What are Financial Statements?
A company’s financial statements are a group of reports that show its financial performance and general business activity over a particular period of time. The financial statements are intended to …
What is an Audit Walkthrough?
External auditors often carry out what are known as walkthroughs while they complete their fieldwork. They involve the auditors spending time sat with members of the finance team and perform …
How does Taper Relief Work? (Inheritance Tax)
When most people think of inheritance tax, the first thing that comes to mind is the tax paid on the estate left by somebody who dies. This of course, is …
What is IFRS 16 – The New Leases Standard
IFRS 16 became effective for all businesses with a financial reporting period beginning on, or after, the 1st January 2019.
What are the Journal Entries for IFRS 16?
Under IFRS 16, the main items that will appear on the balance sheet are a “right of use asset” and a lease liability. However, it is also important to understand how to calculate the related interest payments for the lease at each payment interval as well as the depreciation amounts.