In the realm of finance and accounting, the accrual basis stands as a cornerstone principle, guiding the recognition of revenue and expenditure. Unlike cash basis accounting, which records transactions when cash is exchanged, the accrual basis focuses on when revenue is earned or expenses are incurred, regardless of the timing of cash flows or invoice […]
The International Financial Reporting Standard (IFRS) 16, which took effect in January 2019, has brought a transformative approach to how companies account for leases. This new standard has several key objectives, which include: In essence, IFRS 16 mandates that lessees (the party using a leased asset) must recognize most leases on their balance sheets. This […]
Published: December 8, 2023 As we approach the dawn of a new accounting era, the International Financial Reporting Standards (IFRS) have undergone significant updates, ushering in changes that will reshape financial reporting for entities across the globe. Effective from 1 January 2024, these amendments aim to enhance transparency, address concerns raised by investors, and refine […]