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IAS 35 is a presentation and disclosure Standard. Required disclosures include: Revenue recognition accounting policies. Unquoted equity instruments (such as ordinary shares) whose fair value cannot be reliably measured, along with derivatives that are linked to and must be settled by delivery of such unquoted equities FASB reports all unquoted equity instruments at cost even if fair value can be measured reliably by means other than a quotation in an active market. Those are deemed matters that are best left to be decided by law or regulation. The following unofficial summaries are, by their nature, incomplete. However, uncertainty does not justify the creation of excessive provisions or a deliberate overstatement of liabilities. International Accounting Standards and Value Relevance of Book value and Earnings: Panel study from Pakistan Rehana Kouser. The revisions addressed the accounting treatment for income tax consequences of dividends. An obligation to deliver cash or other financial asset is debt. If an enterprise is prohibited from classifying financial assets as held-to-maturity because it has sold more than an insignificant amount of assets that it had previously said it intended to hold to maturity, that prohibition expires at the end of the second financial year following the premature sales. IAS 14: Segment ReportingIAS 14, Segment Reporting, became effective for annual financial statements covering periods beginning on or after 1 July 1998. An enterprise should recognise normal purchases and sales of financial assets in the market place either at trade date or settlement date. This review was undertaken at the request of the G7 Ministers. Canada, Hong Kong, Japan, and the United States. It includes accounting standards either developed or adopted by the International Accounting Standards Board (IASB), the standard-setting body of the IFRS Foundation. The amended text is effective for annual financial statements covering periods beginning on or after 1 January 2003.One SIC Interpretation relates to IAS 2: HYPERLINK "http://www.iasc.org.uk/cmt/0001.asp?s=1050307&sc={40FDE89D-3CAC-43AA-9631-EC6C1476599A}&n=2017" SIC 1: Consistency - Different Cost Formulas for Inventories Summary of IAS 2 Inventories should be measured at the lower of cost and net realisable value. A change in accounting policy should be made only if required by statute or by an accounting standard-setting body, or if the change results in a more appropriate presentation of financial statements. For an acquisition, assets and liabilities should be recognised if it is probable that an economic benefit will flow and if there is a reliable measure of cost or fair value. Required disclosures include: Reconciliation of movements. If future related expenses cannot be measured reliably, revenue recognition should be deferred. Only derivatives and liabilities held for trading (such as securities borrowed by a short seller) are remeasured to fair value. Comparative amounts for prior periods are also restated into the measuring unit at the current balance sheet date. It does not undermine the principle that no restructuring provision should be recognised if there is no obligation immediately following the acquisition.IAS 22 also places strict limits on the costs to be included in a restructuring provision. IAS 39 Compared with FASB Standards This comparison was prepared originally by Paul Pacter, as published in Accountancy International Magazine, June 1999. Associates (see HYPERLINK "http://www.iasc.org.uk/cmt/0001.asp?s=1050307&sc={40FDE89D-3CAC-43AA-9631-EC6C1476599A}&n=972" IAS 28: Investments in Associates). Links to summaries, analysis, history and resources for International Financial Reporting Standards (IFRS) and International Accounting Standards (IAS), IFRIC Interpretations, SIC Interpretations and other pronouncements issued by the International Accounting Standards Board (IASB) and its related bodies. These standards are issued by International Federation of Accountants (IFAC) through the International Auditing and Assurance Standards Board (IAASB). Differences on monetary items should be taken to income, unless the items amount to a net investment in a foreign entity, in which case they are reported in equity until the asset or liability is disposed of. A correction of a fundamental error should be treated as a prior period adjustment (benchmark) or recognised in current profit or loss (allowed alternative). IAS 1, “Presentation of Financial Statements,” was amended in 2003 and defines IFRS as standards and interpretations adopted by the IASB. Recognition and Measurement biological assets should be measured at their fair value less estimated point-of-sale costs, except where fair value cannot be measured reliably; agricultural produce harvested from an enterpriseVs biological assets should be measured at its fair value less estimated point-of-sale costs at the point of harvest. Fair values are calculated by reference to intended use by the acquirer. The benchmark treatment is not to apply fair valuation to the minority's proportion of net assets; the allowed alternative is to fair value the whole of the net assets. The main difference from the treatment for revaluations of property, plant and equipment under IAS 16 is that revaluations for intangible assets are permitted only if fair value can be determined by reference to an active market. Any gain or loss on the net monetary position arising