Business
Business related articles
Recognition And Measurement Of Net Defined Benefit Liability
July 7, 2014
Recognition And Measurement Of Net Defined Benefit Liability
Measurement of net defined benefit liability : The economic substance of the entity’s exposure may be considered as the net…
When Would Contingent Liabilities Become Provisions
July 5, 2014
When Would Contingent Liabilities Become Provisions
Meaning of Contingent Liability : Contingent liabilities are such type of liabilities or a potential losses that may occur in…
What Is A Constructive Obligation And A Present Obligation?
July 5, 2014
What Is A Constructive Obligation And A Present Obligation?
Constructive obligation One of the essential characteristics of a liability is that there must be a present obligation arising from…
What Are The Characteristics Of A Provision
July 5, 2014
What Are The Characteristics Of A Provision
Characteristics of a provision? The characteristics of a provision are that it is a liability where there is uncertainty as…
What is contingency and contingent liability?
July 5, 2014
What is contingency and contingent liability?
Contingency and contingent liability : A contingency is not defined in IAS 37. In plain English a contingency is an…
How is Present Value Related to the Concept of a Liability?
July 4, 2014
How is Present Value Related to the Concept of a Liability?
Concept of a liability IAS 37 (para.42) requires that, the risks and uncertainties surrounding the events and circumstances should be…
Agency and principal relationship versus revenue recognition
July 2, 2014
Agency and principal relationship versus revenue recognition
The distinguishing features of an agency and principal relationship and the consequences for revenue recognition. Â In an agency relationship, amounts…
5 steps in the IASB’s proposed new revenue recognition model
July 2, 2014
5 steps in the IASB’s proposed new revenue recognition model
The five steps in revenue recognition model are given below: Identify the contract with the customer Identify the separate performance…
Identification Of Separate Components Of Secured Transactions
July 2, 2014
Identification Of Separate Components Of Secured Transactions
Identification of the separate components of secured transactions under IAS 18. Paragraph 13 of IAS 18 relates to the identification…
A Comparison of the revenue recognition criteria for the sale of goods with those for the rendering of services.
July 2, 2014
A Comparison of the revenue recognition criteria for the sale of goods with those for the rendering of services.
Revenue recognition criteria set out in the Objective paragraph of IAS 18. Revenue from the sale of goods can be…