Generally Accepted Accounting Principles

Generally accepted accounting principles (GAAP) are the standard framework of guidelines for financial accounting used in any given jurisdiction; generally known as accounting standards or standard accounting practice. These include the standards, conventions, and rules that accountants follow in recording and summarizing and in the preparation of financial statements. Many businesses choose to "opt out" of GAAP practices as they operate on a cash basis, as opposed to an accrual basis. A comparison would be the way that most people balance their checkbooks: when a check is written, its amount is deducted from the total balance even though the funds have not yet left the account. Financial decisions made after the check is written are based on the balance after the check is deducted.

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List of IFRIC Interpretations

The IFRS Foundation provides free access (through Basic registration) to the PDF files of the current year's IFRIC ® Interpretations (Part A of the Issued Standards—the Red Book), as well as available translations of Interpretations. This section also provides high level and non-technical summaries for the Interpretations. The full Standards with all accompanying documents are available for Premium subscribers on eIFRS . For more information about what is provided for free and why, visit our unaccompanied Standards FAQ page . Interpretation name IFRIC 1 Changes in Existing Decommissioning, Restoration and Similar Liabilities IFRIC 2 Members’ Shares in Co-operative Entities and Similar Instruments IFRIC 4 Determining whether an Arrangement Contains a Lease IFRIC 5 Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds IFRIC 6 Liabilities arising from Participating in a S...

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IFRS FOUNDATION PUBLISHES CASE STUDY REPORT: BETTER COMMUNICATION—MAKING DISCLOSURES MORE MEANINGFUL

The IFRS ® Foundation has published a case study report showing how companies from different parts of the world have improved communication in their IFRS financial statements. Better Communication in Financial Reporting—Making disclosures more meaningful contains six case studies from varied industries. Its aim is to illustrate how improvements can be made and inspire other companies to initiate their own improvement projects. The report explains the process these companies have gone through to improve disclosures in the notes to their IFRS financial statements and shows examples of the improvements made. By identifying what information is relevant, prioritising it appropriately and presenting it in a clear and simple manner, they have made their financial statements easier for investors to read and understand. Through the use of examples, the report shows that relatively small changes can significantly improve the quality of the financial information that compa...

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CENTRAL BANK OF NIGERIA (CBN) Deputy Gov Disowns Fake e-mail Address.

Disclaimer CBN Deputy Gov Disowns Fake e-mail Address CBN Deputy Gov Disowns Fake e-mail Address The attention of the Central Bank of Nigeria (CBN) has been drawn to the activities of fraudsters impersonating some principal officers of the Bank in an attempt to defraud unsuspecting members of the public. Of particular concern to the Bank is the recent message sent from an e-mail purportedly belonging to the Deputy Governor, Corporate Services, Mr. Edward Lametek Adamu, transacting a phony business deal. We wish to inform all members of the public, particularly members of the social media community that officials of the CBN do not communicate with emails outside the @cbn.gov.ng domain. No principal officer of the Bank will transact business or ask you to transact business with any other platform outside those ending with @cbn.gov.ng. The CBN also wishes to warn the public that it will not be liable for any financial transaction which may have transpired between people and sca...

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