from the restatement of amounts into the measuring unit current at the balance sheet date should be included in net income and separately disclosed. Outside 10% corridor: must amortise, but may recognise faster. Same Tainting of held-to-maturity category by early sale causes all remaining held-to-maturity assets to be measured at fair value. FASB Interpretations. This ‘IFRS overview’ provides a summary of the recognition and measurement requirements of International Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board (IASB) up to October 2017. Acquisition (Purchase Method of Accounting) Definition: A business combination in which one of the enterprises (the acquirer) obtains control over the net assets and operations of another enterprises (the acquiree) in exchange for the transfer of assets, incurrence of a liability, or issue of equity. For this purpose, a management or board decision is not enough. Lease income should be recognised on the basis of a constant periodic rate of return. An example of this would be the traditional multicolumn statement of changes in shareholders' equity. The discount rate should be a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the asset; an impairment loss should be recognised as an expense in the income statement for assets carried at cost and treated as a revaluation decrease for assets carried at revalued amount; an impairment loss should be reversed (and income recognised) when there has been a change in the estimates used to determine an assetVs recoverable amount since the last impairment loss was recognised; the recoverable amount of an asset should be estimated whenever there is an indication that the asset may be impaired. Again, owners' investments and withdrawals of capital and other movements in retained earnings and equity capital are shown in the notes. Assets and liabilities may not be offset unless a legal right of offset exists and the offsetting is expected at realisation. APB Opinions. Summary of IAS 32 Presentation Financial instruments should be classified by issuers into liabilities and equity, which includes splitting compound instruments into these components. In the parentVs separate financial statements, subsidiaries may be shown at cost, at revalued amounts, or using the equity method. To achieve that objective, measurements for interim reporting purposes are made on a year-to-date basis. In addition to those criteria, FASB requires that the transferred assets be legally isolated from the transferor even in the event of the transferor’s bankruptcy. Investment property does not include: property held for use in the production or supply of goods or services or for administrative purposes (see HYPERLINK "http://www.iasc.org.uk/cmt/0001.asp?s=1050307&sc={40FDE89D-3CAC-43AA-9631-EC6C1476599A}&n=959" IAS 16, Property, Plant and Equipment); property held for sale in the ordinary course of business (see HYPERLINK "http://www.iasc.org.uk/cmt/0001.asp?s=1050307&sc={40FDE89D-3CAC-43AA-9631-EC6C1476599A}&n=963" IAS 2, Inventories); property being constructed or developed for future use as investment property - HYPERLINK "http://www.iasc.org.uk/cmt/0001.asp?s=1050307&sc={40FDE89D-3CAC-43AA-9631-EC6C1476599A}&n=959" IAS 16 applies to such property until the construction or development is complete, at which time the property becomes investment property and IAS 40 applies. Investing: Disclose separately cash receipts and payments arising from acquisition or sale of property, plant, and equipment; acquisition or sale of equity or debt instruments of other enterprises (including acquisition or sale of subsidiaries); and advances and loans made to, or repayments from, third parties. Download International Accounting Standards PDF/ePub or read online books in Mobi eBooks. Summary of IAS 10 an enterprise should adjust its financial statements for events after the balance sheet date that provide further evidence of conditions that existed at the balance sheet; an enterprise should not adjust its fiancial statements for events after the balance sheet date that are indicative of conditions that arose after the balance sheet date; if dividends to holders of equity instruments are proposed or declared after the balance sheet date, an enterprise should not recognise those dividends as a liability; an enterprise may give the disclosure of proposed dividends (required by HYPERLINK "http://www.iasc.org.uk/cmt/0001.asp?s=1050307&sc={40FDE89D-3CAC-43AA-9631-EC6C1476599A}&n=952" IAS 1: Presentation of Financial Statements) either on the face of the balance sheet as an appropriation within equity or in the notes to the financial statements; an enterprise should not prepare its financial statements on a going concern basis if management determines after the balance sheet date either that it intends to liquidate the enterprise or to cease trading, or that it has no realistic alternative but to do so; there should no longer be a requirement to adjust the financial statements where an event after the balance sheet date indicates that the going concern assumption is not appropriate for part of an enterprise; an enterprise should disclose the date when the financial statements were authorised for issue and who gave that authorisation. Investments in other foreign entities Financial statements of other entities should be translated using closing rates for balance sheets and transaction rates (or, in practice, average rates) for income and expenses. This Standard supersedes certain requirements