The financial statements of a company tell about different aspects of the business. Financial health, future growth prospects, underlying problems, expenses, revenues, liabilities, and assets are shown in income statements and balance sheets. Income taxes and...
The International Accounting Standards require companies and business entities to report their financial information in their financial statements. The balance sheet is the health statement of a business entity that reflects the financial obligations, assets, and...
A statement of income and the balance sheet are the same? This isn’t exactly true. Both accounts give an insight into your firm’s finances, and each statement has its own set of characteristics. The income statement and the balance sheet are looked at by...
Liabilities in a Balance sheet are the commitments of the company to external parties. These are categorized as current (payable under 12 months) and non-current (payable in more than 12 months) liabilities. Defined under the IFRS: “A company’s present...
Goodwill is an immaterial asset linked to the acquisition by a different company. Goodwill is an intangible asset linked to a company combination in accounting. Goodwill is entered when a firm purchases an additional company, in this case, the price paid to purchase...
Interim and final dividend An interim dividend is when the company announces a dividend during the year. This type of dividend is usually announced in mid-year or between the two annual general meetings. However, an announcement of the dividend requires authorization...
