Cross-FunctionalBusiness

Cross-Functional What Is Financial Close? The financial close is the end-of-period process in which an enterprise completes and validates its accounting records, including sub-ledger cut-off, accruals, reconciliations,… Business Cross-Functional What Is a Fixed Asset Register? A fixed asset register is the authoritative record of every long-term asset an enterprise owns or controls, holding for each asset its… Business Cross-Functional What Is Functional Currency? Functional currency is the currency of the primary economic environment in which an entity operates, determined under IAS 21 from the currency… Business Cross-Functional What Is a General Ledger? The general ledger (GL) is the master record of an enterprise's financial transactions, organised by account, entity, cost centre and period, receiving… Business Cross-Functional What Is Gross Margin? Gross margin is revenue minus cost of goods sold or cost of services, expressed as a percentage of revenue, showing how much… Business Cross-Functional What Is a Group Finance Function? The group finance function is the central finance team in a multi-entity group, responsible for consolidated reporting, group treasury and funding, tax… Business Cross-Functional What Is IFRS 15? IFRS 15 Revenue from Contracts with Customers is the standard, effective from 1 January 2018, that replaced IAS 18 and IAS 11… Business Cross-Functional What Is IFRS 16? IFRS 16 Leases is the standard, effective from 1 January 2019, that requires lessees to recognise most leases on the balance sheet… Business Cross-Functional What Is IFRS 18? IFRS 18 Presentation and Disclosure in Financial Statements is the standard replacing IAS 1 for annual periods beginning on or after 1… Business Cross-Functional What Is an Intercompany Transaction? An intercompany transaction is a transaction between two entities in the same corporate group, such as sales of goods, management fees, shared… Business Cross-Functional What Is Internal Controls? Internal controls are the policies, procedures, system configurations and oversight activities an enterprise uses to ensure reliable financial reporting, safeguard assets, prevent… Business Cross-Functional What Is a Journal Entry? A journal entry is the basic record of double-entry accounting that debits and credits one or more accounts by equal amounts to… Business Cross-Functional What Is Management Accounts? Management accounts are periodic internal financial reports, usually monthly, prepared for executives, boards and business unit heads, combining the profit and loss… Business Cross-Functional What Is Minority Interest? Minority interest, called non-controlling interest (NCI) under IFRS, is the share of a consolidated subsidiary's equity and profit that belongs to shareholders… Business Cross-Functional What Is Month-End Close? Month-end close is the recurring process of finalising an enterprise's accounting records for each calendar or fiscal month, covering cut-off, accruals, account… Business