previously contained in HYPERLINK "http://www.iasc.org.uk/cmt/0001.asp?s=1050307&sc={40FDE89D-3CAC-43AA-9631-EC6C1476599A}&n=989" IAS 8: Net Profit or Loss for the Period, Fundamental Errors and Changes in Accounting Policies.In 1999, various paragraphs were amended to conform to the terminology used in HYPERLINK "http://www.iasc.org.uk/cmt/0001.asp?s=1050307&sc={40FDE89D-3CAC-43AA-9631-EC6C1476599A}&n=953" IAS 10: Events After the Balance Sheet Date and HYPERLINK "http://www.iasc.org.uk/cmt/0001.asp?s=1050307&sc={40FDE89D-3CAC-43AA-9631-EC6C1476599A}&n=981" IAS 37: Provisions, Contingent Liabilities and Contingent Assets.Summary of IAS 35 The objectives of IAS 35 are to establish a basis for segregating information about a major operation that an enterprise is discontinuing from information about its continuing operations and to specify minimum disclosures about a discontinuing operation. IASB  |  A discontinuing operation is a relatively large component of an enterprise - such as a business or geographical segment under HYPERLINK "http://www.iasc.org.uk/cmt/0001.asp?s=1050307&sc={40FDE89D-3CAC-43AA-9631-EC6C1476599A}&n=957" IAS 14: Segment Reporting - that the enterprise, pursuant to a single plan, either is disposing of substantially in its entirety or is terminating through abandonment or piecemeal sale. The following list links to a brief summary of the individual International Accounting Standard currently in force or issued recently and not yet effective. International Accounting Standards (IAS) are older accounting standards issued by the International Accounting Standards Board (IASB), an independent … Accounting Standards. All IAS 39 Implementation Guidance Committee Q&As issued in final are included in the Bound Volume International Accounting Standards 2002. IAS 39 requires certain disclosures about financial instruments in addition to those required by IAS 32.IAS 32, Financial Instruments: Disclosures and Presentation was approved by the IASC Board in March 1995.In December 1998, certain paragraphs were amended and a paragraph inserted to reflect the issuance of HYPERLINK "http://www.iasc.org.uk/cmt/0001.asp?s=1050307&sc={40FDE89D-3CAC-43AA-9631-EC6C1476599A}&n=983" IAS 39: Financial Instruments: Recognition and Measurement.In October 2000, the Standard was amended to eliminate disclosure requirements that become redundant as a result of IAS 39. IFRS at a Glance has been compiled to assist in gaining a high level overview of International Financial Reporting Standards (IFRSs), including International Accounting Standards and Interpretations. Subsequent to initial recognition, all financial assets are remeasured to fair value, except for the following, which should be carried at amortised cost: (a) loans and receivables originated by the enterprise and not held for trading; (b) other fixed maturity investments with fixed or determinable payments, such as debt securities and mandatorily redeemable preferred shares, that the enterprise intends and is able to hold to maturity; and (c) financial assets whose fair value cannot be reliably measured (generally limited to some equity securities with no quoted market price and forwards and options on unquoted equity securities). Market values of investments. Credit risk (maximum exposure and significant concentrations). Instead, an enterprise follows HYPERLINK "http://www.iasc.org.uk/cmt/0001.asp?s=1050307&sc={40FDE89D-3CAC-43AA-9631-EC6C1476599A}&n=959" IAS 16: Property, Plant and Equipment, or HYPERLINK "http://www.iasc.org.uk/cmt/0001.asp?s=1050307&sc={40FDE89D-3CAC-43AA-9631-EC6C1476599A}&n=985" IAS 40: Investment Property, depending on which standard is appropriate in the circumstances. Jointly controlled assets. Accrual basis during period of employee service. Most notable among these countries are An enterprise will recognise normal purchases and sales of securities in the market place either at trade date or settlement date. Nature of relationship if parent does not own more than 50% of the voting power of a consolidated subsidiary. Entities under common control. If a parent has one or more subsidiaries, consolidated financial statements are required. IFRS is a set of international accounting standards, which state how particular types of transactions and other events should be reported in financial statements. IAS 34 defines the minimum content of an interim financial report as a condensed balance sheet, condensed income statement, condensed cash flow statement, condensed statement showing changes in equity, and selected explanatory notes. Financial statements for periods after initial disclosure must update those disclosures, including a description of any significant changes in the amount or timing of cash flows relating to the assets and liabilities to be disposed of or settled and the causes of those changes. A financial asset is cash, a contractual right to receive cash or another financial asset from another enterprise, a contractual right to exchange financial instruments with another enterprise under conditions that are potentially unfavourable, or an equity instrument of another enterprise. (Finance: Corporate) International accounting standards are a set of internationally-agreed principles and procedures relating to the way that companies present their accounts. Guidance is provided for calculating impairment. In addition, IAS 38 added a definition of "active market" to the Standard. IAS 15: Information Reflecting the Effects of Changing Prices Note: This