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.
IFRS 15 promulgated by the International Accounting Standards Board (IASB) provides guidance on accounting for ‘Revenue from Contracts with Customers’. It was adopted in 2014 and became effective in January 2018. IFRS Standard · Revenue Recognition IFRS 15 – Revenue from Contracts with Customers The definitive, comprehensive guide to understanding, … Read More
IAS 23 requires that borrowing costs directly attributable to the acquisition, construction or production of a ‘qualifying asset’ (one that necessarily takes a substantial period of time to get ready for its intended use or sale) are included in the cost of the asset. Other borrowing costs are recognized as … Read More
IAS 10 ‘Events After The Reporting Period‘ prescribes when events after the end of the reporting period should be adjusted in the financial statements. ‘Adjusting Events‘ are those providing evidence of conditions existing at the end of the reporting period, whereas ‘Non-Adjusting Events‘ are indicative of conditions arising after the reporting period. … Read More
FVPL also referred as Fair Value Through Profit and Loss is a key classification under IFRS 9 used for financial assets and liabilities measured at fair value. All gains and losses are recognized directly in “profit or loss”, impacting earnings immediately. IFRS 9 · Financial Instruments · Accounting Standards What … Read More
FVOCI also referred as Fair Value Through Other Comprehensive Income is a classification under IFRS 9 used for certain financial assets. It allows changes in fair value to be recorded in other comprehensive income instead of profit or loss. Home IFRS 9 FVOCI IFRS 9 · Financial Instruments FVOCI – … Read More
IFRS 15 5 step model provides a structured framework for ‘recognizing revenue from customer contracts’. It helps businesses identify obligations, determine transaction prices, and recognize revenue accurately and consistently. IFRS Explained IFRS 15 · Revenue Recognition International Financial Reporting Standard IFRS 15 –The Five‑Step RevenueRecognition Model A definitive, practical guide … Read More
Cost model vs revaluation model are two accounting approaches used under IAS 16 to measure fixed assets after initial recognition. While the ‘cost model’ records assets at historical cost, the ‘revaluation model’ reflects fair value changes over time. IAS 16 · Financial Reporting · IFRS Cost Model vs Revaluation Model … Read More
IFRS 9 is a key accounting standard that governs the classification, measurement, and impairment of financial assets and liabilities. It introduces the expected credit loss model, improving how businesses recognize risk and report financial performance. IASB Standard · Effective 2018 StandardIFRS 9 Issued byIASB Effective Date1 Jan 2018 ReplacesIAS 39 … Read More
IFRS 15 Vs ASC 606 are the Primary Revenue Recognition standards used globally. While both frameworks follow a similar Five-Step Model for recognizing revenue, subtle differences in application, disclosure, and guidance can affect financial reporting. Understanding the Key Distinctions of the concept IFRS 15 Vs ASC 606 helps businesses ensure … Read More
A Sublease occurs when a Tenant (the ‘Original Lessee’) rents out all or part of the leased property to another party, known as the Sublessee, while still remaining responsible to the original landlord. The original lease between the landlord and the tenant continues to exist, and the tenant acts as … Read More