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.
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 […]
In this article, we will talk about the last two components in the statement of financial position (or balance sheet) of the general purpose financial statements – liabilities and equity. In our previous article for Accounting 101 series on the Components of the general purpose financial statements, we have explained that the balance sheet is […]
Briefly, this article will explain to you what an asset is and how an asset is accounted for in the financial statements. This article, however, will talk about the accounting for assets from the perspective of the MFRS framework. Nevertheless, entities under the IFRS framework also apply the same requirements as per what we will […]
For this round in our series on Accounting 101, the article will explain to you what a non-financial asset is and how a non-financial asset is accounted for in the financial statements. Similar to the discussion on financial assets, this article explains the accounting for non-financial assets from the perspective of the Malaysian Financial Reporting […]
In our previous series of articles on Beginner’s guide on Accounting – Accounting 101, we have shared with you the objectives and the users of the general purpose financial statements. We have also explained the components of the general purpose financial statements. For this round, we will share with you the considerations for presentation of […]
Understand the main components of general purpose financial statements. The article also explains further what are these components and their purposes.
The article explains the objectives and users of general purpose financial statements. This helps to determine what information are relevant to the users.
The article provide an understanding on determining the appropriate mfrs accounting standard to account for transactions or events.