What are The Journal Entries for Depreciation
Introduction to Depreciation Depreciation charges are a way of spreading the cost of a capital/fixed asset over its useful life. When a company makes a purchase of an item that …
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 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.
How to Account for Fixed Assets/PPE
The accounting treatment for Property, Plant and Equipment (commonly referred to as PPE) is set out within IAS16. PPE may also be referred to as fixed assets or tangible assets and …
Why Businesses Are Allowed To Claim VAT Back
Before you can understand why businesses are allowed to claim their VAT back, it must first be understood which businesses can reclaim VAT and also how the VAT system works. …