We think you have liked this presentation. If you wish to download it, please recommend it to your friends in any social system. Share buttons are a little bit lower. Thank you!
Presentation is loading. Please wait.
Published byCiera Kirksey
Modified over 2 years ago
© 2011 IFRS Foundation 1 The IFRS for SMEs Topic 2.1 Section 11 Basic Financial Instruments Section 12 Other Fin. Inst. Issues Section 22 Liabilities and Equity
© 2011 IFRS Foundation 2 This PowerPoint presentation was prepared by IFRS Foundation education staff as a convenience for others. It has not been approved by the IASB. The IFRS Foundation allows individuals and organisations to use this presentation to conduct training on the IFRS for SMEs. However, if you make any changes to the PowerPoint presentation, your changes should be clearly identifiable as not part of the presentation prepared by the IFRS Foundation education staff and the copyright notice must be removed from every amended page. This presentation may be modified from time to time. The latest version may be downloaded from: The accounting requirements applicable to small and medium ‑ sized entities (SMEs) are set out in the International Financial Reporting Standard (IFRS) for SMEs, which was issued by the IASB in July The IFRS Foundation, the authors, the presenters and the publishers do not accept responsibility for loss caused to any person who acts or refrains from acting in reliance on the material in this PowerPoint presentation, whether such loss is caused by negligence or otherwise.
© 2011 IFRS Foundation 3 Sections – Introduction Financial instruments split into two sections: –Sec. 11 Basic Financial Instruments –Sec. 12 Other Financial Instruments Issues Together the two sections cover recognising, derecognising, measuring, and disclosing financial assets and financial liabilities
© 2011 IFRS Foundation 4 Sections – Introduction Section 11 is relevant to all SMEs Section 12 is relevant If: –SME owns or issues ‘exotic’ financial instruments – instruments that impose risks or rewards that are not typical of basic financial instruments –SME wants to do hedge accounting
© 2011 IFRS Foundation 5 Sections – Accounting choice Entity may choose to apply either: –Sections 11 and 12 in full, or –Recognition and measurement provisions of IAS 39 and the disclosure requirements in Sec 11 & 12 –No option to use IFRS 9 The option chosen applies to all financial instruments (not individually) To change option, follow Section 10
© 2011 IFRS Foundation 6 Sections – Basic principles Basic principle of Section 11: –Amortised cost model for all basic FI except investments in ordinary or preference shares that are publicly traded or whose fair value can be measured reliably – these are fair value through profit or loss (FVTPL). Basic principle of Section 12: –FI not covered by Section 11 are at FVTPL
© 2011 IFRS Foundation 7 Section 11 – Scope All basic financial instruments except those covered by other sections of IFRS for SMEs: –Investments in sub, associate, JV (see Sections 9, 14, 15) –Entity’s own equity (see Sec 22, 26) –Leases (see Section 20) –Employee benefit assets and liabilities (see Section 28)
© 2011 IFRS Foundation 8 Sections – Definitions Financial instrument –Contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity –Includes cash –But commodities that are ‘near cash’ like gold are not financial instruments
© 2011 IFRS Foundation 9 Sections – Definitions Basic financial instrument* –Cash –Debt instrument (accounts, notes, and loans receivable and payable) that meet conditions on next slide –Ordinary and preference shares that are not convertible and not puttable *These notes do not discuss loan commitments
© 2011 IFRS Foundation 10 Section 11 – Basic debt instruments Debt instruments are in Section 11 if: –Returns to holder are fixed, variable referenced to an observable rate, or combination of fixed and variable –No special provision could cause holder to lose principal –Prepayment conditions are not contingent on a future event –No special conditional returns
© 2011 IFRS Foundation 11 Section 11 – Basic debt instruments Examples of basic debt instruments: –Trade accounts and notes receivable and payable –Loans from banks and other 3rd parties –Accounts payable in foreign currency –Loans to/from subsidiaries or associates that are due on demand –Debt instrument that becomes immediately due if issuer defaults All of these measured at amortised cost
