SIC-10, also known as “Government Assistance – No Specific Relation to Operating Activities,” provides guidance on accounting for government assistance that is not specifically related […]
SIC-9, also known as “Business Combinations – Classification either as Acquisitions or Unitings of Interests,” provides guidance on how to classify business combinations as either […]
Standard Industrial Classification (SIC) 8 refers to the first-time application of International Accounting Standards (IASs) as the primary basis of accounting. It outlines the requirements […]
Introduction of the Euro with Definitions, Explanations, Examples, and Case Studies The Euro, also known as the Eurozone or the Euro currency, is the […]
SIC-6, which stands for Costs of Modifying Existing Software, refers to the accounting standard under the International Financial Reporting Standards (IFRS) that provides guidance on […]
SIC-5, or Standing Interpretations Committee Interpretation 5, provides guidance on the classification of financial instruments with contingent settlement provisions. Contingent settlement provisions are contractual clauses […]
SIC-3 (Standing Interpretations Committee Interpretation 3) provides guidance on the elimination of unrealized profits and losses on transactions with associates. An associate is an entity […]
Consistency – Different Cost Formulas for Inventories Consistency is a fundamental accounting principle that ensures that financial information is presented in a uniform manner […]
IFRIC 23, “Uncertainty over Income Tax Treatments,” is an Interpretation issued by the International Financial Reporting Interpretations Committee (IFRIC) that provides guidance on how to […]
IFRIC 22: Foreign Currency Transactions and Advance Consideration International Financial Reporting Interpretations Committee (IFRIC) 22 provides guidance on how to account for foreign currency transactions […]
