An obligation to deliver cash or other financial asset is debt. Finally, a minor wording inconsistency in Appendix A was corrected.In April 2000, HYPERLINK "http://www.iasc.org.uk/cmt/0001.asp?s=1050307&sc={40FDE89D-3CAC-43AA-9631-EC6C1476599A}&n=985" IAS 40, Investment Property, amended the scope of the Standard. Comparative information for prior periods that is presented in financial statements prepared after initial disclosure must be restated to segregate the continuing and discontinuing assets, liabilities, income, expenses, and cash flows. For financial assets a transfer normally would be recognised if (a) the transferee has the right to sell or pledge the asset and (b) the transferor does not have the right to reacquire the transferred assets. IAS 40 is effective for annual financial statements covering periods beginning on or after 1 January 2001.In January 2001, various paragraphs were amended by HYPERLINK "http://www.iasc.org.uk/cmt/0001.asp?s=1050307&sc={40FDE89D-3CAC-43AA-9631-EC6C1476599A}&n=986" IAS 41: Agriculture. These changes become effective when an enterprise applies IAS 39 for the first time. IAS 38 supersedes IAS 9, Research and Development Costs. Cash equivalents are short-term, highly liquid investments subject to insignificant risk of changes in value. International Accounting Standards (IAS) are older accounting standards issued by the International Accounting Standards Board (IASB), an independent … 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. Items of income or expense arising from ordinary activities that are abnormal because of their size, nature or incidence are separately disclosed, usually in the notes. The revised Standard (IAS 16 (revised 1998)) became operative for annual financial statements covering periods beginning on or after 1 July 1999. All companies use the projected unit credit method (an accrued benefit method) to measure their pension expense and pension obligation. IAS 7: Cash Flow StatementsIAS 7, Cash Flow Statements, became effective for financial statements covering periods beginning on or after 1 January 1994.Summary of IAS 7 The cash flow statement is a required basic financial statement. Same Tainting of held-to-maturity category by early sale causes all remaining held-to-maturity assets to be measured at fair value. Write-down against net profit or loss for impairment or uncollectibility if recoverable amount of a financial asset carried at cost exceeds carrying amount Same Reversal of write-down into net profit or loss if fair value recovers. The carrying amount of an equity-method investment should be reduced to recognise non-temporary impairment. Lease income should be recognised on the basis of a constant periodic rate of return. 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. Accounting standards comprise the scope of accounting by defining certain terms, presenting the accounting issues, specifying standards, explaining numerous disclosures and implementation date. 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. Past service cost should be recognised over the average period until the amended benefits become vested. 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 … Although the inability to sell or pledge would suggest that the transferee has not obtained control, in this instance the transfer is a sale provided that the transferor does not have the right or ability to reacquire the transferred asset. Transaction costs should be included in the initial measurement of all financial instruments. Market values of investments. An enterprise should recognise normal purchases and sales of financial assets in the market place either at trade date or settlement date. International standards also create an entirely new industry, international accounting consultation, creating new opportunities for entrepreneurs in … Standards. This means that, among other things, unlike current practices in certain countries, purchased R&D-in-process should not be recognised as an expense immediately at the date of acquisition but it should be recognised as part of the goodwill recognised at the date of acquisition and amortised under IAS 22, unless it meets the criteria for separate recognition as an intangible asset; after initial recognition in the financial statements, an intangible asset should be measured under one of the following two treatments: (a) benchmark treatment: historical cost less any amortisation and impairment losses; or (b) allowed alternative treatment: revalued amount (based on fair value) less any subsequent amortisation and impairment losses. e ¨ Ô 8 ¦ ü 7 Interest revenue is recognised on a time-proportion basis using the effective interest rate. Use tax rates expected at settlement. Classification reflects substance, not form. 