Simplifying accounting fundamentals

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Statement of Changes in Equity (IFRS)

Entities using International Financial Reporting Standards (IFRS) must include a Statement of Changes in Equity as part of their...

Statement of Retained Earnings (ASPE)

Entities that report under the Canadian ASPE guidelines do not report a Statement of Changes in Equity. This is primarily because the...

Measuring Elements of a Financial Statement

Items on a financial statement can be measured using a variety of different methods, described below. Throughout the learning material,...

Capital Maintenance

Capital maintenance is a concept which measures whether either financial capital (money and equivalents) or physical productive capital...

Revenue: IFRS 15 Statement of Profit and Loss

TIP: For those writing the Canadian CPA board exams (CFE exams), Revenue recognition is an extremely important topic and is always found...

Revenue: APSE 3400 Income Statement

TIP: For those who are writing the Canadian CPA board exams (CFE exams), Revenue recognition is an extremely important topic and is...

Revenue: Bundled Deliverables

When several goods and/or services are sold together as a bundle, it is called a bundled deliverable. If you recall, both IFRS and ASPE...

Revenue: Accounting for Discounts

Both IFRS and ASPE account for discounts in a similar manner: discounts should be netted from Revenue amounts. They are not considered...

Non-Monetary Transactions: Exchanges and Swaps

This article describes how to recognize transactions that include non-cash components. TIP: Non-Monetary transactions are frequently...

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