IFRS 17 is not just a new accounting standard. Its fundamental objective is to provide transparency and insight to the insurance business while identifying strengths and areas for improvement. Learn how to keep a long-term vision and achieve broader business value beyond the immediate demands of ...
Discover what accounting is; why it’s crucial for Canadian small businesses; and how it can help you manage finances, stay compliant with CRA regulations, and drive growth.
ABC analysisis a method of ranking products in inventory from A to C, based on their financial importance to the business, with “class A” items being the most valuable in terms of sales, risk, demand, and cost. This method helps retailers decide which items to prioritize for cycle count...
IFRS Answer: Contract asset vs. trade receivable The answer is – NO, it is not the same thing. I will try to explain the definitions of both terms and try to explain in a simple human language with common sense what the difference is. ...
If the Use Multidimensions checkbox is selected in the SAP Business One client (Cost Accounting tab of the General Settings window), the selection in the Display Distribution Rules field (In a Unified Column or In Separate Columns radio button) is not applied in the Web client. Distribution ...
What is the Difference Between Devaluation and Depreciation? Depreciation and devaluation are terms commonly used in the context of finance and economics, but they refer to different concepts. Here's the difference between the two: Depreciation ...
IFRS 9 introduces a new concept called‘Rebalancing’that did not form part of IAS 39. The purpose of this technical update is to delve a little deeper into what rebalancing means, with some practical examples included. Let’s start with a re-cap of some key terms to be used in this ar...
or IFRS 9 “Financial instruments” (International Accounting Standards Board2014), is required to measure financial liabilities at fair value and to recognize and separately disclose in the financial statements debt valuation adjustments (DVAs). DVAs represent changes in the fair value of the financi...
The balance sheet is prepared after the preparation of an income statement because it provides net profit or loss which is required to be adjusted in the capital balance recorded in the balance sheet. It helps in disclosing the net worth and...
The deadline for the implementation of this requirement is 1 January 2021. By then, the banks must have implemented it into their internal process and IT systems. The new definition should be used in the stress test, and an impact assessment of the new definition when compared to previously ...