List of AccountsThe list of accounts is a hierarchical outline of the firm’s financial accounts, grouped at the top level by assets, liabilities, equity accounts, revenue, and expenses. Your firm’s chart of accounts will have several sub-accounts under each of the top-level groups, often with their own sub-accounts. The bank then forwards the interest earned …
Technical feasibility in this case is often easier to demonstrate and is established earlier in the process, before the company can demonstrate its intention to complete and its ability to sell the asset. The FASB, which supplies the US GAAP standards, and the IFRS have been working together to agree on both domestically and internationally …
R&D costs: IFRS® Accounting Standards vs US GAAP Read More »
As nonprofits, we are required to show our net assets “with donor restrictions” (restricted) separately from those “without donor restrictions” (unrestricted). These further distinctions are not required by GAAP (generally accepted accounting principles), but they provide more clarity for management and internal understanding of net assets composition and liquidity. Accurate journal entries are fundamental to …
Managing Net Assets Released from Restrictions in Nonprofits Read More »
