Day: April 1, 2021

IAS 33 – EARNINGS PER SHARE INTRODUCTION Earnings Per Share (EPS) is an unusual accounting ratio in that it has a whole standard devoted to its calculation and presentation. The importance attached to this ratio derives from the fact that Read More …

IAS 34-INTERIM FINANCIAL REPORTING OBJECTIVE The objective of this Standard is to prescribe the minimum content of an interim financial report and to prescribe the principles for recognition and measurement in complete or condensed financial statements for an interim period. Read More …

IAS 19 EMPLOYEE BENEFITS OBJECTIVE The objective of this Standard is to prescribe the accounting and disclosure for employee benefits. SCOPE Employee benefits include: Short-term employee benefits Post-employment benefits (c) Other long-term employee benefits (d) Termination benefits. IAS 19 should Read More …

IAS 12 – INCOME TAXES IAS 12, Income Taxes, deals with taxes on income, both current tax and deferred tax. Income tax accounting is complex, and preparers and users find some aspects difficult to understand and apply. These difficulties arise Read More …

IAS 23-BORROWING COST OBJECTIVE: To prescribe the accounting treatment for borrowing cost. DEFINITIONS: Borrowing costs are interest and other costs, incurred by an entity in connection with the borrowing of funds in order to construct an asset.  Borrowing cost includes Read More …

IAS 41 – AGRICULTURE OBJECTIVE The objective of IAS 41 is to establish standards of accounting for agricultural activity SCOPE Within scope are Biological assets, Agricultural produce at the point of harvest and Government grants related to biological assets. Excluded Read More …

IAS 2 – INVENTORIES OBJECTIVE The objective of this IAS is to prescribe the accounting treatment of inventories. DEFINITIONS Inventories are assets; – Held for sale in the ordinary course of business In the process of production for such sale; Read More …

IAS 40-INVESTMENT PROPERTY OBJECTIVE The objective of this Standard is to prescribe the accounting treatment for investment property and related disclosure requirements. DEFINITIONS: Investment property is property held to earn rentals or for capital appreciation or both, rather than for: Read More …

IAS 38 – INTANGIBLE ASSETS OBJECTIVE The objective of this IAS is to prescribe accounting treatment for intangible assets. INTANGIBLE ASSET – DEFINITION An intangible asset is an identifiable non-monetary asset without physical substance held for use in the production Read More …

IAS 38 – INTANGIBLE ASSETS OBJECTIVE The objective of this IAS is to prescribe accounting treatment for intangible assets. INTANGIBLE ASSET – DEFINITION An intangible asset is an identifiable non-monetary asset without physical substance held for use in the production Read More …