Accrued Expenses also widely recognized as an accrued liability, is indeed a financial reporting term that refers to a cost that is documented on the books before it is compensated. The expense is entered into the accounting cycle in which
Continue ReadingAccounting valuation is the appraisal of a firm’s assets for financial reporting. When preparing a financial statement, investments run by a business and liabilities accumulated within a certain duration of time should be properly priced and included in the cash
Continue ReadingAccrued Assets or Revenue – Accrued revenue is the type of income tracked by accruals. Accrued revenue is recognized when a current party’s capacity to execute a binding contract is met, as described by GAAP. For example, income is recorded
Continue ReadingIntroduction: Post-retirement risk refers to a possible danger to one’s economic security after retirement. Post-retirement risks include a low income, an unexpected illness in a member of the household, and price inflation. Besides that, an increase in overall pervasiveness or
Continue ReadingGratuity Act 1972 – It is a genre of various statutes, such as the Minimum Wage Act, Employment and Social Policy, and so on, that is an extension of labor laws and establishes the minimum benefits to be provided to
Continue ReadingGAAP And Its Fundamental Principles GAAP, or generally accepted accounting principles, are standards that cover the particulars, intricacies, and legal aspects of business and corporate accounting. Also The Financial Accounting Standards Board (FASB) bases its complete overview of approved accounting
Continue ReadingThe ESOP Structure Shareholder Approval: The Structuring Of ESOP. Company’s shareholders must approve the concern of an Employee Stock Ownership Scheme. Employees who may be granted ESOPs: The following “Employees” may be granted ESOPs: A company permanent employee who has
Continue ReadingGAAP (Generally Accepted Accounting Principles) (Generally Accepted Accounting Principles) Financial statements are essential for managing the health of your business, regardless of its size or type. From disclosures to balance sheets, as a business owner, you must take a held-to-account
Continue ReadingESOP (Employee Stock Ownership Plan) I. Compensation At Fair Market Value (FMV) for Sellers FMV is defined by the Internal Revenue Service as the premium a company will indeed sell for on the marketplace. “It is the price agreed upon between
Continue ReadingGratuity Accounting Standard 15 GRATUITY is a type of employee benefit plan known as a Defined Benefits Obligation (DBO) Plan. Since The term ‘gratuity’ is derived from the word gratitude, and it refers to a thank you expressed by the
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