Presentation of Financial Statements
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
Financial Statement Notes
Changes in Accounting Policies – Reason, Disclosure, Exemption and Example
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
Financial Reporting Framework – Meaning, Objectives, and Criteria
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
Accounting Policies – Meaning, Uses, Types, and Importance
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
Management Discussion and Analysis
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 – Meaning, Importance, Types And More
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
Limitations of Financial Statements
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
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
Types of Financial Statements
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