© 2011 IFRS Foundation 12 Section 11 – Basic debt instruments Examples of NOT basic debt instruments: –Investment in convertible or puttable shares or debt –Swaps, forwards, futures, options, rights, and other derivatives –Loans with unusual prepayment conditions (based on tax change, accounting change, linked to company performance) All of these are FVTPL under Section 12
© 2011 IFRS Foundation 13 Section 11 – Recognition and measurement Initial recognition: –When entity becomes a party to the contractual provisions of the instrument –IFRS for SMEs allows judgement regarding ‘trade date’ vs ‘settlement date’ accounting, but be consistent
© 2011 IFRS Foundation 14 Section 11 – Recognition and measurement Initial measurement: –At transaction price –Include transaction costs except for FI that will be measured at FVTPL –‘Impute interest’ if payment is deferred beyond normal terms or below-market interest
© 2011 IFRS Foundation 15 Section 11 – Recognition and measurement Initial recognition-measurement examples: –Loan made to another entity: Measure at PV of interest and principal payments –Goods sold to customer (purchased from supplier) on normal credit terms: Measure receivable (payable) at undiscounted invoice price
© 2011 IFRS Foundation 16 Section 11 – Recognition and measurement Initial recognition-measurement examples: –Goods sold (purchased) on 2-year interest free credit: Measure at current cash sale price or PV of receivable or payable Example: We sell goods for 1,000, payment due 2 years, interest-free. Cash price = 857. IRR = 8%. Journal entriesDebitCredit At time of saleReceivable857 Sales Revenue857 End of year 1Receivable 69 8% x 857 = 69 Interest Revenue 69
© 2011 IFRS Foundation 17 Section 11 – Recognition and measurement Subsequent measurement: –Debt instruments in the scope of Section 11 (even if publicly traded): –Amortised cost using the effective interest method –Equity instruments in scope of Section 11: –If publicly traded or FV can be measured reliably: FVTPL –All others: cost less impairment
© 2011 IFRS Foundation 18 Section 11 – Recognition and measurement What is ‘amortised cost’? –Amount measured at initial recognition –Minus repayments of principal –Plus or minus cumulative amortisation of any difference between initial measurement and maturity amount (using effective interest method) –Minus (for assets) reduction for impairment or uncollectibility
© 2011 IFRS Foundation 19 Section 11 – Recognition and measurement What is ‘effective interest method’? –Effective interest is rate that exactly discounts future cash payments (receipts) to the carrying amount –Also called ‘Internal Rate of Return’ –Amortised cost = PV of future cash receipts (payments) discounted at effective interest rate –Interest expense (income) = carrying amount at beginning of period x effective interest rate
© 2011 IFRS Foundation 20 Section 11 – Effective interest example 1/1/X0 buy 5-year bond for 900, transaction cost = 50, cash interest = 40/year, mandatory redemption at 1,100 at 31/12/X4. YearCarrying amount beginning Int. income at %* Cash inflow Carrying amt ending X (40) X (40)1, X21, (40)1, X31, (40)1, X41, (40)1, *6.9583% is the rate that exactly discounts the cash flows to
© 2011 IFRS Foundation 21 Section 11 – Recognition and measurement What is ‘fair value’? –Amount for which FI could be sold or settled in an arm’s length transaction –Best: Quoted market price in an active market (bid price) –Next: Price in a recent transaction for identical asset (unless circumstances have changed) –Estimate using a valuation technique (a model)
© 2011 IFRS Foundation 22 Section 11 – Impairment Impairment only applies to FI measured at cost or amortised cost At each reporting date, look for evidence that FV is below carrying amount –Significant financial difficulty of issuer –Default or delinquency –Abnormal concession granted to debtor by creditor –Probable debtor bankruptcy or reorg.
© 2011 IFRS Foundation 23 Section 11 – Impairment Impairment assessment: –Individually for all equity instruments –Individually for debt instruments that are individually significant –For other debt instruments, either individually or grouped based on similar risk characteristics Impairment recognition: –Write-down is recognised in P&L
© 2011 IFRS Foundation 24 Section 11 – Impairment Measurement of the impairment loss: –Debt instruments: Difference between carrying amount and current PV of estimated cash flows discounted at asset’s original effective interest rate. (Use current rate if variable.) –Equity instruments: Difference between carrying amount and best estimate (approximation) of the amount (might be zero) that entity would receive if asset were sold at reporting date.
