Since 31 March 2004,IFRS 3 (Accounting for Business Combinations) is mandatory for companies to account for any business combinations.
You might be wondering why IFRS 3 has any involvement with this brand article.
The answer is simple: you will notice that in any business combination there is always an element of purchased goodwill which can […]

In one of my earlier articles, I mentioned FRS, IFRS, IAS, etc. So what really is the difference between those mentioned and GAAP?

Simply, Generally Accepted Accounting Principles (GAAP) is the standard framework of guidelines for financial accounting. It includes the standards, conventions, and rules accountants follow in recording and summarizing transactions, and in the preparation […]

Very often, as financial expertise, we always hear about IFRS and IAS. So do you know the difference between them and the background?

First and foremost, the “I” definitely stands for International. These accounting standards are meant for the global arena supposed to be used by countries worldwide. Please note that each individual country in […]