eFinanceManagement

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

Harmonization of Accounting Standards

What is the Meaning of Harmonization of Accounting Standards?Harmonization is the act of making an activity, situation, or process consistent and compatible with other… Read Article

GAAS vs GAAP

In the age of globalization, it is very important that companies properly prepare their financial statements. Moreover, their financial statements should be such that… Read Article

Importance of GAAP

GAAP (Generally Accepted Accounting Principles) is a set of rules and guidelines that tell a company how to prepare financial statements. All companies, whether… Read Article

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

Fundamentals of Accounting: Meaning, Principles, Categories, and Statements

Fundamentals of AccountingAccounting is the procedure of data entry, recording, summarizing, analyzing, and then reporting the data related to financial transactions of businesses and… Read Article

Accrual vs Deferral – Meaning and Differences

Businesses require the allocation of both incomes and expenses to the same accounting period. However, there are often instances when the expenses and revenues… Read Article

US GAAP – Meaning, History, Importance And More

Generally Accepted Accounting Principles or GAAP is also known as US GAAP as it is in use in the US. These are the set… 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 Non-GAAP – All You Need To Know

Companies can adopt different ways to track and report financial information to the stakeholders. While in the United States, the companies follow the US… Read Article

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