Joint ventures are business arrangements where two or more entities come together to pool their resources, expertise, and knowledge to achieve a common objective. The structure of a joint venture can be in the form of a separate legal entity or as an unincorporated joint venture. Regardless of the structure, joint ventures must comply with […]

The insurance industry is a critical component of the global financial sector, providing protection and security to individuals, businesses, and society as a whole. Insurance companies offer a wide range of products and services, including life insurance, health insurance, property and casualty insurance, and annuities. The industry is subject to complex regulatory and economic environments,

Insurance claims can have a significant impact on a company’s financial statements, and therefore, it is important that they are audited effectively. The International Financial Reporting Standards (IFRS) provides the basis for the recognition, measurement, and disclosure of insurance claims. In this article, we will discuss the accounting under IFRS for insurance claims and the

Investment in a subsidiary refers to the ownership interest held by one company in another company. This investment can take the form of stocks, bonds, or other securities. The purpose of this article is to discuss the audit procedures for investment in a subsidiary and provide a comprehensive understanding of the process. Accounting Under IFRS

Inventory obsolescence refers to a situation where the inventory items held by a company have become outdated, unmarketable, or otherwise unusable. This can lead to a decrease in the value of the company’s assets and negatively impact its financial statements. To mitigate these risks, auditors must perform a thorough review of the company’s inventory valuation

Investment property is defined by the International Financial Reporting Standards (IFRS) as property (land or a building or part of a building) held (by the owner or by the lessee under a finance lease) to earn rentals or for capital appreciation or both, rather than for use in the production or supply of goods or

Inventories are a crucial part of most businesses and play a significant role in the financial statements. It is crucial to ensure that the inventory is valued correctly, as overvaluation or undervaluation can lead to significant financial misstatements. In this article, we will discuss the audit procedures for inventory valuation and the inherent risks involved.

Auditing investment activities is an important part of a financial audit. The auditor must evaluate the accuracy and reliability of the information reported by the entity regarding its investments and ensure that the entity has followed applicable accounting standards and regulatory requirements. This article will provide a comprehensive overview of audit procedures for investments, including

Intangible assets are long-term assets that lack physical substance but provide economic benefits to the entity. They can include patents, trademarks, copyrights, customer lists, and trade secrets, among others. The audit of intangible assets can be complex, as they often require a higher degree of judgment and estimation. Accounting under IFRS: International Financial Reporting Standards