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IAS 12 Income Taxes

Benjamin Franklin once wrote: “In this world nothing can be said to be certain, except death and taxes“. Income tax is something that can hardly be avoided by a profit-making company. You might find filling-in the tax return a demanding task because everything must be…

IAS 19 Employee Benefits

Standard IAS 19 Employee Benefits prescribes rules for recognition and presentation of various types of benefits that employers provide to their employees. Have you ever read about employee benefits that the best employer in the world—Google provides to its employees? Just to name a few…

IAS 18 Revenue

The world today is packed with different kinds of products, services, transactions and many other activities that people and business do. Logically, it is sometimes very tough issue for accountants to determine WHEN and even WHETHER to recognize revenue in the financial statements. That’s exactly…

IAS 17 Leases

IAS 17 Leases deals with the accounting and financial reporting of the very common business transaction—lease. Leases are the great example of “off-balance sheet” financing if not recorded properly in the financial statements. In the past, many companies used to hide their finance lease liabilities and…

Brief IFRS Glossary

International Financial Reporting Standards are usually presented in a certain structure. Most of IFRS is clearly subdivided into several chapters that carry their titles, for example: Recognition, Measurement, Derecognition etc. This article defines the main terms as used in IFRS and shows example of their application….

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