March 2025

Financial Accounting

Tangible and Intangible Fixed Assets

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Fixed assets, also known as non-current assets, are long-term resources used by a business in its operations to generate income over time. These assets are not intended for sale in the normal course of business. Fixed assets are broadly categorized into two types: tangible and intangible. Understanding the distinction between them is crucial for financial reporting, depreciation/amortization, and investment decision-making. 1. What Are Fixed Assets? Definition: Fixed assets are resources owned by a company that are used in the production of goods and services and are expected to provide economic benefits over more than one accounting period.… Read more
Financial Accounting

What Are Fixed Assets?

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Fixed assets, also known as non-current assets or long-term assets, are tangible or intangible resources owned by a business that are used in its operations to generate income over an extended period—typically more than one year. These assets are not intended for resale in the normal course of business and are essential for the production of goods, delivery of services, or administrative functions. 1. Characteristics of Fixed Assets Long-Term Use: Expected to be used in operations for more than one financial year.… Read more
Taxation

Tax Havens and Multinational Corporations: Analyzing the Economic and Policy Implications

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Tax havens have long been a contentious issue in global finance, offering low or zero-tax regimes that attract profits from multinational corporations (MNCs). While legal in many cases, the use of tax havens has raised significant ethical, economic, and policy concerns. This article provides a comprehensive analysis of how tax havens function, their impact on global tax bases and inequality, and recent efforts—such as the OECD’s global minimum tax initiative—to curb aggressive tax avoidance strategies.… Read more
Accounting

Carbon Accounting in the Corporate Sector: Redefining Financial Reporting in a Decarbonizing Economy

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As global efforts to combat climate change intensify, carbon accounting—the systematic measurement and disclosure of greenhouse gas (GHG) emissions—has emerged as a vital component of modern corporate governance. What began as a voluntary sustainability initiative has rapidly evolved into a core element of financial reporting, risk assessment, and investor relations. This article explores the theoretical basis, regulatory developments, and practical implications of carbon accounting, with an emphasis on its integration into mainstream accounting frameworks and its impact on strategic business decisions.… Read more
Company Law

Conflict of Laws

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Conflict of laws, also known as private international law, is a branch of law that deals with legal disputes involving foreign elements—such as parties from different countries, contracts executed across borders, or events occurring in multiple jurisdictions. It determines which jurisdiction’s laws apply, which court has authority, and how foreign judgments are recognized and enforced. This area of law is vital in an increasingly globalized business and legal environment. 1. What Is Conflict of Laws?… Read more
Company Law

Terms of a Contract

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Terms of a contract define the rights and obligations of the parties involved in an agreement. These terms may be expressed in writing or implied by law, conduct, or custom. Understanding the nature, classification, and significance of contractual terms is essential for drafting enforceable agreements and resolving disputes when they arise. 1. Definition of Contractual Terms Meaning: Terms are the provisions, promises, and conditions agreed upon by the parties that form the basis of the contract.… Read more
Company Law

Certainty of Terms in Contract Law

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Certainty of terms is a fundamental requirement in contract law. For a contract to be valid and enforceable, its terms must be clear, definite, and complete. If essential terms are vague, ambiguous, or incomplete, the courts may deem the agreement unenforceable. This principle ensures that all parties understand their obligations and can rely on the contract being upheld in case of a dispute. 1. What Is Certainty of Terms? Definition: Certainty of terms refers to the legal requirement that all essential terms of a contract must be clear and unambiguous.… Read more
Company Law

Exemption Clauses

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Exemption clauses are provisions in contracts that limit or exclude a party’s liability for certain breaches, losses, or damages. Commonly found in standard form contracts, these clauses help businesses manage risk, but they are subject to strict legal scrutiny to prevent abuse or unfairness. Understanding how exemption clauses work is crucial for both businesses and consumers when entering into legally binding agreements. 1. Definition of Exemption Clauses Meaning: An exemption clause is a term in a contract that seeks to restrict, limit, or eliminate liability for certain acts or omissions.… Read more
Company Law

Standard Form Contracts

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Standard form contracts are pre-drafted agreements where the terms are set in advance by one party, and the other party has little or no opportunity to negotiate. These contracts are commonly used in everyday transactions such as mobile phone agreements, insurance policies, and online services. While they streamline business operations, standard form contracts also raise important legal and fairness issues. 1. Definition of Standard Form Contracts Meaning: A standard form contract is a pre-prepared contract in which most terms are fixed by one party and not negotiable by the other.… Read more
Company Law

Rules Governing Acceptance

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Acceptance is a critical element in the formation of a contract. It signifies the offeree’s unqualified agreement to the exact terms of the offer. For a contract to be legally binding, the acceptance must comply with certain rules to ensure clarity, fairness, and mutual consent. Understanding these rules helps prevent disputes and ensures that contracts are enforceable under the law. 1. Definition of Acceptance Meaning: Acceptance is the final and unqualified expression of assent to the terms of an offer.… Read more
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