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Onerous Contract – Meaning, Accounting Treatment, and More

An Onerous Contract is, as the word implies, a contract that becomes a financial burden for the company. The total cost of fulfilling this… Read Article

International Financial Reporting Standards(IFRS)

IFRS is the abbreviation for International Financial Reporting Standards. It is a set of rules and guidelines that every firm has to adhere to… Read Article

Discontinued Operations – Meaning, Disclosure And More

Discontinued Operations are that part or portion of a company’s core product that no longer functions. Also, these parts are either held for sale… Read Article

Extraordinary Items Under GAAP – All You Need To Know

Extraordinary items in accounting are an event or transaction that does not relate to normal business activity and occur rarely. The treatment of extraordinary… Read Article

GAAP vs IFRS – All You Need To Know

Initially, many countries developed their own accounting standards. All these standards were different from others in a way that each had a different approach,… Read Article

Factoring Accounting

What is Factoring Accounting?Factoring Accounting means how the factoring transaction will be recorded in the books of accounts of the company. Before we understand… Read Article

GAAP

What is GAAP?Generally Accepted Accounting Principles (US) are the commonly followed and accepted set of rules, procedures, and guidelines adopted by SEC (Securities and… Read Article