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What is a ledger account?
Sometimes we often forget the basics of accounting. It’s so easy nowadays to forget what’s behind the transactions and journal entries we make in accounting software. So, today I’ll got back to basics...
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IFRS adoption by country
International Financial Reporting Standards (IFRS) were adopted by the European Union in 2005 for all public listed companies. The standards cover a range of topics in financial statement preparation,...
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What is a parntership? How does it change financial statements prepared?
In business, a partnership refers to the coming together of two or more persons to conduct a business. Normally, there is a maximum number of partners with exceptions made in cases like accounting...
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Fair value accounting – a brief summary
I read an article from the Guardian website last January, where a Bank of England official was suggesting that banks need to have separate accounting standards from other types of business. Some of...
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What is iXRBL
At end of last year (December 2011), Ireland’s tax collection authority (Revenue Commissioners) issued a consultation document on iXBRL. I have written a post of two on XRBL previously. XBRL is...
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Facebook price earnings
I have written before about key financial ratios which can be used to analyse a business. Here is a great current example – the price earnings ratio for Facebook. The post is from a New York Times blog.
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Is double entry accounting here forever?
Some time ago, I read a blog post on the Zoho website about double entry accounting. Zoho provide a number of business related applications. The essence of the Zoho blog post is conveyed in the title...
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Is accounting sexy?
CIMA, Financial Management, Oct 2004. A few months ago, I was at a workshop which consisted of publishers/editors and accounting academics. I was a bit late and when I arrived one of the editors asked...
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Do accountants have a sense of humour
Last month, I asked were accountants sexy. I walked by a chartered accountants practice (see the pic) in Maida Vale (London) recently and decided at least some accountants must have a sense of humour –...
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Deferred revenues on software sales – the accrual concept in action
The accruals concept is one of the fundamental accounting concepts which – more or less – dictates how we do accounting. I have written about the accruals concept previously. Briefly, the accruals...
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Reporting financial information on the Internet and social media
Image via CrunchBase As you may know, public companies publish a lot of financial information. As accountants, the first of such information that comes to mind is the annual report and accounts – which...
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Some quotes about accounting
For the fun, I decided to do a search of some websites who provide famous quotes for this post. I searched using simple the word “accounting” and here are a few of the results. Enjoy. Balanced...
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SEC allowing companies to use social media
See my post and have a read of this from the Irish TimesUS SEC says companies may announce key data on social media :...
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Currency devaluations – the effects on assets
Devaluation (Photo credit: ervega) It is not that often that we as accountants face the problem of currency devaluations. We would have to be an accountant in a large global firm who has assets...
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Accounting standard setters can’t agree
I don’t normally write too much about complex accounting standards and I’m not starting now, but this blog post from The Economist caught my attention. I would have thought the term standard might have...
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Accounting – in the eyes of an 8 year old
A few weeks ago, my daughter asked me what exactly is it I do in work. My reply- I teach accounting. Now as, any of you with kids will know it never ends with a single question. So the next question:...
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FRS102 – a great reference guide
As you may know, non-listed UK and Irish companies are not subject to International Financial Reporting Standards (IFRS). Instead, local standards are applied to financial reporting in such entities....
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What is an asset?
The next few posts will provide some basic accounting terms and definitions – concentrating mainly on assets. So what is an asset? If I look at a dictionary, I might see something like “a useful...
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How are assets classified in accounting?
In my previous post, I introduced assets. Now let’s see how assets are classified in accounting. There are two major asset classifications 1) non-current and current, 2) tangible and intangible. Let’s...
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What is depreciation?
Okay, the last two posts were about assets, and now I’d like to give a brief introduction to depreciation. As you may know the accruals concept (also known as the matching concept) sets out how...
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