The differences between GAAP and IFRS can be illustrated in the table below: Aspect GAAP IFRS System Rules-based Principles-based Level of Detail More detailed Less detailed Interpretations Specific More room for [...]
Dormant companies have not been permanently closed. Dormant companies are companies which are on a hiatus from all accounting transactions for one fiscal year or longer. For this reason, dormant companies may [...]
Dormant companies are not taxed because during the period for which they are dormant, they do not carry out any accounting transactions that can be taxed. A dormant company may only be [...]
The owner of a company does not necessarily suffer after the company becomes dormant. However, the primary disadvantage that the owner and the company might suffer from is the fact that the [...]