In this section, we’ll explain different types of assets and various accounting concepts associated with these assets. Some major categories…
Prepayments can be related to expenses as well as revenues, depending on whether an entity has paid cash in advance,…
Borrowing cost includes interest, processing fee, or any other costs associated with the borrowing of funds. Generally, borrowing costs are…
Investment properties are initially recognized at cost including all directly attributable expenditure incurred to acquire the property. Subsequently, an entity…
Any land or building held by an entity for any of the following purposes is known as investment property: to…
Impairment loss is the difference between an asset’s carrying amount and its recoverable amount. Purpose of this concept of calculating…
In the modern-day business environment, you must have noticed that all the big companies have sophisticated R&D departments and so…
Amortization is the systematic allocation of the cost of an intangible asset to income statement over its useful life. Why…
Goodwill is an intangible asset representing the established reputation and additional value of a business over and above the fair…
Intangible assets are identifiable non-monetary assets of an entity which do not have physical substance or existence. Here the word…