What is Income Statement?

Simply a statement showing income, expenses, and profit or loss of firm is called income statement. In technical terms it is a financial statement presenting income earned during a period and expenses incurred to generate that income along with profit or excess of...

CIPPA – Constant Item Purchasing Power Accounting

Constant Item Purchasing Power Accounting (CIPPA) is the International Accounting Standards Board’s basic accounting alternative authorized in International Financial Reporting Standards in the Framework for the Preparation and Presentation of Financial...

What is Balance Sheet/Statement of Financial Position

Balance sheet is the statement of financial position of a company. It depicts the financial position (sound or weak) of a company on a specific date. The basic concept involved in balance sheet is that the assets are equal to outside liabilities and owners’ equity....

GAAP / International Financial Reporting Standards

Generally Accepted Accounting Principles (GAAP) is an international recognized and accepted concept of standard framework and rules to ensure uniform financial reporting across the globe. GAAP is the general term which covers all the standards, principles,...

Financial Reporting Standards

Financial reporting standards are periodically issued by International Financial Reporting Standard Board. These standards are meant to ensure uniformity in financial reporting to protect the interests of the investors worldwide. Earlier called International...

What is Accountant?

In history landlords used to appoint a literate person to write their financial information and to maintain accounts of their customers. The reason behind was that landlords himself were not capable for such functions or they had not enough time to write their...