Simplifying accounting fundamentals

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Concept of Control

Over the next couple of articles, we will review how certain types of transactions are recorded for financial reporting purposes. How we...

Related-Party Transactions: IFRS

IFRS provides guidance on the disclosure requirements for related-party transactions, but does not provide specific guidance on how to...

Related-Party Transactions: ASPE 3840

ASPE provides guidance on how to measure and disclose related-party transactions. A related-party transaction is a transaction that...

Revenue: Common Journal Entries

This article reviews some common journal entries used when recording transactions related to Revenue. Scenario 1: If Cash has been...

Expenses: IFRS Statement of P&L / ASPE Income Statement

Expenses are the cost of doing business for an entity. Expenses can in the form of money spent on items, services, benefits or it can be...

Expenses: Common Journal Entries

This article reviews some common journal entries used when recording transactions related to Expenses. Scenario 1: If Cash is paid for a...

Expenses: Cost of Goods Sold

Cost of Goods Sold are Expenses found on the Income Statement/Statement of Financial Position. Cost of Goods Sold refers to direct costs...

Accruals

To understand accruals, we must first understand the different reporting frameworks available to entities. There are two different...

Assets: Statement of Financial Position / Balance Sheet

Assets are shown at the beginning of the Statement of Financial Position/ Balance Sheet. Assets are resources that the entity owns (or...

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