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SIC-10	Government Assistance – No Specific Relation to Operating Activities
Financial Reporting FR

SIC-10 Government Assistance – No Specific Relation to Operating Activities

May 30, 2023April 6, 2023 ACCA COACH

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	Business Combinations – Classification either as Acquisitions or Unitings of Interests
Financial Reporting FR

SIC-9 Business Combinations – Classification either as Acquisitions or Unitings of Interests

May 29, 2023April 6, 2023 ACCA COACH

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 […]

SIC-8	First-Time Application of IASs as the Primary Basis of Accounting
Financial Reporting FR

SIC-8 First-Time Application of IASs as the Primary Basis of Accounting

May 29, 2023April 6, 2023 ACCA COACH

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 […]

SIC-7	Introduction of the Euro
Financial Reporting FR

SIC-7 Introduction of the Euro

May 28, 2023April 6, 2023 ACCA COACH

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	Costs of Modifying Existing Software
Financial Reporting FR

SIC-6 Costs of Modifying Existing Software

May 28, 2023April 6, 2023 ACCA COACH

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-3	Elimination of Unrealised Profits and Losses on Transactions with Associates
Financial Reporting FR

SIC-3 Elimination of Unrealised Profits and Losses on Transactions with Associates

May 27, 2023April 6, 2023 ACCA COACH

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 […]

SIC-1	Consistency – Different Cost Formulas for Inventories
Financial Reporting FR

SIC-1 Consistency – Different Cost Formulas for Inventories

May 26, 2023April 6, 2023 ACCA COACH

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
Financial Reporting FR

IFRIC 23 Uncertainty over Income Tax Treatments

May 26, 2023April 6, 2023 ACCA COACH

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
Financial Reporting FR

IFRIC 22 Foreign Currency Transactions and Advance Consideration

May 25, 2023April 6, 2023 ACCA COACH

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 […]

IFRIC 21	Levies
Financial Reporting FR

IFRIC 21 Levies

May 25, 2023April 6, 2023 ACCA COACH

IFRIC 21, or International Financial Reporting Interpretations Committee 21, provides guidance on accounting for levies imposed by governments on entities. Levies are usually in the […]

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  • SIC-10 Government Assistance – No Specific Relation to Operating Activities
  • SIC-9 Business Combinations – Classification either as Acquisitions or Unitings of Interests
  • SIC-8 First-Time Application of IASs as the Primary Basis of Accounting
  • SIC-7 Introduction of the Euro
  • SIC-6 Costs of Modifying Existing Software
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