© 2011 IFRS Foundation 25 Section 11 – Impairment Reversal of an impairment loss: –Required if the problem causing the original impairment reduces –Write up but not to more than what carrying amount would have been had no impairment been recognised (ie not to FV but to new ‘amortised cost’) –Reversal recognised in P&L
© 2011 IFRS Foundation 26 Section 11 – Derecognition Derecognition of a financial asset: –Derecognition = remove from balance sheet –Only when: a.Rights to cash flows expire or settled b.Substantially all risks and rewards (cash flows) transferred to other entity c.Transferred some but not substantially all risks and rewards, and physical control of asset transferred to another party who has the right to sell the asset to an unrelated third party.
© 2011 IFRS Foundation 27 Section 11 – Derecognition Derecognition of a financial asset: –In case (c) above: –Derecognise old asset entirely, and –Recognise separately any rights and obligations retained or created in the transfer (measure at fair value) –If transfer does not result in derecognition, keep transferred asset on books and recognise financial liability for the consideration received –Do not offset
© 2011 IFRS Foundation 28 Section 11 – Derecognition Derecog. of financial asset – examples: –Must derecognise: Sell receivables to bank but we continue to collect and remit, for a handling fee. Bank assumes credit risk. –May not derecognise: Same facts except entity agrees to buy back any receivables in arrears for more than 120 days. Entity continues to recognise the receivables until collected or writeoff as uncollectible.
© 2011 IFRS Foundation 29 Section 11 – Derecognition Derecognition of a financial liability: –Only when extinguished, that is: a.Discharged b.Cancelled c.Expired If existing debt is replaced with new one with substantially different terms (or there is a significant modification of terms): –Treat as new liability and extinguishment of original liability
© 2011 IFRS Foundation 30 Section 11 –Disclosure Disclose accounting policies for FI Disclose financial assets and liabilities by categories in the balance sheet: –Equity or debt at FVTPL –Debt at amortised cost –Equity measured at cost less impairment –Liabilities at FVTPL –Liabilities at amortised cost
© 2011 IFRS Foundation 31 Section 11 – Disclosure Terms, conditions, and restrictions of financial assets and liability For those at FVTPL, details of how FV was determined Details of transfer of financial asset that did not qualify for derecognition Details of financial assets pledged as collateral Details of defaults and breaches on loans payable continued next slide...
© 2011 IFRS Foundation 32 Section 11 – Disclosure Items of income, expense, gains and losses: –Changes in FV for instruments measured at FVTPL –Total interest income and total interest expense on FI not measured at FVTPL –Impairment loss by class of financial asset
© 2011 IFRS Foundation 33 Section 12 – Recognition and measurement Initial recognition: –When entity becomes a party to the contractual provisions of the instrument Initial measurement: –At FV (normally the transaction price) –Transaction costs are charged to expense
© 2011 IFRS Foundation 34 Section 12 – Recognition and measurement Subsequent measurement: –At FVTPL except: –Equity instrument that is not publicly traded and cannot get FV reliably, then measure at cost less impairment –Also measure a contract linked to such equity instrument at cost less impairment –If previously at FVTPL, but now a reliable FV measure is no longer available, treat most recent FV measure as ‘cost’ going forward.
© 2011 IFRS Foundation 35 Section 12 – Hedge accounting ‘Hedging’ and ‘hedge accounting’ are two different things What is hedging? –Managing risks by using one financial instrument (‘hedging instrument’) purposely to offset the variability in FV or cash flows of a recognised asset or liability, firm commitment, or future cash flows (‘hedged item’)
© 2011 IFRS Foundation 36 Section 12 – Hedge accounting What is hedge accounting? –Matching the change in FV of the hedging instrument and the hedged item in the same income statement –Hedge accounting is only an issue when normal accounting would put the two FV changes in different periods – sometimes referred to as an ‘accounting mismatch’
© 2011 IFRS Foundation 37 Section 12 – Hedge accounting The hedger’s accounting dilemma: –I have a risk in an asset or liability measured at amortised cost –Any change in FV or cash flows from that asset or liability is recognised only when realised in cash (asset is sold, liability is settled, cash flows occur) –To hedge, I buy a derivative, which is measured at FVTPL at each reporting date I need special hedge accounting to fix this ‘mismatch’
© 2011 IFRS Foundation 38 Section 12 – Hedge accounting The hedger’s accounting dilemma – an illustration: –Entity has note payable at a fixed rate of interest due in 3 years. Note measured at amortised cost. –Buys swap to convert receive fixed interest to pay variable. Swap is measured at FVTPL. –End of year 1, interest rate declines. Therefore loss on derivative immediately recognised – but an offsetting gain (not yet recognised) because we will be paying the lower variable rate of interest in future.
