Impairment accounting – the basics of IAS 36 Impairment of Assets IAS 36 Impairment of Assets (the standard) sets out the requirements to account for and report impairment of most non-financial assets. IAS 36 specifies when an entity needs to perform an impairment test‚ how to perform it‚ the recognition of any impairment losses and the related disclosures. Having said that‚ the application of IAS 36 is wide and its requirements may be open to interpretation. The recent economic uncertainty
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ACCA APPROVED CONTENT PROVIDER ACCA Passcards Paper P2 Corporate Reporting (International and United Kingdom) Passcards for exams up to June 2015 ACP2(INT)PC14.indd 1 29/05/2014 17:30 (000)ACP2PC14 Int_FP_Ricoh.qxp 5/16/2014 2:06 AM Page i Professional Paper P2 Corporate Reporting (International and UK ) (000)ACP2PC14 Int_FP_Ricoh.qxp 5/16/2014 First edition 2007‚ Ninth edition June 2014 ISBN 9781 4727 1130 4 e ISBN 9781 4727 1186 1 British Library Cataloguing-in-Publication Data A
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Nadiad. Contents Page 1. Introduction Indian Accounting Standards 1 Need for Universal GAAP 4 2. Overview What is IFRS? 6 Why IFRS? 6 Benefits of Adopting IFRS 7 IFRS Challenges 8 List of IFRS 9 List of IAS 10 3. IFRS and Indian GAAP 12 4. IFRS -A Comparison with Indian GAAP (Detail) 15 Agenda for Discussion 15 General Approach 15 Accounting Policy Change 16 Consolidation Policy 17 Provisions & Contingencies
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Value Measurements‚ 2006. International Accounting Standards Board (IASB)‚ International Accounting Standard 37 (IAS 37)‚ Provisions‚ Contingent Liabilities and Contingent Assets‚ 1998. International Accounting Standards Board (IASB)‚ International Accounting Standard 38 (IAS 38)‚ Intangible Assets‚ 1998. International Accounting Standards Board (IASB)‚ International Accounting Standard 39 (IAS 39)‚ Financial Instruments: Recognition and Measurement‚ 1998. International Accounting Standards Board (IASB)
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OVERVIEW Accounting is the language of business. As such‚ accountants collect and communicate economic information about business enterprises or other entities to a wide variety of persons. To be useful‚ financial statements must be clearly understandable and comparable so that users may compare the performance of one business with the performance of the same business for a prior period or with the performance of another similar business. Therefore‚ all general purpose financial statements should
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Overview IAS 7 Statement of Cash Flows requires an entity to present a statement of cash flows as an integral part of its primary financial statements. Cash flows are classified and presented into operating activities (either using the ’direct’ or ’indirect’ method)‚ investing activities or financing activities‚ with the latter two categories generally presented on a gross basis. IAS 7 was reissued in December 1992‚ retitled in September 2007‚ and is operative for financial statements covering periods
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The Financial Accounting Standards Board (FASB) started in 1973 to provide standards for private sector companies to prepare their financial statements. The Securities and Exchange Commission (SEC) recognizes the standards given by the FASB as authoritative as long as the FASB fully acts in public interest. FASB standards are used by companies in the United States and IASB standards are used for companies in other areas of the world (Schroeder‚ Clark‚ & Cathey‚ 2011). The International Accounting
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Author M. Desai et al.: http://harvardbusiness.org/ Then type Hedging currency risk at AIFS into the search box. (Make sure you buy the case—not the spreadsheet.) Required text (continued) • Stanford Graduate Business School case: IAS 39 "Carve-Out": How the European Union Hedged Its Exposure to the International Standard on Derivatives and Hedging‚ Author A. Jagolinzer and C. Armstrong‚ Date 2/7/07‚ Available from Harvard Business School Press‚ Product number A191-PDF-ENG: available
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Objective of IAS 7 The objective of IAS 7 is to require the presentation of information about the historical changes in cash and cash equivalents of an entity by means of a statement of cash flows‚ which classifies cash flows during the period according to operating‚ investing‚ and financing activities. Fundamental principle in IAS 7 All entities that prepare financial statements in conformity with IFRSs are required to present a statement of cash flows. [IAS 7.1] The statement of cash flows analyses
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Also‚ these a portion of the IFRS Amendments that the consolidated financial statements has been based upon it for the present year: Amendments to IAS 19 Defined Benefit Plans: Employee Contributions IFRS 2 Share-based
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