Categories
Resources for Accountants

International Financial Reporting Standards | Part-8 (2) Accounting Series [Video]

International Financial Reporting Standards | Part-8 (2) Accounting Series

IFRS standards are International Financial Reporting Standards (IFRS) that consist of a set of accounting rules that determine how transactions and other accounting events are required to be reported in financial statements. They are designed to maintain credibility and transparency in the financial world, which enables investors and business operators to make informed financial decisions.
IFRS standards are issued and maintained by the International Accounting Standards Board and were created to establish a common language so that financial statements can easily be interpreted from company to company and country to country.
IFRS are the standard in over 100 countries, including the EU and many parts of Asia and South America. The United States, however, has not yet adopted them and the SEC is still deciding whether or not they should move toward them as the official standard of accounting.
The International Financial Reporting Standards (IFRS) specifies how international companies should manage and report their financial statements and define different types of transactions with financial implications. It is a principle-based accounting standard whose foundations set the ground for investors and businesses to analyze financial records and make a decision.
The IFRS aims to ensure that the international markets across the globe follow a common set of standards for transparency, efficiency, and accountability. The element of openness that IFRS advocates for is important for businesses, as it enables investors to invest in companies with transparent business practices.
 Principles of IFRS
IFRS requires that financial statements be prepared using four basic principles: clarity, relevance, reliability, and comparability.
• The reliability principle aims to ensure that all transactions, events, and business activities presented in the financial statements is reliable. Information is considered reliable if it can be checked, verified, and reviewed with objective evidence.
• The principle of clarity requires that financial statements be easy to read and easy to understand. IFRS guidelines allow substantial discretion in deciding what information will be included and how it will be presented in the financial statements. The final decision rests with the accountant
• The relevance principle is an accounting principle that states in order for financial information to be useful to external users, it must be relevant
• Comparability allows users to compare financial position and performance across time and across companies. Comparability is achieved by consistency. Consistency refers to application of accounting standards and policies consistently from one period to another and from one region to another.

 Importance of IFRS
IFRS fosters transparency and trust in the global financial markets and the companies that list their shares on them. If such standards did not exist, investors would be more reluctant to believe the financial statements and other information presented to them by companies. Without that trust, we might see fewer transactions and a less robust economy.
IFRS also helps investors analyze companies by making it easier to perform “apples to apples” comparisons between one company and another and for fundamental analysis of a company’s performance.

 Standard IFRS Requirements
IFRS covers a wide range of accounting activities. There are certain aspects of business practice for which IFRS set mandatory rules.
• Statement of Financial Position: This is the balance sheet. IFRS influences the ways in which the components of a balance sheet are reported.
• Statement of Comprehensive Income: This can take the form of one statement or be separated into a profit and loss statement and a statement of other income, including property and equipment.
• Statement of Changes in Equity: Also known as a statement of retained earnings, this documents the company’s change in earnings or profit for the given financial period.
• Statement of Cash Flows: This report summarizes the company’s financial transactions in the given period, separating cash flow into operations, investing, and financing.

#accounting #inventory #businessbookplus #accountingprinciples #standards #GenerallyAcceptedAccountingPrinciples #ifrs #gaap #indas #technix #technixindia #technixtechnology #bbplus

Watch/Read More
  • Tags

Most Popular Posts Today

Technical Analysis FREE COURSE for Beginners (Step by Step) [Video]
►
Categories
Resources for Accountants

Technical Analysis FREE COURSE for Beginners (Step by Step) [Video]

In this video, an expert technical analyst explains the key aspects of technical analysis that every beginner must know before entering the world of trading. First, the video discusses the philosophy of technical analysis and then moves on to explain crucial concepts, such as charts, trends, support and resistance levels, and technical indicators. Before wrapping up, the video also teaches you how to implement an effective trading strategy. Timestamps 0:0:01-0:1:13 Introduction 0:1:13-0:06:06 Philosophy of Technical Analysis 0:06:06-0:12:06 Charts 0:12:06-0:17:47 Trends & Trendlines 0:17:47-0:22:53 Support & Resistance 0:22:53-0:30:41 Chart Patterns 0:30:410-39:25 Technical Indicators: Moving Average and RSI 0:39:25-0:42:43 Technical Indicators: MACD 0:42:43-0:49:09 Trading Strategy Learn more about Technical Analysis with our Pro Course: https://www.wallstreetmojo.com/technical-analysis/advanced-technical-analysis-certification-course-bundle/?utm_source=YouTube&utm_medium=Social&utm_campaign=Description

All about Stock halt- Easy Explaination- Part 1 [Video]
►
Categories
Resources for Accountants

All about Stock halt- Easy Explaination- Part 1 [Video]

