IFRS
- Accounting
20 Big Differences Between GAAP and IFRS Accounting
In our ever-expanding global economy, a profound understanding of the disparities between the two primary accounting methods employed worldwide is…
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History Of Origin and Development of IFRS
International Financial Reporting Standards (IFRS) are international accounting standards that set out how certain transactions are accounted for. Let’s start…
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11 IASB Advisory Bodies for High Quality Accounting Standards
The IASB has formal advisory bodies that provide a means for the board to consult and engage with interested parties…
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Accounting for An Onerous Contract as per IFRS
Accounting for An Onerous Contract Onerous contract: An onerous contract is a type of contracts in which the aggregate cost…
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How Would You Measure Fair Value Of Assets In This Circumstances
Mr. Braxton owned a big house on a large piece of land in Rome. The property had been in his…
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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…
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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…
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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…
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Different Level Of Fair Value Hierarchy
There are 3 valuation approaches into which fair value inputs or assumptions are made. The inputs are classified as observable…
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Benston Criticism On Fair Value Accounting
Benston criticism on fair value accounting has explored many areas of organizational issues. The comment that “the exit price of…
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