Posts tagged IFRS

Though I have posted about balance sheet’s disclosures required under the US’s accounting standard codification, in the past. This post discusses financial statements disclosures required …

IAS 16 (of the IFRS) provides for two acceptable alternative approaches to accounting for fixed assets. The first of these is the cost model, under …

What is provision? IFRS, the IAS 37 to be exact, defines provision as a liability of uncertain timing or amount. It means that, under the …

Including foreign currency transactions of foreign operations (usually subsidiary companies)—in the financial statements of corporate parent—has already been a complex and labor-intensive work, since long …

While many sales are in certain collection, some others are uncertain. A good example of sales with uncertain collection is a stationary supplier delivers stationary …

It has been a question of many Accounting persons (particularly in the U.S.) whether the IASB’s funding sources are stable enough for it to truly …

Guarantees are commonly encountered in the commercial world; these can range from guarantees of bank loans made as accommodations to business associates to negotiated arrangements …

In case if you haven’t got the information: the AICPA, NASBA, Prometric launched the new Uniform CPA Examination on January 05, 2011. It’s called CBT-e, …

Disclosure requirements relating to financial statements of banks and similar financial institutions had long been set forth by IAS 30. Commencing with years beginning on …

IAS 34, Interim Financial Reporting, established new requirements for interim reporting, while not making the reporting of interim results mandatory. While the draft preceding this …

Interim reporting refers to a requirement by the securities regulator for most publicly held companies to file quarterly or semiannual information. The intent of this …

The general principles followed by company management in recognizing revenue should be stated in a disclosure [footnote]. An entity should disclose: (1) The accounting policies …

The International Financial Reporting Standards (IFRS) are arguably the most widely discussed accounting topic of the moment among businesses in the United States (US)—in particular, …

Most revenue transactions—those initiated and completed almost at the same  time—pose few problems for revenue recognition. However, not all transactions are that simple. For example, …

share-based payment transaction – A transaction in which the entity receives goods or services as consideration for equity instruments of the entity (including shares or …

primary financial instruments – Financial instruments such as receivables, payables and equity securities, that are not derivative financial instruments. [IAS 32.AG15] prior period errors – …

matching of costs with revenues – A process in which expenses are recognized in the income statement [statement of comprehensive income] on the basis of …

incremental borrowing rate of interest (lessee’s) – The rate of interest the lessee would have to pay on a similar lease or, if that is …