resale 4) Review IFRS 9. In developing the standard‚ what other accounting standards board did the IASB work with? IFRS 9‚ IN3 US national standard-setter IFRS 9‚ IN4 Financial Stability Board 5) Review IAS 1. When should a company classify assets as current? Liabilities? IAS 1‚ Par 66 Assets An entity shall classify an asset as current when: (a) it expects to realise the asset‚ or intends to sell or consume it‚ in its normal operating cycle; (b) it
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to IAS 38 Intangible Assets [IFRS 3.B39]. According to IAS 38.35 Intangible Assets‚ if acquired intangible assets is separable or arises from legal or contractual rights‚ sufficient information exists to measure fair value reliably. Following initial acquisition‚ BIG can adopt either the cost or revaluation model as its accounting policy [IAS38.72]. BIG adopted the cost model whereby intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses [IAS 38
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either by: (1) actual refinancing prior to the issuance of the financial statements or (2) an existence of a noncancelable financing agreement from a lender having the financial resources to complete the refinancing (FASB). Contrary‚ under provision of IAS 1‚ the long-term obligation must be classified as current when due to be settled within twelve months of the end of the reporting period‚ despite that its original term was for a period of more than twelve months; and that the agreement to refinance
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comprehensively explain how flexibility which often characteristics of IAS 16 can be expressed in terms of tangible assets compared with intangible assets. Thus‚ the assessment is aiming to illustrate two standards of IAS (IAS 16 and IAS 38) with appropriate examples. This essay will discuss how entity’s financial information reflect connection between qualitative characteristics and accounting standards. IAS 16 Property‚ Plant and Equipment IAS 16 defines Property‚ Plant and Equipment as tangible assets
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THE ROLE OF AN ACCOUNTANT IN THE IMPLEMENTATION OF IFRS It is often said that an organization without an accountant is not a serious organization as it has no credibility. This is because the accountant is seen as the financial “gatekeeper” whose presence within an establishment underlines a commitment to sound financial principles and good business values. It is known that almost all aspect of human activities have undergone changes globally as a result of improvements in hi-tech Information and
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Fiat GROUP IAS/IFRS First Time Adoption March 30‚ 2005 Disclaimer This document was prepared to provide a general overview of the impacts of IAS/IFRS on the accounts of Fiat Group during the transition from Italian GAAP to IAS/IFRS As provided for in IFRS 1 – First-time adoption of International Financial Reporting Standards – the information is prepared in accordance with IAS/IFRS published as of December 31‚ 2004 and applicable as of January 1‚ 2005 Information presented in this
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8%. Its total gross premium has risen by 9% from Rs 17.5 bn in 2010 to Rs 19.2 bn in 2011. Forecasts from Statistics Mauritius and FSC show that the insurance industry contributes to 3.1% of the national GDP. In what ways does the Insurance Act 2005 (IA 2005) comply with the ICPs formulated by the IAIS? The FSC’s strategic plan is engineered towards consolidating the legal and regulatory frameworks‚ reinforcing the supervisory and enforcement actions‚ financial stability‚ international relations‚
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costs incurred after the exploration of the area has begun and up to the point where the technical feasibility and commercial viability have been demonstrated (Wieck‚ Young 120). IFRS 6 excludes the activities that are covered in IAS 38‚ Intangible Assets‚ and IAS 16‚ Property‚ Plant‚ and Equipment (Wieck‚ Young 119). IFRS 6 also sets the requirements for the impairment testing and the disclosures so the users of the financial statements can easily understand the cash flows of the exploration
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Briefly describe how the accounting for intangibles differs under IFRS. To answer this question‚ you might use the Internet and search for IAS 38‚ the standard pertaining to intangible assets. In particular‚ explain the accounting for internally generated intangibles under IAS 38. *****Internally developed intangibles are not recognized as assets under IAS 38 and IFRS. However‚ developments costs are capitalized with IFRS when technical and economic feasibility of a project can be demonstrated
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Intangibles • Identifiable non-monetary asset without physical substance • IAS 38 prescribes special criteria for an asset to be recognized as intangible asset • Tangible or intangible must meet the criteria of asset to be recognized – Controlled by entity as a result of past event – Probable future economic inflow (revenue or cost saving) Recognition • Must meet the definition of asset • Must meet criteria set by IAS 38 – Cost of asset reliably measured – Probable economic inflow Recognized
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