Month: April 2021

EXPOSURE DRAFT 2015/08 IFRS PRACTICE STATEMENT APPLICATION OF MATERIALITY IN FINANCIAL STATEMENTS Background During various stages of its Disclosure Initiative project, the IASB has been informed that there are difficulties around the practical application of materiality, with inappropriate assessments leading Read More …

CHANGES IN GROUP STRUCTURES STEP ACQUISITIONS AND DISPOSALS STEP ACQUISITIONS What is a step acquisition? A ‗step acquisitions‘ is a business combination achieved in stages, where the acquirer (parent company) gains control of an acquiree (subsidiary) in stages over a Read More …

SPECIALISED, NOT-FOR-PROFIT AND PUBLIC SECTOR ENTITIES TYPES OF ENTITY Most of this study text is about the financial statements of profit-making entities, such as limited liability companies. Other types of entity also prepare and publish financial statements. These entities include: Read More …

IFRS 8 – OPERATING SEGMENTS Large entities produce a wide range of products and services, often in several different countries. Further information on how the overall results of entities are made up from each of these product or geographical areas Read More …

SMALL AND MEDIUM SIZED ENTITIES (SMES) REPORTING REQUIREMENTS OF SMES International accounting standards are written to meet the needs of investors in international capital markets. Most companies adopting IFRS are large listed entities. The IASB has not stated that IFRSs Read More …

IFRS 13 – FAIR VALUE MEASUREMENTS NEED FOR FAIR VALUE GUIDANCE & IFRS 13: IFRS 13 provides a single source of guidance for all fair value measurements, clarifying the definition of fair value and enhancing disclosures requirements about reported fair Read More …

IAS-8 ACCOUNTING POLICIES, CHANGES IN ACCOUNTING ESTIMATES AND ERRORS OBJECTIVE The objective of this Standard is to prescribe the criteria for selecting and changing accounting policies, the accounting treatment and disclosure of changes in accounting policies, accounting estimates and corrections Read More …

IFRS 16 – LEASES OBJECTIVE IFRS 16 establishes principles for the recognition, measurement, presentation and disclosure of leases, with the objective of ensuring that lessees and lessors provide relevant information that faithfully represents those transactions. SCOPE IFRS 16 Leases applies Read More …

IFRS 16 – LEASES OBJECTIVE IFRS 16 establishes principles for the recognition, measurement, presentation and disclosure of leases, with the objective of ensuring that lessees and lessors provide relevant information that faithfully represents those transactions. SCOPE IFRS 16 Leases applies Read More …

FINANCIAL INSTRUMENTS Introduction to Financial Instruments IAS 32 Financial Instruments: Presentation IFRS 7 Financial Instruments: Disclosures IFRS 9 Financial Instruments IAS 32 FINANCIAL INSTRUMENTS: PRESENTATION OBJECTIVE The stated objective of IAS 32 is to establish principles for presenting financial instruments Read More …