standard is not mandatory. IAS 31: Financial Reporting of Interests in Joint VenturesIAS 31, Financial Reporting of Interests in Joint Ventures was approved by the IASC Board in November 1990 and reformatted in 1994. In some cases, the International Accounting Standard applicable to an asset may include requirements for additional reviews; in determining value in use, an enterprise should use:(a) cash flow projections based on reasonable and supportable assumptions that reflect the asset in its current condition and represent managementVs best estimate of the set of economic conditions that will exist over the remaining useful life of the asset. IAS 38 acknowledges that, in rare cases, there may be persuasive evidence that the useful life of an intangible asset will exceed 20 years. The allowed alternative is the equity method (see HYPERLINK "http://www.iasc.org.uk/cmt/0001.asp?s=1050307&sc={40FDE89D-3CAC-43AA-9631-EC6C1476599A}&n=972" IAS 28: Investments in Associates). OPEBs: straight-line unless front-loaded Inside 10% corridor: may ignore. About the International Accounting Standards Board (Board) The Board is an independent group of experts with an appropriate mix of recent practical experience in setting accounting standards, in preparing, auditing, or using financial reports, and in accounting education. Financing: Disclose separately cash receipts and payments arising from an issue of share or other equity securities; payments made to redeem such securities; proceeds arising from issuing debentures, loans, notes; and repayments of such securities. IAS 34 does not specify which enterprises must publish interim financial reports, how frequently, or how soon after the end of an interim period. The notes in an interim financial report are viewed primarily as an update since the last annual report. At the same time, the gain or loss on the hedged item attributable to the risk being hedged adjusts the carrying amount of the hedged item and is recognised immediately in net profit or loss. IAS 11: Construction ContractsIAS 11, Construction Contracts, became effective for annual financial statements covering periods beginning on or after 1 January 1995.In May 1999, HYPERLINK "http://www.iasc.org.uk/cmt/0001.asp?s=1050307&sc={40FDE89D-3CAC-43AA-9631-EC6C1476599A}&n=953" IAS 10: Events After the Balance Sheet Date, amended paragraph 45. The amended text became effective for annual financial statements covering periods beginning on or after 1 January 2001.Summary of IAS 34 IAS 34, Interim Financial Reporting: contains both presentation and a measurement guidance, defines the minimum content of an interim financial report, and sets out the accounting recognition and measurement principles to be followed in any interim financial statements. IAS 38 does not permit an enterprise to assign an infinite useful life to an intangible asset. Interest revenue is recognised on a time-proportion basis using the effective interest rate. Items pledged as security. Criteria: the substantial majority of voting common shares of the combining enterprises are exchanged or pooled; the fair value of one enterprise is not significantly different from that of the other enterprise; the shareholders of each enterprise maintain substantially the same voting rights and interests in the combined entity, relative to each other, after the combination as before. Accounting standards comprise the scope of accounting by defining certain terms, presenting the accounting issues, specifying standards, explaining numerous disclosures and implementation date. Because research has shown that an investor is much better able to use interim information to make forecasts if recurring and nonrecurring cash flow and earnings data are segregated, IAS 34 requires special disclosures about unusual events and transactions. Investment property is property (land or a building - or part of a building - or both) held (by the owner or by the lessee under a finance lease) to earn rentals or for capital appreciation or both. Also, the IAS 39 Implementation Guidance Committee may refer some issues either to the IASB's International Financial Reporting Interpretations Committee (IFRIC) or to IASB. No substantive changes were made to the original approved text.The following SIC Interpretation relates to IAS 29: HYPERLINK "http://www.iasc.org.uk/cmt/0001.asp?s=1050307&sc={40FDE89D-3CAC-43AA-9631-EC6C1476599A}&n=2034" SIC 19: Reporting Currency - Measurement and Presentation of Financial Statements Under IAS 21 and IAS 29. Other comprehensive basis of accounting. Amounts set aside as appropriations of retained earnings for general banking risks. Financial assets carried at a value in excess of fair value. However, some development expenditure may result in the recognition of an intangible asset (for example, some internally developed computer software); in the case of a business combination that is an acquisition, IAS 38 builds on HYPERLINK "http://www.iasc.org.uk/cmt/0001.asp?s=1050307&sc={40FDE89D-3CAC-43AA-9631-EC6C1476599A}&n=966" IAS 22: Business Combinations, to emphasise that if an intangible item does not meet both the definition and the criteria for the recognition for an intangible asset, the expenditure for this item (included in the cost of acquisition) should form part of the amount attributed to goodwill at the date of acquisition. Summary of IAS 41 IAS 41 prescribes the accounting treatment, financial statement presentation and disclosures related to agricultural activity. An allowed