The entity must also disclose the amount of amortization expense recognized during the period, along with any impairment losses. Specific disclosure is required for significant judgments made in applying the revenue standard, particularly the conclusion regarding the entity’s principal versus agent status. The disclosures must include a qualitative explanation of the entity’s performance obligations, including … Read more
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This rate is then applied to the asset’s beginning net book value each year to determine the annual depreciation expense. This method helps reduce taxable income and taxes owed in the initial years of the asset’s life. One of the more complex methods of calculating depreciation is the double declining balance (DDB) method, which is … Read more
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Let’s analyze the advantages of blockchain in accounting into the following categories. Phantom is a cryptocurrency wallet by Solana to manage digital assets and access decentralized applications. Along with these startups, there are companies like OpenXcell, SoluLab, Peiko, Debut Infotech, and SotaTek that still add to the growth of blockchain and consulting. With their capabilities … Read more