At Entrepreneurial Hub, our Accounting category delivers expert-driven, practical insights tailored for students, professionals, and business owners. Authored by a “Qualified Chartered Accountant”, having deep expertise in International Financial Reporting Standards (IFRS/IAS/IFRIC/SIC), Financial Analysis, Technology & Data-Driven Accounting, and Financial Reporting & Compliance.
We simplify complex accounting concepts into clear, actionable knowledge helping you stay compliant, make informed financial decisions, and adapt to evolving global standards. Whether you’re mastering core principles or exploring advanced reporting frameworks, our content is built on real-world experience and professional accuracy.
IAS 38 explains the ‘accounting criteria‘ for intangible assets, which are non-monetary assets that are without physical substance and identifiable (either being separable or arising from contractual or other legal rights). IASB · IAS 38 · Intangible Assets CA Jhanzayb (ACA) Qualified Chartered Accountant · IFRS Specialist IAS 38 – Intangible … Read More
The objective of IAS 19 is to prescribe the accounting and disclosure for ’employee benefits’. IAS 19 requires an entity to recognize: International Financial Reporting Standards Effective: 1 January 2013 · Last Revised: IASB 2018 Amendments International Accounting Standard IAS 19 – Employee Benefits A definitive reference for accountants, finance … Read More
Lessee accounting a concept that explains the way by which a lessee records the financial impacts of its leasing activities. As per IFRS 16, lessees recognize ‘right of use’ asset (RoU) and ‘lease liability’, reflecting the present value (PV) of future lease payments. IFRS 16 · ASC 842 · Lease … Read More
IFRIC 1 applies to changes in the measurement of any existing ‘decommissioning, restoration or similar liability’ that is both: Accounting Standards Reference Entrepreneurial Hub Home › Accounting › IFRIC 1 IFRS Interpretations · IFRIC 1 · ASC Analogues CA Jhanzayb (ACA) Qualified Chartered Accountant · IFRS Specialist IFRIC 1: Changes … Read More
The concept provision vs contingent liability explains that ‘Provision‘ is a liability that is recognized in the financial statements when a company has a probable obligation or a present obligation and ‘Contingent Liability‘ is a potential liability that may arise from past events but is uncertain in terms of its … Read More
Lessor accounting focuses on how asset owners recognize lease income, classify leases, and report financial performance. It involves distinguishing between finance and operating leases, each with different recognition and measurement approaches. Accounting Standards Reference Entrepreneurial Hub Home › Accounting › Lessor Accounting Lease Accounting · IFRS 16 · ASC 842 … Read More
The objective of IAS 40 is to prescribe the accounting treatment for investment property and related disclosure requirements. Skip to content Entrepreneurial Hub IFRS Standard IAS 40 – Investment Property A definitive guide to IAS 40: understanding its scope, recognition criteria, measurement models, transfers, and disclosure requirements under International Financial Reporting Standards. … Read More
Provision in accounting a Concept as per IAS 37 represent a company’s estimated liabilities or obligations, which are recognized in financial statements as an expense and liability. Provisions are typically created when there is uncertainty about the amount or timing of a liability, but the company has a legal or … Read More
The concept consolidated vs unconsolidated financial statements depicts that Consolidated FS reflect the financial statements of parent company and its subsidiaries as a single economic entity and Unconsolidated FS reflect the financial statements of a single entity. Financial Reporting Accounting Standards Corporate Finance Consolidated vs Unconsolidated Financial Statements A definitive … Read More
IAS 16 states that property, plant and equipment (PPE) is initially measured at its cost, subsequently measured either using a cost or revaluation model, and depreciated so that its depreciable amount is allocated on a systematic basis over its useful life. International Accounting Standard IAS 16 – Property, Plantand Equipment The … Read More