Taxation

What You Need to Know About the Child Tax Credit in 2024

IRS Audit Process Explained: What to Expect and How to Prepare Effectively

Tax Tips for Life’s Milestones: Navigating Change with Ease

GAAPs are a collection of set standards and procedures for businesses for financial reporting. These standards are issued by the Financial Accounting Standard Board (FASB) and the American Institute of Certified Public Accountants (AICPA) in the U.S. GAAPs cover different topics, including assets, equities, liabilities, expenses and revenues, financial statement presentation, derivatives, foreign currency, hedging, business combination and non-monetary transactions.

All disclosure requirements regarding interests in other entities are covered by the comprehensive standard known as IFRS 12. The objective of IFRS 12 is to make it a requirement for an entity to provide information that will allow users from its financial statements to assess the nature of, risks connected to, and effects of its interests in other entities on financial statements.

A joint arrangement is a setting or an arrangement where two (or more) parties have control. In this case, they will have joint control. Joint control arrangements exist due to several reasons. For example, it is a way for all the parties to share the risks and costs. They could also use this arrangement to provide access to new markets and technology.

With the help of the accounting standard IFRS 10, businesses with numerous entities can consolidate their financials while still complying. While it resembles ASC 810, there are several significant differences. This article discusses four critical points that each company with several companies should consider under the IFRS standards.

When in a financial field, one frequently comes across the terms financial assets and liabilities. According to an entity's business strategy and the nature of the cash flows resulting from its financial assets, the classification of its financial assets is established. However, there's a lot more confusion regarding both the terms. So, let's delve into this post to have a more clear view of it.

Understanding the basic differences between an S Corp and a C Corp can help save time, money and effort. Both S corporation and C Corporation designations are valid choices. Although both have similarities, they also have quite a few important differences. Before taking the final call, it is better to understand the differences between the two.

IFRS 8 Operating Segments mandates certain classes of organizations (primarily those with publicly traded shares) to publish information about their operating segments, products and services, geographical areas, and prominent clients. Information is derived from internal management reports for both the identification of operating segments and the measurement of reported segment data. The IFRS 8 segment was published in November 2006 and applies to yearly periods beginning after January 1, 2009.

Back in 2015, IFRS financial statements were required since a lot of loans were being taken by various entities from foreign banks. It is evident if you review the financial statement of even a mid-sized business that extends consumer loans. Foreign banks usually ask the bigger debtors to share their financial statements yearly.

IFRS 6 allows entities to adopt the standard for using accounting policies to explore and evaluate assets brought into effect before adopting IFRS. It was issued in December 2004 and applies to annual periods on or after 1 January 2006. Most of the fundamental entities in the sector use the approach based on ‘successful efforts’, where the costs incurred in acquiring, funding, and developing reserves are capitalized on a ‘field by field’ basis.

The United States Government issues the IndividualTaxpayer Identification Number (ITIN) that identifies the individual's taxreturn details. The Internal Revenue Service (IRS) gives ITIN numbers to peoplewho are unqualified for Social Security Numbers. It is a nine-digit number thatbegins with "9" and has similar formatting to SSN.

Something most businesses fear, and also most individuals are the dreaded tax season. It entails a lot of work and it can be strenuous to work your way through, especially for businesses with large amounts of documents and financial records

We all make investments to get profitable returns. But what happens if you don't make a profit? In standard taxable investments, reporting capital gains and losses is straightforward.