Accounting
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Finance Leases May Have Adverse Impacts On Lessee’s Financial Statements
The classification of lease arrangements as either finance leases or operating leases determines the accounting treatment of transactions associated with…
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Accounting For Initial Direct Costs (IDC) in Leases
Accounting For Initial Direct Costs (IDC) in Leases : Initial direct costs (IDC) are incremental costs that are directly attributable…
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How To Calculate Non Controlling Interest or Minority Interest
Non Controlling Interest was previously known as Minority Interest in the accounting world. However, the difference in accounting for the…
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First In First Out Cost Formula Of Inventory Accounting
FIFO (First-in, first-out cost formula) assumes that items of inventory that were purchased or produced by a company first are…
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Methods Of Assigning Cost To Inventory On Sales
The nature of inventory held by an entity does not affect its initial recognition at cost but has a significant…
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Year End Inventory Count And Accounting Procedures
Year End Inventory Accounting To ensure that reported figures for inventory, cost of sales and other expenses are accurate and…
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Year End Inventory Accounting For Goods in Transit
Year End Inventory Accounting for Goods in transit: Accounting for goods in transit at the end of the reporting period…
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Year End Inventory Cutoff Procedures
Year End Inventory Cutoff Procedures: Under both periodic and perpetual methods there is a need to ensure that, when a…
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Differences Between Perpetual And Periodic Inventory Methods
Under the perpetual method, inventory records are updated each time a transaction involving inventory takes place. Thus, up-to-date information about…
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4 Steps In Accounting For A Defined Benefit Superannuation Plan
The IASB and the FASB jointly undertook a project to enhance the comparability and transparency of accounting for post-employment benefits…
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