Accounting for inflation is the practice of adjusting financial statements in line with price indices.
Figures have been recalculated to reflect current values in a hyperinflationary business environment.
International Financial Reporting Standards (IFRS) define hyperinflation as prices, interest rates and wages linked to a price index that increases cumulatively by 100% or more over three years.
IFRS and US GAAP have different requirements for accounting for inflation.
Accountability is the acceptance of responsibility for one’s actions. This implies a willingness to be transparent, allowing others to observe and evaluate their work.
Accounting policies are the procedures a company uses to prepare financial statements. Unlike accounting principles, which are rules, accounting policies are the standard for following those rules.
Acquisition accounting is a set of formal guidelines describing how the acquirer should report the assets, liabilities, non-controlling interests and goodwill of the acquired company.
Performance Based Management (ABM) is a means of analyzing a company’s profitability by looking at every aspect of its business to determine its strengths and weaknesses.