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. Jointly controlled assets. The Committee's Task Force on Accounting Issues (the Task Force) performed much of the actual review work. International Accounting Standards and Value Relevance of Book value and Earnings: Panel study from Pakistan Rehana Kouser. European Commission is progressing proposals that will require all listed IAS 39 FASB STANDARDSEspecially 114, 115, 125, 133 IASC: Scope FASB: Scope All enterprises Same Covers recognition, measurement, derecognition, and hedge accounting Same IASC: Definitions FASB: Definitions A financial instrument is any contract that gives rise to both a financial asset of one enterprise and a financial liability or equity instrument of another enterprise. (International Accounting Standards) is a set of standards stating how IAS 18: RevenueIAS 18, Revenue, became operative for annual financial statements covering periods beginning on or after 1 January 1995.Summary of IAS 18 Revenue should be measured at fair value of consideration received or receivable. However, the approximate income statement effect of hedge accounting for an overall net position can be achieved, in some cases, by designating part of one of the underlying items as the hedged position. IAS 35 became operative for annual financial statements covering periods beginning on or after 1 January 1999. International Accounting Standard 16 Property, Plant and Equipment or IAS 16 is an international financial reporting standard adopted by the International Accounting Standards Board (IASB). 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). It does not establish any new principles for deciding when and how to recognise and measure the income, expenses, cash flows, and changes in assets and liabilities relating to a discontinuing operation. Depreciation base is cost less estimated residual value. The statement shows both the recognised gains and losses that are not reported in the income statement and owners' investments and withdrawals of capital and other movements in retained earnings and equity capital. IAS 37 sets out three specific applications of these general requirements: a provision should not be recognised for future operating losses; a provision should be recognised for an onerous contract - a contract in which the unavoidable costs of meeting the obligations under the contract exceed the expected economic benefits; and a provision for restructuring costs should be recognised only when an enterprise has a detailed formal plan for the restructuring and has raised a valid expectation in those affected that it will carry out the restructuring by starting to implement that plan or announcing its main features to those affected by it. Jointly controlled entities should be recognised in consolidated financial statements as follows: The benchmark treatment is proportional consolidation (see HYPERLINK "http://www.iasc.org.uk/cmt/0001.asp?s=1050307&sc={40FDE89D-3CAC-43AA-9631-EC6C1476599A}&n=971" IAS 27: Consolidated Financial Statements). An allowed alternative is the last in, first out (LIFO) cost formula. Uniting of Interests (Pooling of Interests Method of Accounting) Definition: A business combination in which the shareholders of the combining enterprises combine control over the whole of their net assets and operations, to achieve a continuing mutual sharing in the risks and benefits attaching to the combined entity such that neither party can be identified as the acquirer. What is the definition of accounting standards?These rules have an impact both on a national economy and on the economic and fiscal policy. The International Code of Ethics for Professional Accountants (including International Independence Standards) is effective as of June 15, 2019. A bank transfers a loan to another bank, but to preserve the relationship of the transferor bank with its customer, the acquiring bank is not allowed to sell or pledge the loan. IAS 39 requires that an impairment loss be recognised for a financial asset whose recoverable amount is less than carrying amount. For hedges of forecasted transactions that result in the recognition of an asset or liability, the gain or loss on the hedging instrument will adjust the basis (carrying amount) of the acquired asset or liability. Statements of Financial Accounting Concepts. The Standard includes requirements for identifying an impaired asset, measuring its recoverable amount, recognising or reversing any resulting impairment loss, and disclosing information on impairment losses or reversals of impairment losses. No goodwill is recognised. The World Bank is making its loans to some companies conditional on their adoption of international accounting standards. All subsidiaries must be included, unless control is temporary or if there are severe long-term restrictions on the transfer of funds from the subsidiary to the parent. Numerator for basic EPS is profit after minority interest and preference dividends. Summary of IAS 21 Foreign currency transactions Transactions should be translated on the date of the transaction. HYPERLINK "http://www.iasc.org.uk/cmt/0001.asp?s=1050307&sc={40FDE89D-3CAC-43AA-9631-EC6C1476599A}&n=980" IAS 36, Impairment of Assets, sets out certain disclosure requirements