Tag: Transparency

Understanding IFRS 16 Accounting

Posted on | By Rohitashva Singhvi | No comments
Understanding IFRS 16 Accounting

IFRS 16, an International Financial Reporting Standard (IFRS) issued by the International Accounting Standards Board (IASB), deals with lease accounting. It became effective on January 1, 2019, and replaced the previous standard, IAS 17. IFRS 16 introduces significant changes to how companies report leasing transactions on their financial statements, primarily aimed at increasing transparency and […]

Read More » Understanding IFRS 16 Accounting

Accrual Basis of Accounting: Recognizing Revenue and Expenditure

Posted on | By Rohitashva Singhvi | No comments
Accrual Basis of Accounting: Recognizing Revenue and Expenditure

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 […]

Read More » Accrual Basis of Accounting: Recognizing Revenue and Expenditure