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Computer equipment is considered one of the most significant components of fixed assets items in an entity's balance sheet. This kind of asset usually has more than twelve months and classified as non-current assets, initially recognized at cost and subsequently value...

Furniture and fittings are the number current that the company used for supporting its daily operation other than land, building, machinery, computer equipment, and other non-current. These noncurrent assets are recording in the company’s balance sheet at the end of...

What are Leasehold Improvements? Leasehold Improvements are defined as modifications made to a leased space or a leased asset to make it more suited to the specific needs of the given tenant. When a rental or a tenancy agreement is signed upon, there are several...

The inventory is considered to be a hazardous item in the balance sheet. The risk even increases if the business operates in the manufacturing sector. The reason is that business operating in manufacturing segment is expected to have a greater quantity of raw...

Definition of Fixed Assets: Fixed Assets are referred to property, plant, and equipment. These items are held and used in the production and supply of goods or services. Furthermore, this equipment has also been used to perform administrative tasks. In addition, the...

The balance sheet contains many items, including assets owned by the business, liabilities to be paid by the business, and equity in the financing structures. The presentation of all these items on a single page help to understand the financial position of the...

The assets held for sale are the non-current assets that the business intends to sell. In other words, confirm the intention of the business to sell the non-current assets converts the presentation of the non-current assets to the current assets. This is the change of...

Under the IAS 1 of IFRS(International Financial Reporting Standard), every business entity must comply with reporting and representation of financial data. Five financial statements are the most crucial and mandatory for reporting. Balance Sheet is one of the most...

A company’s financial statements tell about a company’s financial health and position for different fiscal years. A balance sheet, often regarded as a financial position statement, is one of the most important financial statements. The balance sheet is based on the...