The preparation of financial statements requires an entity to make materiality judgements to determine what and how financial information should be presented and disclosed in the financial statements. In one of our articles in the Accounting 101 series, we have highlighted that materiality is one of the considerations in the preparation of the financial statements. […]
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Posted inAccounting
Accounting 101: Elements of Financial Performance – Income and Expense
In this round of the Accounting 101 series, we will discuss the two elements of financial performance, which are income and expenses. The financial performance of an entity is measured by the performance of its income and expenses and they are presented or disclosed in the statement of profit or loss and other comprehensive income. […]
Posted inAccounting
Accounting 101: The structure, content and other disclosures in the financial statements
The article discusses the structure and content in the financial statements. It also explains on the four primary statements that must be disclosed.
Posted inFinancial Accounting
IFRIC Tentative Agenda Decision: Costs necessary to sell inventories
In addition to the IFRIC Tentative Agenda Decision: Preparation of financial statements when an entity is no longer a going concern, IFRIC on 12 February 2021 also issued another tentative agenda decision – Costs necessary to sell inventories. This tentative agenda decision is open for public comments until 14 April 2021. What are the accounting […]
Posted inAccounting
Accounting 101: Various type of interest rate
Interest rate is one of the important elements in the financing arrangement. The types and calculation of interest rates may be different from one product to another. Interest is reported either as interest expense or interest revenue in the statements of profit or loss and other comprehensive income. Interest calculation also affects the carrying amount […]
Posted inFinancial Accounting
IFRIC Tentative Agenda Decision: Preparation of financial statements when an entity is no longer a going concern
On 12 February 2021, the IFRS Interpretation Committee (“IFRIC”) issued a tentative agenda decision on the issue relating to the preparation of financial statements when an entity is no longer a going concern. The tentative agenda decision is open for public comments until 14 April 2021. This issue submitted to IFRIC is quite an interesting […]
Posted inAccounting
Accounting 101: Liability and equity
In this article, we will talk about the last two components in the statement of financial position (or balance sheet) of the general purpose financial statements – liabilities and equity. In our previous article for Accounting 101 series on the Components of the general purpose financial statements, we have explained that the balance sheet is […]
Posted inAccounting
Accounting 101: Accounting for financial assets
Briefly, this article will explain to you what an asset is and how an asset is accounted for in the financial statements. This article, however, will talk about the accounting for assets from the perspective of the MFRS framework. Nevertheless, entities under the IFRS framework also apply the same requirements as per what we will […]
Posted inIslamic Finance
The secondary source of Islamic laws
Follow this article to understand the secondary sources of Islamic laws. These sources are important to address many contemporary issues in Islamic Finance.
Posted inAccounting
Accounting 101: Accounting for non-financial assets
For this round in our series on Accounting 101, the article will explain to you what a non-financial asset is and how a non-financial asset is accounted for in the financial statements. Similar to the discussion on financial assets, this article explains the accounting for non-financial assets from the perspective of the Malaysian Financial Reporting […]