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What are the most important IFRS underlying accrual accounting?

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 asked

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rohit agarwal commented almost 6 years ago

Dear Preetham , Your query seems to be incomplete, Kindly redraft it so that proper guidance can be given.

2 Answers
Picsjoin 2017224123730582 answered

Hie Preetham, In the accrual accounting method, the revenue is recognized on the day it is earned and the expenses are recorded on the date they are incurred. The recognition of revenue and expenses is not concerned with the dates of actual cash flows. If your business has only cash transactions both cash basis and accrual basis accounting will produce the same results. However, if you do some transactions on credit, as in most business, the results will vary. Both IFRS and GAAP mandate the use of accrual method for recording all revenue and expenses.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

The requirement on the use of accrual accounting is set out in IAS 1 Presentation of Financial Statements para 27. It is perhaps good to note that IAS 1 in general addresses the layout of financial statements as a whole while the other standards deal with specific items or components of financial statements which might help in adressing similar question in the future. For more video classes visit for availing discount use coupon code: CAKARTAMB1671782

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