Business
Business related articles
Characteristics Of A Liability As Per Conceptual Framework
June 14, 2014
Characteristics Of A Liability As Per Conceptual Framework
Essential characteristics of a liability : A liability is defined in the current Conceptual Framework as ‘a present obligation of…
Characteristics Of An Asset In Accounting
June 14, 2014
Characteristics Of An Asset In Accounting
Not everything in accounting can be treated as assets. Recognition of liabilities, expenses and revenues are having specific recognition criteria.…
Importance Of The Going Concern Assumption In Accounting
June 14, 2014
Importance Of The Going Concern Assumption In Accounting
Under the going concern assumption or otherwise going concern concept, an entity will continue its business operation for an indefinite…
Enhancing Qualitative Characteristics Of Financial Information
June 6, 2014
Enhancing Qualitative Characteristics Of Financial Information
There are two important Qualitative Characteristics Of Financial Information such as Relevance and Faithful Representation. Beside these, the Conceptual Framework…
Qualitative Characteristics Of Financial Information
June 6, 2014
Qualitative Characteristics Of Financial Information
Accounting information should be user friendly. It must me trustworthy and reliable. Materiality is also an important concept. Materiality is…
Objectives Of General Purpose Financial Reporting
June 6, 2014
Objectives Of General Purpose Financial Reporting
Objectives of general purpose financial reporting : Paragraph OB2 of the IASB Conceptual Framework states The objectives of general purpose…
What are the potential benefits of a global set of accounting standards?
June 6, 2014
What are the potential benefits of a global set of accounting standards?
Potential benefits of a global set of accounting standards include: Using a principles based approach which allows more scope for…
How Does The IASB Influence Domestic Financial Reporting
June 5, 2014
How Does The IASB Influence Domestic Financial Reporting
The IASB influences domestic financial reporting of individual countries by encouraging them (as it does not have any enforcing powers)…
What are the role of the IFRS Interpretations Committee?
June 5, 2014
What are the role of the IFRS Interpretations Committee?
Role of the IFRS Interpretations Committee : The IFRS Interpretations Committee reviews newly identified financial reporting issues that are not…
Accounting Standard Setting Process Of IASB
June 5, 2014
Accounting Standard Setting Process Of IASB
The standard setting process of IASB comprises six stages where the Trustees having the opportunity to ensure compliance at various…