Every entity needs to prepare and present its financial statements for the accounting year adopted by it. Presentation of financial statements means how an… Read Article
Changes in Accounting PoliciesEvery organization needs to follow the accounting rules and frame its own accounting policies. These policies are nothing but a well-thought-out… Read Article
What do you Mean by Financial Reporting Framework?Financial Reporting Framework, as the word implies, provides a framework for financial reporting. This framework basically includes… Read Article
What are Accounting Policies?Accounting Policies are internal rules, standards, and procedures that a company’s management lays down to guide them in the preparation of… Read Article
What is the Management Discussion and Analysis?Management Discussion and Analysis is a separate section in the annual reports of the companies. It provides insightful… Read Article
Contingent Liability: MeaningContingent Liability is the best guesstimate by the company of a situation that might turn into a liability. Whether or not a… Read Article
The primary limitations of financial statements are their heavy reliance on historical costs, indifference to inflation, being prone to fraud, being easily manipulated, etc.… Read Article
Financial Statement Notes / FootnotesFinancial statement notes are the additional important information apart from the basic three financial statements. These notes to financial statements… Read Article
There are three basic types of financial statements. We categorize another two important parts of an annual report as financial statements. Let’s begin our… Read Article