Comprehensive income is a concept in accounting that refers to the change in a company's equity during a period, resulting from transactions and events outside of the company's ordinary operations....
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The capital maintenance concept is an accounting principle that establishes how a company should determine and maintain its capital or equity. It is an essential concept in financial reporting as it...
International Financial Reporting Standards (IFRS) is a set of accounting standards developed by the International Accounting Standards Board (IASB) to provide a globally recognized framework for...
Why Would a Nonprofit Need to Convert from Cash Basis to Accrual Basis Accounting?
A nonprofit organization may need to convert from cash basis to accrual basis accounting for a variety of reasons. One common reason is that as the nonprofit grows and becomes more complex, it may...
What is the Role of Governance in a Non-profit Organization?
Governance for nonprofit organizations refers to the process of overseeing and guiding the organization's operations, finances, and activities. Nonprofits are governed by a board of directors, which...
What is the Difference Between Non-profit Accounting and For-profit Accounting?
The main difference between nonprofit accounting and for-profit accounting lies in the purpose of each organization. Nonprofit organizations exist to fulfill a social mission or provide a service to...