparers were able to select different approaches to accounting for Defined Benefit Superannuation Plans,…

In Defined Benefit Superannuation Plan, the employer pays contributions to the fund, which is a separate entity from the employer.…