Accounting

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What is Capital Cost Allowance?

What is Capital Cost Allowance?

What is Capital Cost Allowance? Capital Cost Allowance (CCA) is a system which allows annual deduction on depreciable assets used to earn income. It is important to understand that this deduction is only allowed on depreciable capital assets used to earn income. How...

What is Activity Based Budgeting?

What is Activity Based Budgeting?

What is Activity Based Budgeting? Activity based budgeting (ABB) is a method for detailed budgeting needs. This method develops a budget based on the activities and does not take into account historical costs. The ABB method aims to be the more accurate method of...

What is the Difference Between IFRS and ASPE

What is the Difference Between IFRS and ASPE

Understanding the difference between IFRS (International Financial Reporting Standards) and ASPE (Accounting Standards for Private Enterprise's) is important for businesses as it can have implications. Business in Canada are allowed to choose to follow either IFRS or...

Cash vs Accrual Accounting

Cash vs Accrual Accounting

The difference between Cash vs Accrual accounting has to do with when the business will record the transactions. CASH ACCOUNTING Under Cash accounting, a transaction is recorded when it actually occurs. For example, a business will record income or expense when cash...