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Loan Receivable
Loan receivable is a banking term for an asset account that shows amounts owed by borrowers. The lender's ledger details all unpaid amounts from borrowers. Loans receivable are handled logically and transparently, like other accounting processes. The balance sheet shows loans receivable as current assets if they are repaid within one year. Otherwise, they are non-current assets and listed lower. Measurement United States' Generally Accepted Accounting Principles (GAAP) Loan receivables are classified as either held for sale (HFS) or held for investment (HFI) based on management's intent. If a loan receivable is HFS, it is measured at the lower of cost or fair value. Meanwhile, if it is HFI, it is measured at amortized cost. International Financial Reporting Standards (IFRS) According to IFRS 9, if a financial asset is held with the intention of collecting contractual cash flows on specified dates, and those cash flows are solely payments of principal and interest, then the asset ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Banking
A bank is a financial institution that accepts Deposit account, deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. As banks play an important role in financial stability and the economy of a country, most jurisdictions exercise a high degree of Bank regulation, regulation over banks. Most countries have institutionalized a system known as fractional-reserve banking, under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure accounting liquidity, liquidity, banks are generally subject to minimum capital requirements based on an international set of capital standards, the Basel Accords. Banking in its modern sense evolved in the fourteenth century in the prosperous cities of Renaissance Italy but, in many ways, functioned as a continuation of ideas and concepts o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Asset
In financial accounting, an asset is any resource owned or controlled by a business or an economic entity. It is anything (tangible or intangible) that can be used to produce positive economic value. Assets represent value of ownership that can be converted into cash (although cash itself is also considered an asset). The balance sheet of a firm records the monetaryThere are different methods of assessing the monetary value of the assets recorded on the Balance Sheet. In some cases, the ''Historical Cost'' is used; such that the value of the asset when it was bought in the past is used as the monetary value. In other instances, the present fair market value of the asset is used to determine the value shown on the balance sheet. value of the assets owned by that firm. It covers money and other valuables belonging to an individual or to a business. ''Total assets'' can also be called the ''balance sheet total''. Assets can be grouped into two major classes: Tangible property, tangib ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ledger
A ledger is a book or collection of accounts in which accounting transactions are recorded. Each account has: * an opening or brought-forward balance; *a list of transactions, each recorded as either a debit or credit in separate columns (usually with a counter-entry on another page) *and an ending or closing, or carry-forward, balance. Overview The ledger is a permanent summary of all amounts entered in supporting journals (day books) which list individual transactions by date. Usually every transaction, or a total of a series of transactions, flows from a journal to one or more ledgers. Depending on the company's bookkeeping procedures, all journals may be totaled and the totals posted to the relevant ledger each month. At the end of the accounting period, the company's financial statements are generated from summary totals in the ledgers. Ledgers include: * Sales ledger (debtors ledger): records accounts receivable. This ledger records the financial transactions betwe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Balance Sheet
In financial accounting, a balance sheet (also known as statement of financial position or statement of financial condition) is a summary of the financial balances of an individual or organization, whether it be a sole proprietorship, a business partnership, a corporation, private limited company or other organization such as government or not-for-profit entity. Assets, liabilities and ownership equity are listed as of a specific date, such as the end of its financial year. A balance sheet is often described as a "snapshot of a company's financial condition". It is the summary of each and every financial statement of an organization. Of the four basic financial statements, the balance sheet is the only statement which applies to a single point in time of a business's calendar year. A standard company balance sheet has two sides: assets on the left, and financing on the right–which itself has two parts; liabilities and ownership equity. The main categories of assets are ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Current Asset
In accounting, a current asset is an asset that can reasonably be expected to be sold, consumed, or exhausted through the normal operations of a business within the current fiscal year, operating cycle, or financial year. In simple terms, current assets are assets that are held for a short period. Current assets include cash, cash equivalents, short-term investments in companies in the process of being sold, accounts receivable, stock inventory, supplies, and the prepaid liabilities that will be paid within a year. Such assets are expected to be realised in cash or consumed during the normal operating cycle of the business. On a balance sheet, assets will typically be classified into current assets and long-term fixed assets. The current ratio is calculated by dividing total current assets by total current liabilities. It is frequently used as an indicator of a company's accounting liquidity, which is its ability to meet short-term obligations. The difference between curr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
IFRS 9
IFRS 9 is an International Financial Reporting Standard (IFRS) published by the International Accounting Standards Board (IASB). It addresses the accounting for financial instruments. It contains three main topics: classification and measurement of financial instruments, impairment of financial assets and hedge accounting. The standard came into force on 1 January 2018, replacing the earlier IFRS for financial instruments, IAS 39. History IFRS 9 began as a joint project between IASB and the Financial Accounting Standards Board (FASB), which promulgates accounting standards in the United States. The boards published a joint discussion paper in March 2008 proposing an eventual goal of reporting all financial instruments at fair value, with all changes in fair value reported in net income (FASB) or profit and loss (IASB). Due to the 2008 financial crisis, the boards revised their accounting standards for financial instruments to address perceived deficiencies which were believ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Amortized Cost
The historical cost of an asset at the time it is acquired or created is the value of the costs incurred in acquiring or creating the asset, comprising the consideration paid to acquire or create the asset plus transaction costs. Historical cost accounting involves reporting assets and liabilities at their historical costs, which are not updated for changes in the items' values. Consequently, the amounts reported for these balance sheet items often differ from their current economic or market values. While use of historical cost measurement is criticised for its lack of timely reporting of value changes, it remains in use in most accounting systems during periods of low and high inflation and deflation. During hyperinflation, International Financial Reporting Standards (IFRS) require financial capital maintenance in units of constant purchasing power in terms of the monthly CPI as set out in IAS 29, Financial Reporting in Hyperinflationary Economies. Various adjustments to hist ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
John Wiley & Sons
John Wiley & Sons, Inc., commonly known as Wiley (), is an American Multinational corporation, multinational Publishing, publishing company that focuses on academic publishing and instructional materials. The company was founded in 1807 and produces books, Academic journal, journals, and encyclopedias, in print and electronically, as well as online products and services, training materials, and educational materials for undergraduate, graduate, and continuing education students. History The company was established in 1807 when Charles Wiley opened a print shop in Manhattan. The company was the publisher of 19th century American literary figures like James Fenimore Cooper, Washington Irving, Herman Melville, and Edgar Allan Poe, as well as of legal, religious, and other non-fiction titles. The firm took its current name in 1865. Wiley later shifted its focus to scientific, Technology, technical, and engineering subject areas, abandoning its literary interests. Wiley's son Joh ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
