PGC 2007: Marco Conceptual y Requisitos de Cuentas Anuales
Estructura y Fundamentos del PGC 2007
1. Marco Conceptual
El Marco Conceptual establece los principios y conceptos contables fundamentales cuya aplicación conduce, de forma lógico-deductiva, al reconocimiento y medición de los elementos de las Cuentas Anuales. Se divide en las siguientes etapas:
Objetivo de la Información Contable
La información debe ser comprensible y útil para los usuarios en la toma de decisiones económicas, y debe mostrar la imagen fiel del patrimonio, la situación financiera
Read MoreEssential Concepts in Financial Accounting
Single vs. Double Entry Accounting Systems
What is the Single Entry System?
The Single Entry System is an accounting method characterized by the following:
- It is an incomplete and unscientific method of accounting.
- Only one aspect of a transaction (usually a cash or personal account) is recorded.
- It is commonly used by small businesses.
- It does not provide a complete financial picture.
What is the Double Entry System?
The Double Entry System is a more robust accounting method:
- It is a scientific and systematic
Tally Prime Accounting: Features, Setup & Transactions
Tally Prime Software: Key Features
Tally is one of the most popular accounting software used by businesses for financial management and bookkeeping. Its latest versions offer many advanced features.
1. Accounting Management
- Handles all types of accounts: general ledger, payables, receivables, etc.
- Supports multi-currency and multi-accounting systems.
2. Inventory Management
- Tracks inventory levels, orders, sales, and deliveries.
- Helps with stock categorization, batch-wise tracking, and warehouse management.
Understanding Trade vs. Cash Discounts and Core Accounting Principles
Trade Discount vs. Cash Discount
Here’s a clear and simple comparison between Trade Discount and Cash Discount:
| Basis | Trade Discount | Cash Discount |
|---|---|---|
| Meaning | A reduction in price given by the seller to the buyer for bulk purchases or to promote sales. | A reduction in the invoice amount given to encourage early payment. |
| Purpose | To boost sales volume or reward large quantity purchases. | To encourage prompt or early payment. |
| Timing | Given at the time of purchase. | Given at the time of payment. |
| Shown in Invoice | Not shown |
Corporate FX Exposure & Global Tax Planning Strategies
Foreign Exchange Exposure Defined
Foreign exchange exposure is a measure of the potential for a firm’s profitability, net cash flow, and market value to change due to fluctuations in exchange rates. A key task for financial managers is to measure and manage this exposure, which can be assessed in several ways.
Understanding Transaction Exposure
Transaction exposure measures changes in the value of outstanding financial obligations incurred prior to a change in exchange rates but not due to be settled
Read MoreCorporate Governance Essentials: Principles, Theories, and Best Practices
Corporate Governance: Definition & Core Principles
Corporate governance is the system of rules, practices, and processes by which a company is directed and controlled. It involves balancing the interests of various stakeholders such as shareholders, management, customers, suppliers, financiers, government, and the community.
Key Principles of Corporate Governance (OECD Framework)
- Transparency – Accurate and timely disclosure of financial and operational information.
- Accountability – Clear responsibilities