Managing Your Time in the ACA FAR Exam
The Financial Accounting and Reporting (FAR) exam is regarded as one of the hardest exams required to obtain the ACA qualification. It contains a lot of content of varying levels …
How to Calculate the IFRS 16 Right of Use (ROU) Asset
IFRS 16 requires the recognition of a “right of use” (ROU) asset on the balance sheet for ALL leases undertaken by a business. This ROU asset is recorded under the …
What is the Accruals Concept?
The accruals concept is one of most important accounting concepts to understand. It forms a crucial role in ensuring the accuracy of the financial statements. Accruals can often confuse those …
Calculating Holiday Pay Accruals (FRS 102)
Under FRS 102, there is a requirement to recognise a holiday pay accrual for any employees who have a remaining leave balance at the year end. The accrual is essentially …
What is an Income Statement?
The income statement is one of the key financial statements that businesses produce. It provides an insight into a business’ performance as it allows the user to see a business’ …