International Federation of Accountants (IFAC)

What is the International Federation of Accountants (IFAC)? The international accounting body that is essentially a coordinating body of professional accounting organizations, and does not have the responsibility for setting international accounting standards; instead, the board objective is the development and enhancement of a coordinated worldwide accounting profession with harmonized standards.

Intangible Assets

What are intangible assets? – Definition Intangible assets are those assets which have no physical substance but have future economic benefits based on rights or benefits accruing to the asset’s owner. Explanation Intangible assets are noncurrent assets that have no physical properties. They generate revenues because they offer a firm value in future revenue production …

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Income or revenue

Definition The amount or value received by a business or organization against goods sold or services rendered to customers or buyers is known as income or revenue. OR “Revenue is the amount of goods or product sold and services rendered during a specific accounting period.” Example Sales. Commission earned etc.

Internal rate of return method

Internal rate of return method can be defined as discounted cash-flow capital budgeting method. It is the rate of interest at which the present value of expected cash inflows from a project equals the present value of expected cash outflows of the project. Also called time-adjusted rate of return.