Articles
Operating and Non-operating Components of Income Statement
In the income statement of a company, a distinction is made between income and expenses from the operating and non-oper...
Financial Reporting of Non-recurring Items
Discontinued Operations Under both IFRS and US GAAP, a discontinued operation represents a component of an entity th...
Bad Debt Expense and Warranty Expense Recognition
A bad debt is a consequence of making a sale on credit. A warranty is a promise by a manufacturer or seller to ensure t...
Amortization Expense Recognition
Amortization refers to the periodic allocation of the cost of capital assets over the useful life of the assets. This i...
Depreciation Expense Recognition
A company’s long-lived assets refer to PPE, natural resources, and intangible assets. Since these assets provide econom...
Inventory Expense Recognition
Inventory refers to the short-term assets on a company’s balance sheet; example – a retail clothier’s stock of shirts, ...
Expense Recognition
Expenses are decreases in economic resources, either by way of outflows or reductions of assets or incurrences of liabi...
Revenue Recognition - Barter Transactions
A barter transaction occurs when two firms exchange goods or services with each other without and cash payments. One se...
Revenue Recognition - Instalment Sales
An instalment sale occurs when a firm finances the sale of a product and the payments are expected to be received over ...
Revenue Recognition - Long-term Contracts
Long-term contracts are multi-year contracts such as construction project. For these contracts, the earnings process ex...
Principles of Revenue Recognition
Income statement is constructed using the principles of accrual accounting. Under accrual account, the revenue is recog...
Formats of Income Statements
An income statement can be presented in a single-step format or multi-step format. In single-step format, all revenu...
Analyzing Company Disclosures
Apart from the financial statements, the foot notes in the annual reports disclose a great deal of information about th...
Monitoring Developments in Financial Reporting Standards
The financial reporting standards will continue to evolve in the times to come and these developments will affect the f...
Financial Statement Analysis Framework
The main job of financial analysts is to analyse various types of financial information with the objective of providing...
Other Sources of Information used by Analysts
Apart from the financial statements and supplementary information available about the company, a financial analyst also...
Auditing of Financial Statements
Objectives The financial statements are the responsibility of the management of the company. The Board of Directors ...
Financial Statement Notes and Supplementary Information
The primary financial statements provide a summary of the financial position of a firm. These financial statements are ...
Key Financial Statements
Financial statements are documents that concisely communicate the monetary situation of a business. Different statement...
Roles of Financial Reporting
Though it is said organizations have an indefinite life, in reality they do have a particular life cycle. These are bir...
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