for reporting impairment losses by segment.Summary of IAS 14 Basis of Segment Reporting: Public companies must report information along product and service lines and along geographical lines One basis of segmentation is primary, the other is secondary Segment accounting policies the same as consolidated. The new Standard is effective for annual accounting periods beginning on or after 1 January 2001. The same treatment applies to start-up costs, training costs and advertising costs. If a government grant related to a biological asset measured at its fair value less estimated point-of-sale costs is conditional, including where a government grant requires an enterprise not to engage in specified agricultural activity, an enterprise should recognise the government grant as income when the conditions attaching to the government grant are met; if a government grant relates to a biological asset measured at its cost less any accumulated depreciation and any accumulated impairment losses, HYPERLINK "http://www.iasc.org.uk/cmt/0001.asp?s=1050307&sc={40FDE89D-3CAC-43AA-9631-EC6C1476599A}&n=964" IAS 20: Accounting for Government Grants and Disclosure of Government Assistance, should be applied. Summary of IAS 15Disclosure requirements: Enterprises applying IAS 15 should disclose the following information on a general purchasing power or a current cost basis: depreciation adjustment; cost of sales adjustment; monetary items adjustment; and the overall effect of the above and any other adjustments. Will be effective for financial reporting periods beginning on or after 1 January 1998. 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. In these circumstances, an enterprise uses the present value of expected net cash flows from the asset discounted at a current market-determined pre-tax rate in determining fair value; a gain or loss arising on initial recognition of biological assets and from the change in fair value less estimated point-of-sale costs of biological assets should be included in net profit or loss for the period in which it arises; a gain or loss arising on initial recognition of agricultural produce should be included in net profit or loss for the period in which it arises; the Standard does not establish any new principles for land related to agricultural activity. This difference from IAS 37 acknowledges that an acquirer may not have enough information to develop a detailed formal plan by the date of acquisition. Summary of IAS 19 POST-EMPLOYMENT BENEFITS INCLUDING PENSIONS Defined Contribution Plans Contributions of a period should be recognised as expenses. All debt securities, equity securities, and other financial assets that are not held for trading but nonetheless are available for sale – except all unquoted equity securities are measured at cost subject to an impairment test. Other comprehensive basis of accounting. HYPERLINK "http://www.iasc.org.uk/cmt/0001.asp?s=1050307&sc={40FDE89D-3CAC-43AA-9631-EC6C1476599A}&n=985" IAS 40: Investment Property, amended paragraph 44, which also is now set in bold italic type. companies in the European Union to prepare their consolidated financial Summary of IAS 28 An associate is an enterprise, other than a subsidiary or joint venture, over which the investor has significant influence. Dividend revenue is recognised when the shareholderVs right to receive the dividend is legally established. 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. 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. Jointly controlled entities. IAS 34: Interim Financial ReportingIAS 34, Interim Financial Reporting, was approved by the IASC Board in February 1998 and became effective for financial statements covering periods beginning on or after 1 January 1999.In April 2000, Appendix C was amended by HYPERLINK "http://www.iasc.org.uk/cmt/0001.asp?s=1050307&sc={40FDE89D-3CAC-43AA-9631-EC6C1476599A}&n=985" IAS 40: Investment Property. 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. If capitalised and funds are specifically borrowed, the borrowing costs should be calculated after any investment income on temporary investment of the borrowings. IAS 39 establishes conditions for determining when control over a financial asset or liability has been transferred to another party. Comparative amounts for prior periods are also restated into the measuring unit at the current balance sheet date. Direct method shows receipts from customers and payments to suppliers, employees, government (taxes), etc. An example of this would be the traditional multicolumn statement of changes in shareholders' equity. If future related expenses cannot be measured reliably, revenue recognition should be deferred. However, the Board encourages enterprises to present such information and urges those that do to disclose the items required by IAS 15." The International Public Sector Accounting Standards Board® (IPSASB®) works to improve public sector financial reporting worldwide through the development of IPSAS®, international accrual-based