In this article, we summarises the financial reporting requirements under IAS 37 Provisions, Contingent Liabilities and Contingent Assets.
In the preparation of the financial statements, entities apply various judgements in the area of accounting estimates and accounting policies to account for the effect of transactions, conditions and events in the financial statements. Financial statements prepared must also faithfully represent the effects of transactions, conditions and events. When errors are identified in the financial […]
The preparation of financial statements requires an entity to make materiality judgements to determine what and how financial information should be presented and disclosed in the financial statements. In one of our articles in the Accounting 101 series, we have highlighted that materiality is one of the considerations in the preparation of the financial statements. […]
In this round of the Accounting 101 series, we will discuss the two elements of financial performance, which are income and expenses. The financial performance of an entity is measured by the performance of its income and expenses and they are presented or disclosed in the statement of profit or loss and other comprehensive income. […]
The article discusses the structure and content in the financial statements. It also explains on the four primary statements that must be disclosed.
In addition to the IFRIC Tentative Agenda Decision: Preparation of financial statements when an entity is no longer a going concern, IFRIC on 12 February 2021 also issued another tentative agenda decision – Costs necessary to sell inventories. This tentative agenda decision is open for public comments until 14 April 2021. What are the accounting […]
Interest rate is one of the important elements in the financing arrangement. The types and calculation of interest rates may be different from one product to another. Interest is reported either as interest expense or interest revenue in the statements of profit or loss and other comprehensive income. Interest calculation also affects the carrying amount […]
This article explains why public sector accounting standards is needed. It also includes the nature and characteristics of the public sector entities.
Zakat or alms-giving is one of the obligatory acts or religious duty upon Muslims. The obligation for zakat for Muslims is commanded by Allah in many verses in the Al-Quran. Al-Quran is one of the primary sources in Islamic law as explained in our earlier article, The primary source of Islamic law. One of the […]
On 12 February 2021, the IFRS Interpretation Committee (“IFRIC”) issued a tentative agenda decision on the issue relating to the preparation of financial statements when an entity is no longer a going concern. The tentative agenda decision is open for public comments until 14 April 2021. This issue submitted to IFRIC is quite an interesting […]