Revenue is the name given to an entity's income that arises in the ordinary course of activities and is known by a number of other names including:
Revenue is disclosed in the statement of comprehensive...
If you're studying IAS 23 Borrowing Costs, why not test your knowledge with our multiple choice quiz? Click here to take the quiz. By practicing questions you'll improve your study and recall, ideal for...
What is the purpose of the Conceptual Framework?
If there were no framework for preparing financial statement, accounting standards would be developed in a random, haphazard way to deal with issues as they arise. This...
Public Sector organisations are different to private organisations as there can be a number of different stakeholders involved. For example, they may report and be held accountable to senior civil servants, who run the...
Over the past few weeks, students have been requesting a summary note on IAS 39 Financial Instruments - Recognition and Measurement. We're happy to announce we've just finished working on a new summary note,...
I'm happy to announce a note on IFRS 10 - Consolidated Financial Statements is now available to customers of our IFRS Summary Notes.
Here's a preview...
There are two underlying assumptions for the preparation of financial statements, these are
the accrual basis; and
Under the accrual basis, the effects of transactions and other events are recognised when they occur,...
If you're studying IFRS 5 Non-Current Assets Held for Sale and Discontinued Operations, why not test your knowledge with our IFRS multiple choice question quiz? This is available by clicking here. By practicing questions...
We've added a new IFRS 11 mind map and summary note. IFRS 11 replaces IAS 31 Interests in Joint Ventures for annual periods beginning on or after 1 January 2013.
All our IFRS mind maps...
Check out our latest mind map for IFRS 5 Non-current Assets Held for Sale and Discontinued Operations.