alternative is the last in, first out (LIFO) cost formula. IAS 22 requires negative goodwill to be presented as a deduction from (positive) goodwill. Required disclosures include: a description of the discontinuing operation; the business or geographical segment(s) in which it is reported in accordance with HYPERLINK "http://www.iasc.org.uk/cmt/0001.asp?s=1050307&sc={40FDE89D-3CAC-43AA-9631-EC6C1476599A}&n=957" IAS 14: Segment Reporting; the date that the plan for discontinuance was announced; the timing of expected completion (date or period), if known or determinable; the carrying amounts of the total assets and the total liabilities to be disposed of; the amounts of revenue, expenses, and pre-tax profit or loss attributable to the discontinuing operation, and related income tax expense; the amount of any gain or loss that is recognised on the disposal of assets or settlement of liabilities attributable to the discontinuing operation, and related income tax expense; the net cash flows attributable to the operating, investing, and financing activities of the discontinuing operation; and the net selling prices received or expected from the sale of those net assets for which the enterprise has entered into one or more binding sale agreements, and the expected timing thereof, and the carrying amounts of those net assets. Since then, the IASB has amended some IASs and has proposed to amend others, has replaced some IASs with new International Financial Reporting Standards (IFRSs), and has adopted or proposed certain new IFRSs on topics for which there was no … The allowed alternative is to capitalise those directly attributable to construction. Specific minimum line items for assets and liabilities are prescribed. If assets are revalued, disclose historical cost amounts. A derivative is a financial instrument— (a) - whose value changes in response to the change in a specified interest rate, security price, commodity price, foreign exchange rate, index of prices or rates, a credit rating or credit index, or similar variable (sometimes called the ‘underlying’); (b) - that requires no initial net investment or little initial net investment relative to other types of contracts that have a similar response to changes in market conditions; and (c) - that is settled at a future date. For each class of common having different dividend rights. This improves the ability of a user of financial statements to make projections. Prior financial statements are restated as if the two companies had always been combined. Depreciation: Long-lived assets other than land are depreciated on a systematic basis over their useful lives. Fair value hedge accounting: The gain or loss from remeasuring the hedging instrument at fair value is recognised immediately in net profit or loss. The International Accounting Standards Board (IASB) is an autonomous body. IAS 16 is included in: IAS 17: LeasesIAS 17, Leases, became effective for annual financial statements covering periods beginning on or after 1 January 1999. Jointly controlled assets should be recognised on a proportional basis. In such cases, the enterprise measures that investment property using the benchmark treatment in IAS 16 until the disposal of the investment property. Summary of IAS 23 The benchmark treatment is to treat borrowing costs as expenses. If revenue has been recognised but collectibility of a portion of the amount is doubtful, bad debt expense should be recognised when the revenue is recognised. No goodwill is recognised. An investor should discontinue using the equity method if (a) it ceases to have significant influence over the associate or the associate operates under long-term restrictions that impair its ability to transfer funds to the investor. Disclosure requirements include (for each major contract or class of contracts): Amount of contract revenue recognised. Segment definition: Segments are organisational units for which information is reported to the board of directors and CEO unless those organisational units are not along product/service or geographical lines, in which case use the next lower level of internal segmentation that reports product and geographical information. IAS 35 requires that disclosures about a discontinuing operation begin at the earlier of the following: an enterprise has entered into an agreement to sell substantially all of the assets of the discontinuing operation; or its board of directors or other similar governing body has both approved and announced the planned discontinuance. Interim financial statements, complete or condensed, must cover the following periods: a balance sheet at the end of the current interim period, and comparative as of the end of the most recent full financial year; income statements for the current interim period and cumulatively for the current financial year to date, with comparative statements for the comparable interim periods of the immediately preceding financial year; a statement of changes in equity cumulatively for the current financial year to date and comparative for the same year-to-date period of the prior year; and a cash flow statement cumulatively for the current financial year to date and comparative for the same year-to-date period of the prior financial year. Encouragement that Public enterprises ought to provide a summary of IAS 38 IAS does! Period and prospectively common having different dividend rights CIMA syllabus for the first time there... 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