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Accounting Financial Tax
accounting-financial-tax.com
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Coolest accounting, financial and taxation resources on the internet world! From basic to super advance accounting techniques. From theoritical accounting aspect to the most effective practical insight never been published elsewhere! Enjoy!
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What is Provision (under IFRS) and What is the Feature?

What is provision? IFRS, the IAS 37 to be exact, defines provision as a liability of uncertain timing or amount. It means that, under the standard, those liabilities for which amount or timing of exp...

25 may 12

Including Foreign Currency Transactions in Financial Statements Under IFRS

Including foreign currency transactions of foreign operations (usually subsidiary companies)—in the financial statements of corporate parent—has already been a complex and labor-intensive work, since...

22 may 12

How Lessee Account Lease Transaction Based on IFRS

Despite recent disagreement between the IASB’s IFRS and FASB’s US-GAAP, on the lease accounting topic, lease transaction has became a popular way for companies to finance long-lived assets, for years...

15 may 12

What to Disclose On Income Statement Presentation (Part-1)

Remembering what to disclose on an income statement presentation, especially for a public company, could be daunting to even a highly-skilled accountant. This post aims to provide a handy set of poin...

11 may 12

Better Billing and Invoicing Procedures (Control and Standard Approaches)

Once products/services are delivered to a customer, you create an invoice and submit it to customer, don’t you? That is only a start. A better billing and invoicing procedures should, at least, cover...

08 may 12

Four Steps to Controlling Check Receipt from Customers

If you’re working for a small- to mid-sized company, controlling check receipt from customers could be a great challenge. Through this post, I am going to share four steps to controlling check receip...

04 may 12

How to Treat Sales When Collection Is Uncertain, Under IFRS

While many sales are in certain collection, some others are uncertain. A good example of sales with uncertain collection is a stationary supplier delivers stationary stuffs to one of its customer wit...

30 apr 12

Audit Planning for New Clients: How Auditor Learn about Client’s Business

The extent of the auditor’s planning depends on the nature of the client and the experience of the auditor with that client. For example, planning for the audit of a new client is more extensive than...

23 apr 12

When Should I Recognize Revenues?

Basically, by the rule, you should not recognize revenue until it has been earned. So, when is, exactly, a revenue considered as earned? You may ask. There are a number of rules regarding exactly whe...

17 apr 12

Deciding Whether To (or Not To) Accrue an Expense

Among many important judgment and decision that accounting people often take on daily basis, is whether to or not to accrue an expense. For some people, it may be an easy decision. But for many other...

10 apr 12

Standardized Vs Non-Standardized Balance Sheet Format

Once, when browsing the internet—in the aim of getting various example of balance sheet formats, I was surprised by a website (eghh I forgot the name since it was long time ago) that presented an exa...

05 apr 12

What Are Non-Monetary Transactions, How Are They Accounted?

In simple words, non-monetary transactions are exchanges and nonreciprocal transfers that involve little or no monetary assets or liabilities. While monetary assets are assets whose amounts are fixed...

02 apr 12

Ten Disclosures Should Come Along the Balance Sheet

In the past, financial statements’ users rarely judged prospect of businesses based on balance sheet where investors put more weight on the short-run maximization of earnings per share concern. The e...

29 mar 12

Accounting for Goodwill in Purchase Business Combinations

Many purchase business combinations involve the recognition of goodwill. Except to those who follow every bit of accounting standard update, talking about accounting for goodwill today is most likely...

26 mar 12

Accounting for Marketable Investments in Debt Securities

Professional literature of the accounting for marketable investments in debt securities isn’t easy to find. The only principle guidance that could be found, so far, is the Accounting Standard Codific...

20 mar 12

Journal Entry: Sales Incentives, Future Product Returns, Product Warranties

Sales incentives, future product returns and product warranties are classified as current liabilities. Unlike accounts payable where both payee and amount are known, three of them are not; payee is u...

16 mar 12

How Cost Accountants Setup Target Costing

Before discussing how cost accountants setup target costing; what is the so-called target costing? You may ask. Let me tell you in short words: target costing is a costing methodology that uses prese...

12 mar 12

Cash Flows Statement: Six Important Things You Need To Know

Cash flows statement is an important report that both management and external readers want to have a look to determine the true state of a business entity’s cash flows—which can’t be found within the...

08 mar 12

Four Planning Approaches to Operating Budgeting

A company’s annual financial plan is called a budget. In short words; a budget is a set of pro-forma statements about the company’s finances and operations. Before a company or other organizations ca...

28 feb 12

How to Account Fixed Assets Acquired by Leasing?

Companies acquire their fixed asset in some different ways. Rather than simply purchase their fixed asset, some companies may choose to lease theirs. You record purchased fixed assets at their cost (...

25 feb 12

Deciding Whether to Expense or Capitalize Fixed Asset-Related Expenditures

While capital and repair expenditures have been long recognized in both the accounting and tax area, deciding whether to capitalize or expense fixed asset-related expenditures still causes significan...

23 feb 12

Testing Management’s Fair Value Measurements in Auditing

The increase in the amount of fair value measurements, in financial reporting, creates a challenge for auditor. Auditing the fair value measurements is complex since fair value measurements often inc...

20 feb 12

What is Accumulated Other Comprehensive Income, Why Does it Exists?

Since couple of decades ago, balance sheet started to showing a strange snippet on its Equity section called Accumulated Other Comprehensive Income. The snippet has been getting more and more popular...

15 feb 12

Future Value of Inventory is in Doubt, What Should I Do?

One among other accounting issues, which is inevitable, in the inventory area is having future value of inventory that is in doubt (e.g. inventory items that are used, out-dated models, damage or any...

13 feb 12

Inventory Journal Entries in the Periodic and Perpetual System

While management of a company may consider whether using periodic or perpetual inventory system—in the aim of getting inventory system that fits into their operation, accountants would need to be fam...

08 feb 12

Considering Whether Using Perpetual or Periodic Inventory System

Considering whether using perpetual or periodic inventory systems, is a first yet fundamental to take by a company before attempting to set up its inventory accounting. And this is also the case of a...

05 feb 12

How Good Do You Manage Your Accounts Receivable?

Knowing how good you manage your accounts receivable is critical in managing the whole company’s financial. It could be meant: how good you pay your bills on one side; and how good you retain the cus...

30 jan 12

Identifying Problems in a Financial Statements and How To Minimize it?

Identifying problems in a financial statements and figuring out how to minimize it in the first place, is a vital role the accounting people should strive in. Occurrence of problems are inevitable al...

25 jan 12

Understanding the Logics Behind a Financial Statements

Financial statements is main product of the accounting process. Understanding the logics behind a financial statements helps the management, share holders, investors, and other interested parties to ...

22 jan 12

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