In this video, you will learn about stock halt, its rules, and how it is triggered.#stockhalt #stockmarket #wallstreetmojo #stockexchange #regulatorChapters:00:00 – Introduction00:35 – What is the stock halt?01:29 – Rules02:17 – Triggers of stock halt02:48 – ConclusionWhat is the stock halt?A stock halt is a scenario where the exchange halts trading in a particular stock for some time.It may be done when a regulatory action is imposed, important news is being anticipated, or a particular stock is just being bought or sold excessively.(Explained in detail in the video)RulesWhen a stock is halted for trading, it is coded with an identification number like T1, T2, T5, H10, etc.When the situation arises for halting trading in a particular stock, the exchange announces a halt to all brokers.Triggers of stock haltIf the stock price fluctuates up and down due to high volatility, then the exchange will either halt the trading, or the circuit breakers will be activated.Trading halts have been put into place so that a select group of individuals with significant capital does not manipulate prices to their whims and fancies.This will be all for this video. Subscribe to the channel, like the video, and share it with others.==========================================================================Subscribe to Our Channel –Youtube https://www.youtube.com/channel/UChlNXSK2tC9SJ2Fhhb2kOUw?sub_confirmation=1LinkedIn https://www.linkedin.com/company/wallstreetmojo/Facebook https://www.facebook.com/wallstreetmojoInstagram https://www.instagram.com/wallstreetmojoofficial/Twitter https://twitter.com/wallstreetmojo

  • Tags

Most Popular This Week

Tax Rules for S Corporations in the US [Video]
►
Categories
Resources for Accountants

Tax Rules for S Corporations in the US [Video]

This video provides an overview of the tax rules for S corporations in the United States. An S corporation is a business entity type that provides the limited liability of a corporation but is taxed as a flow-through entity (no double taxation like C corporations). Profits (or losses) of the S corporation flow through to shareholders and are taxed at the shareholder (but not corporate) level. An S corporation must be organized in a U.S. state. After creating a corporation, shareholders must file Form 2553 with the IRS to elect for the company to be treated as an S corporation. Not all corporations be an S corporation, and there are requirements based on the type of corporation, the number of shareholders, and types of shareholders. Income and deductions of an S corporation are allocated to an S corporation on a pro rata basis. In contrast to partnerships, special allocations (non pro rata) are not allowed. Distributions to shareholders are generally nontaxable to the extent the shareholder has basis, although distributions can be taxable if they exceed the shareholder's basis or if the distributions pertain to earnings and profits (E&P) accumulated by the corporation prior to its election to become an S corporation. A shareholder's basis is increased by capital contributions, share purchases, and the shareholder's pro rata share of income items, while the shareholder's basis is decreased by nontaxable distributions to the shareholder and the shareholder's pro rata share of deductions and losses (although the shareholder's basis can never go below zero). In contrast to partnerships, a shareholder's basis is not increased when the S corporation borrows money (unless the shareholder loans money to the S corporation). While S corporations are flow-through entities and are thus not subject to income tax, S corporations may be subject to taxes in certain situations. 0:00 Overview 0:33 What is an S corporation? 2:51 How to create an S corporation 3:40 Requirements to be an S corporation 8:01 Allocating income and deductions 11:19 Tax consequences of distributions 14:53 Calculating a shareholder's basis 17:13 Taxes on S corporations — Edspira is the creation of Michael McLaughlin, an award-winning professor who went from teenage homelessness to a PhD. Edspira’s mission is to make a high-quality business education freely available to the world. — SUBSCRIBE FOR A FREE 53-PAGE GUIDE TO THE FINANCIAL STATEMENTS, PLUS: • A 23-PAGE GUIDE TO MANAGERIAL ACCOUNTING • A 44-PAGE GUIDE TO U.S. TAXATION • A 75-PAGE GUIDE TO FINANCIAL STATEMENT ANALYSIS • MANY MORE FREE PDF GUIDES AND SPREADSHEETS * http://eepurl.com/dIaa5z — SUPPORT EDSPIRA ON PATREON *https://www.patreon.com/prof_mclaughlin — GET CERTIFIED IN FINANCIAL STATEMENT ANALYSIS, IFRS 16, AND ASSET-LIABILITY MANAGEMENT * https://edspira.thinkific.com — LISTEN TO THE SCHEME PODCAST * Apple Podcasts: https://podcasts.apple.com/us/podcast/scheme/id1522352725 * Spotify: https://open.spotify.com/show/4WaNTqVFxISHlgcSWNT1kc * Website: https://www.edspira.com/podcast-2/ — GET TAX TIPS ON TIKTOK * https://www.tiktok.com/@prof_mclaughlin — ACCESS INDEX OF VIDEOS * https://www.edspira.com/index — CONNECT WITH EDSPIRA * Facebook: https://www.facebook.com/Edspira * Instagram: https://www.instagram.com/edspiradotcom * LinkedIn: https://www.linkedin.com/company/edspira — CONNECT WITH MICHAEL * Twitter: https://www.twitter.com/Prof_McLaughlin * LinkedIn: https://www.linkedin.com/in/prof-michael-mclaughlin — ABOUT EDSPIRA AND ITS CREATOR * https://www.edspira.com/about/ * https://michaelmclaughlin.com