accounting standards, for use by governments and other public sector entities around the world. IAS 35 is a presentation and disclosure Standard. FASB Interpretations. Summary of IAS 12 Accrue deferred tax liability for nearly all taxable temporary differences. Non-deductible goodwill: no deferred tax. Accounting Models Under IAS 40, an enterprise must choose either: a fair value model: investment property should be measured at fair value and changes in fair value should be recognised in the income statement; or a cost model (the same as the benchmark treatment in IAS 16, Property, Plant and Equipment): investment property should be measured at depreciated cost (less any accumulated impairment losses). IAS 8: Net Profit or Loss for the Period, Fundamental Errors and Changes in Accounting PoliciesIAS 8 (revised 1993), Net Profit or Loss for the Period, Fundamental Errors and Extraordinary Items, became effective for annual financial statements covering periods beginning on or after 1 January 1995. The Standard does not permit an enterprise to assign an infinite useful life to goodwill. Subsequently, the benchmark treatment is to use depreciated (amortised) cost but the allowed alternative is to use an up-to-date fair value. If the enterpriseVs owners or others have the power to amend the financial statements after issuance, the enterprise should disclose that fact; and an enterprise should update disclosures that relate to conditions that existed at the balance sheet date in the light of any new information that it receives after the balance sheet date about those conditions. FASB requires fair value measurement for all derivatives, including those linked to unquoted equity instruments if they are to be settled in cash. The concept of cash-generating units will often be used in testing assets for impairment because, in many cases, assets work together rather than in isolation. The following should be disclosed for each secondary segment:--revenue (external and intersegment shown separately);--carrying amount of segment assets;--cost to acquire property, plant, equipment, and intangibles;--the basis of inter-segment pricing. When LIFO is used, there should be disclosure of the lower of (i) net realisable value and (ii) FIFO, weighted average or current cost. IAS 33: Earnings per ShareIAS 33, Earnings per Share, was approved by the IASC Board in January 1997 and became effective for annual financial statements covering periods beginning on or after 1 January 1998.In 1999, the Standard was amended to replace references to IAS 10, Contingencies and Events Occurring After the Balance Sheet Date, by references to 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.The following SIC Interpretation relates to IAS 33: HYPERLINK "http://www.iasc.org.uk/cmt/0001.asp?s=1050307&sc={40FDE89D-3CAC-43AA-9631-EC6C1476599A}&n=2039" SIC 24: Earnings Per Share - Financial Instruments and Other Contracts that May Be Settled in Shares. IAS 38 does not apply to financial assets, insurance contracts, mineral rights and the exploration for and extraction of minerals and similar non-regenerative resources. Accounting Research Bulletins. The disclosures continue until completion of the disposal. 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. Summary of IAS 41 IAS 41 prescribes the accounting treatment, financial statement presentation and disclosures related to agricultural activity. If condensed financial statements are provided, they must contain, at a minimum, the same headings and subtotals as were in the enterpriseVs latest annual financial statements, plus only selected notes. The amended text was effective for annual financial statements covering periods beginning on or after 1 January 2000.Summary of IAS 11 If the total revenue, past and future costs, and the stage of completion of a contract can be measured or estimated reliably, revenues and costs should be recognised by stage of completion (the "percentage-of-completion method"). Uniform accounting policies should be followed for the parent and its subsidiaries or, if this is not practicable, the enterprise must disclose that fact and the proportion of items in the consolidated financial statements to which different policies have been applied. The changes to IAS 32 become effective when an enterprise applies IAS 39 for the first time.The following SIC Interpretations relate to IAS 32: HYPERLINK "http://www.iasc.org.uk/cmt/0001.asp?s=1050307&sc={40FDE89D-3CAC-43AA-9631-EC6C1476599A}&n=2020" SIC 5: Classification of Financial Instruments - Contingent Settlement Provisions; HYPERLINK "http://www.iasc.org.uk/cmt/0001.asp?s=1050307&sc={40FDE89D-3CAC-43AA-9631-EC6C1476599A}&n=2031" SIC 16: Share Capital - Reacquired Own Equity Instruments (Treasury Shares); and HYPERLINK "http://www.iasc.org.uk/cmt/0001.asp?s=1050307&sc={40FDE89D-3CAC-43AA-9631-EC6C1476599A}&n=2032" SIC 17: Equity - Costs of an Equity Transaction. 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. 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