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January 8, 2020


Asset Decommissioning is also generally referred to as Asset Retirement Obligation(ARO). IAS 37 Provisions, contingent liabilities and contingent assets, issued by IASB (International Accounting Standards Bo...

November 14, 2019


Investigation refers to a systemic and in-depth examination or inquiry to establish a fact or evaluate a particular situation (such as whistle-blower complaints and so on). The Investigation covers core areas of financing decisions, investment...

October 11, 2019

WHAT IS IMPAIRMENT OF ASSETS? An asset is said to be impaired, when the entity is no longer able to

September 26, 2019

Any company, at any given point of time, has these 5 types of business risks. These risks are so important and big that when they occur, bring huge losses to the company.

The First type of business risk is the Strategic Risk

Business Risk - Strategic

This is a major risk...

September 26, 2019

When the inventory is moved to cost of goods sold, there are 3 main methods adopted to value those inventory items which are moved.

1) FIFO Method (First in First Out Method)
2) Specific Identification Method
3) Weighted Average Method


FIFO method of valuation...

September 25, 2019

While accounting for inventory, manufacturing overhead costs are included in the cost of inventory. Unlike the raw material cost or the direct labor costs, the manufacturing overhead costs are not direct. Therefore, manufacturing overhead is allocated to the inventory...

September 17, 2019

WHAT ARE THE COSTS THAT ARE INCLUDED IN THE INVENTORY? Purchase cost, transportation cost, duties and taxes, labor cost, manufacturing overhead

July 20, 2019

Many kids from as young as 6 years to as old as 18 years, think their parents are their money vending machines. They expect you to buy whatever they ask for.  Kids frequently compare themselves with their friends and the toys they have and place a strong argument again...

July 7, 2019


  • Inception of lease is the date on which the lessor and lessee enter into an agreement to enter into lease contract.
    (or )
    Inception of lease is the date on which the principal terms of the lease contract are agreed upon by the lessor and the les...

June 5, 2019

IFRS 16 - ACCOUNTING FOR LEASES Under IFRS 16, the accounting for leases slightly differ from IAS 17. Earlier in IAS 17, lessees were not required to recognize

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