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Accounting policies are the specific principles, bases, conventions, rules and practices applied by an entity in preparing and presenting financial information. [ 3 ] Where an IFRS specifically applies to a transaction, event or condition, the accounting policy applied to that item should be determined by reference to that standard.
an entity whose operating, financial, or accounting policies can be controlled by any of the individuals or entities described in items a–e or two or more such individuals or entities if they act together.” Immediate family members of covered members (spouses, dependents) must comply with the same independence rules as the covered members.
Business rules represent the primary means by which an organization can direct its business, defining the operative way to reach its objectives and perform its actions.. A rule-based approach to managing business and the information used by that business is a way of identifying and articulating the rules which define the structure and control the operation of an enterprise [1] it represents a ...
The FASB Accounting Standards Codification is the source of authoritative GAAP recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the SEC under authority of federal securities laws are also sources of authoritative GAAP for SEC registrants. In addition to the SEC's rules and interpretive ...
In addition, business projects, such as the launching of a new product or the re-engineering of a complex process, might lead to the definition of new business rules. This practice of incidental, or emergent, business rule gathering is vulnerable to the creation of inconsistent or even conflicting business rules within different organizational ...
In cost accounting, classification is basically on the basis of functions, activities, products, process and on internal planning and control and information needs of the organization. Financial accounting aims at presenting 'true and fair' view of transactions, profit and loss for a period and Statement of financial position (Balance Sheet) on ...
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General ledger – main accounting record of a business which uses double-entry bookkeeping. Journal – where double entry bookkeeping entries are recorded by debiting one or more accounts and crediting another one or more accounts with the same total amount. Special journals – facilitate the process of journalizing and posting transactions.