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A balance sheet defined

I think that there’s a really descriptive name given to an entity’s balance sheet for instance in the International Financial Reporting Standards. An entity’s balance sheet is also called as ‘statement of financial position’ and that’s exactly what a balance sheet in essence is.  (more…)

Non-refundable taxes, duties

Acquiring property, plant and equipment items means that you have pay up a considerable amount sometimes not for the asset itself but for say import duties. That’s an expense you incurred to acquire the asset, to be able to start using it (otherwise they’d held it at the customs). (more…)