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 […]
The International Chamber of Commerce (ICC) has published the Uniform Customs and Practice for Documentary Credits (UCP 600) as a set of guidelines for banks and businesses engaged in international trade. Some of the key provisions of UCP 600 include:
Accounting is the systematic process of recording, summarizing, analyzing, and reporting financial transactions of a business or individual. It serves as the backbone of any financial system, providing a clear picture of an organization’s financial health and guiding decision-making. Through accounting, businesses can track income and expenses, ensure statutory compliance, and provide investors, management, and […]