Contact Us

Comments

Post a Comment

Popular posts from this blog

Indian Prime Ministers & Their Accomplishments | maijson GKB.

Since, India has had a number of prime ministers with a variety of backgrounds and accomplishments, writing a thorough blog on the subject would need covering a large historical period. 1. Jawaharlal Nehru / Tenure: August 15, 1947 – May 27, 1964 Party: Indian National Congress Accomplishments ·          India's first prime minister following independence. ·          India's contemporary architect, he was instrumental in establishing the country's political and                       economic framework. ·                 Fought for social justice, Democracy, and Secularism. 2. Gulzarilal Nanda (Interim) / Tenure: January 11–24, 1966; May 27–June 9, 1964 Party: Indian National Congress Accomplishments ·          Twice filled the positio...
Read more

GAAP vs IFRS - Differences and Interpretation | maijson GKB.

Image
IFRS is a set of standards developed by the International Accounting Standards Board (IASB). It merely provides guidelines for harmonizing standards and unifying accounting processes around the world. IFRS is used in the European Union, South America, and parts of Asia and Africa. GAAP is a set of principles that U.S. companies must follow when preparing their annual financial statements. It is an authoritative approach to accounting that ensures that there are no inconsistencies in the financial statements filed by listed companies with the U.S. Securities and Exchange Commission (SEC). This allows investors to intercompare the financial statements of various listed companies.                                                   Image Credit: Pixabay Key differences between IFRS vs GAAP Inventory Valuation: Generally, GAAP permits inventory valuation using the L...
Read more

How to Calculate Income Tax: Understanding Concepts | maijson GKB.

There are multiple procedures involved in calculating income tax liabilities from financial statements. Here's a simplified explanation to help you understand the process, complete with an example and a simple structure.   1.      Compile information from financial statements: Gather the pertinent financial data first; this                may usually be done by looking over the balance sheet and income statement. 2.       Determine Your Taxable Income : The basis for computing income tax is taxable income. Start                with the net income of the business and correct it for any permissible deductions and some non-               taxable items. For instance: • Net Worth: $500,000. • $10,000 is non-taxable income. • Deductions allowed: $20,000. Net Income - Non-taxable Income + Allowable Deductions = Taxable Income $500...
Read more