Accounting 101: Determining the MFRS standard to account for a transaction or event

Originally published at: Accounting 101: Determining the MFRS standard to account for a transaction or event | TheAccSense

In this article, we will talk about how to determine which accounting standard to account for or to record a transaction or event. To account for any particular transaction or event, the first question that an entity will need to ask is – which accounting standard does the transaction or event fall into. Selecting the…