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 […]
International Standard Banking Practice (ISBP 745) is a set of guidelines established by the International Chamber of Commerce (ICC) to provide guidance on the interpretation of the Uniform Customs and Practice for Documentary Credits (UCP 600) in the context of documentary credit transactions. Following the ISBP 745 guidelines is important for LC payment requests for […]