Derecognition of some previous GAAP assets and liabilities The entity should eliminate previous-GAAP assets and liabilities from the opening statement of financial position if they do not qualify for recognition under IFRSs. [IFRS 1.10(b)] For example: IAS 38 does not permit recognition of expenditure on any of the following as an intangible asset: research start-up,… Continue reading Adjustments required to move from previous GAAP to IFRSs at the time of first-time adoption of IFRS.
Author: Naveen Kumar
Islamic Finance
Islamic finance is a type of financing activity that must comply with Sharia. The common practices of Islamic finance and banking came into existence along with the foundation of Islam. Nowadays, the Islamic finance sector grows at 15%-25% per year, while Islamic financial institutions oversee over $2 trillion. Though only a blooming industry by market terms, representing a 1.5% of the… Continue reading Islamic Finance
Cryptocurrency
Introduction on Cryptocurrency A cryptocurrency is a digital currency created to serve as a medium of exchange and uses cryptography to secure financial transactions. Instead of using a centralised digital currency and central banking system, cryptocurrencies maintain a decentralised control. The decentralised control of each cryptocurrency works through distributed ledger technology, typically a blockchain, that serves as a public financial transaction database. The decentralised structure allows them… Continue reading Cryptocurrency
What is input tax credit
What is input credit? Input credit means at the time of paying tax on output, you can reduce the tax you have already paid on inputs. Say, you are a manufacturer – tax payable on output (FINAL PRODUCT) is Rs 450 tax paid on input (PURCHASES) is Rs 300 You can claim INPUT CREDIT of… Continue reading What is input tax credit