Tag: Account

The Going Concern Concept is a fundamental accounting principle that assumes a business will continue its operations into the foreseeable future without the intention or necessity of liquidation or [Read More...]

Uncertainty over Income Tax Treatment arises when there is doubt about how a specific tax position or transaction will be interpreted or treated under the applicable tax laws by tax authorities. This [Read More...]

Management Discussion and Analysis (MD&A) Management Discussion and Analysis (MD&A) is a key section of an organization’s annual report or financial disclosures. It provides a narrative [Read More...]

Notes to Accounts in Financial Statements Notes to Accounts (also called Notes to Financial Statements) are an integral part of financial reporting. They provide additional details, explanations, and [Read More...]

Arm's Length Pricing (ALP) Definition: Arm's Length Pricing refers to the principle that transactions between related parties (such as between a parent company and its subsidiary) should be conducted [Read More...]

Comprehensive Profit and Loss Account The Comprehensive Profit and Loss Account, also called the Statement of Comprehensive Income, provides a complete overview of a company’s financial performance [Read More...]

Statement of Shareholders' Equity The Statement of Shareholders' Equity (also known as the Statement of Changes in Equity) is a financial statement that outlines the changes in a company's equity [Read More...]

Steps to Prepare a Cash Flow Statement The preparation of a Cash Flow Statement (CFS) involves classifying cash inflows and outflows into operating, investing, and financing activities. It can be [Read More...]

What is a Cash Flow Statement? A Cash Flow Statement (CFS) is a financial statement that provides a summary of a company’s cash inflows and outflows over a specific period. It categorizes cash [Read More...]

Elements of the Income Statement The Income Statement is a fundamental component of financial reporting, summarizing an entity’s financial performance over a specific period. Its main elements [Read More...]