How to Do Closing Entries? Step-by-Step Guide
IFRS started in 2001, taking over from the International Accounting Standards (IAS). This move helps companies across the world by Bookkeeping vs. Accounting making finalizing business financial activities simpler. Using IFRS can lead to recognizing income sooner than with GAAP. When the closing entries are posted, and the balances are update, the ledger will show…