Understanding International Financial Reporting Standards (IFRS)
International Financial Reporting Standards (IFRS)
International Financial Reporting Standards (IFRS) are Standards, Interpretations, and the Framework for the Preparation and Presentation of Financial Statements (in the absence of a Standard or an Interpretation) adopted by the International Accounting Standards Board (IASB).
Many of the Standards that form part of IFRS are known by the older name of International Accounting Standards (IAS). IAS were issued between 1973 and 2001 by the Board of the
Read MoreEmployment Termination: Regulations and Procedures
Regulation of Employment Records
This document outlines the administrative procedure to obtain authorization to suspend or terminate the employment relationship for selected causes, guaranteeing the rights of workers.
When is this procedure followed?
- Collective dismissal based on economic, technical, organizational, or production reasons.
- Suspension or termination of employment due to force majeure.
- Suspension of the employment relationship based on economic, technical, organizational, or production
Understanding the Audit Risk Model: AR, IR, CR, and DR
The Audit Risk Model
The audit risk model is represented by the following formula:
AR = IR x CR x DR
Where:
- AR: Audit Risk: The risk of the auditor issuing an unqualified opinion on financial statements that are materially misstated. It’s the level of risk the auditor is willing to accept. (AR is typically set low, e.g., 0.1 – 10%)
- IR: Inherent Risk: The susceptibility of the financial statements to material misstatement, *before* considering the effects of internal controls. It’s the probability of
Banking, Accounting, and Tax Terms Explained
Banking, Accounting, and Tax Terms
Banking Terms
BRANCH (sucursal): One of a bank’s local offices.
EXPAND (expandir): To make something increase.
CLIENTELE (clientela): People who visit a particular business.
MOTIVATE (motivar): To inspire someone to do something.
SUPERVISE (supervisar): To monitor and direct something.
WORK ETHIC (etica de trabajo): A belief in working hard.
RELATIONSHIP (relación): The way people interact with each other.
BANK MANAGER (director de banco): Someone who supervises the
Read MoreUnderstanding Information Systems in Business
What is a System?
A system is a collection of interrelated elements or components that are organized for a common purpose.
Types of Systems
There are two main categories:
- Closed systems: The system does not have the capacity to influence or be influenced by the environment in which it is located.
- Open systems: The system is influenced by its environment and can affect the configuration of that environment.
Information Systems in a Company
Information Systems (IS) are a set of interrelated components that
Read MoreProject Objectives: Formulation and Analysis
Formulating Objectives in Project Planning
Formulating objectives is essential to organize action and provide direction to any effort. Therefore, it is a central task in planning research or development projects. This logical process seeks to articulate the essence of the project. Starting from the problem(s), which constitute the starting point, alternative solutions are suggested and then analyzed for debugging. The analysis identifies directions for action, ultimately leading to choosing a specific
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