© 2011 IFRS Foundation 39 Section 12 – Hedge accounting Hedge accounting matching the gain (loss) on the derivative with the loss (gain) on the hedged item. Hedge accounting is optional.
© 2011 IFRS Foundation 40 Section 12 – Hedge accounting To qualify for hedge accounting: –Designate and document hedging relationship up front –Clearly identify the hedged risk –Hedged risk is listed in ¶12.17 –Hedging instrument is listed in ¶12.18 –Entity expects hedging instrument to be ‘highly effective’ in offsetting the designated hedged risk.
© 2011 IFRS Foundation 41 Section 12 – Hedge accounting Hedged risk must be (12.17): –Interest rate risk in debt measured at cost –FX or interest rate risk in firm commitment or highly probable forecast transaction –Price risk in a commodity owned or to be acquired in a firm commitment or highly probable forecast transaction –FX risk in a net investment in a foreign operation
© 2011 IFRS Foundation 42 Section 12 – Hedge accounting Hedged risk must be (12.17): –FX risk in debt instrument measured at cost is not in this list. Why? –Under ¶30.10 (FX) the debt is translated at spot rate and FX gain or loss is recognised in profit or loss –Change in FV of the swap (hedging instrument) is also recognised in profit or loss (measured using forward rate) –‘Natural hedge’
© 2011 IFRS Foundation 43 Section 12 – Hedge accounting Hedging instrument must be (12.18): –Interest rate swap, FX swap, FX forward, commodity forward –Entered into with external party –Notional amount = principal or notional amount of hedged item –Specified maturity not later than maturity or settlement of hedged item –Cannot be prepaid or terminated early
© 2011 IFRS Foundation 44 Section 12 – Hedge accounting Hedge of fixed interest rate risk or commodity price risk of commodity held –Recognise hedging instrument as asset or liability –Change in FV of hedging instrument in P&L –Change in FV of hedged item in P&L and adjustment of carrying amount of hedged item – even though hedged item is otherwise measured at cost This is called Fair Value Hedge in IAS 39.
© 2011 IFRS Foundation 45 Section 12 – Hedge accounting Hedge of fixed interest rate risk or commodity price risk of commodity held (continued) –If hedged risk was fixed interest in debt measured at cost, recognise in P&L the periodic net settlements from the derivative (interest rate swap) in the period in which the net settlements occur.
© 2011 IFRS Foundation 46 Section 12 – Hedge accounting Example – Assumptions: –Entity borrows 1,000, 3 years, 5% fixed rate, payable measured at amortised cost –Hedged with a derivative whose value is linked to an interest rate index –End of year 1, market rate = 6%. FV of 1,000 payable 2 years 6% = 1,000 x = 890, but this 110 ‘gain’ is not recognised –Value of the derivative declines to -112 –Note there is small ineffectiveness = 2
© 2011 IFRS Foundation 47 Section 12 – Hedge accounting Balance sheet at time loan is made: Cash1,000 Loan payable1,000 Adjust loan end of year 1 to reflect rate change: Loan payable 110 P&L 2 Derivative(Liability) 112 Balance sheet end of year 1: Cash1,000 Derivative(Liability) 112 Loan payable 890 Equity (2)
© 2011 IFRS Foundation 48 Section 12 – Hedge accounting Conceptual question regarding the previous example: –Does the 890 carrying amount of the loan payable at end of year 1 represent the Fair Value of the loan? –Hint: Does the 890 reflect change in credit risk or prepayment risk? –If 890 is not Fair Value, what is it?
© 2011 IFRS Foundation 49 Section 12 – Hedge accounting Hedge of fixed interest rate risk and commodity price risk (continued) –Discontinue hedge accounting when: –Hedging instrument expires –Hedge no longer meets conditions –Entity revokes designation –Any gain or loss that was included in the carrying amount of the hedged item is amortised to P&L over remaining life of hedged item.
© 2011 IFRS Foundation 50 Section 12 – Hedge accounting Hedge of variable interest rate risk, FX or commodity price risk of commodity held, highly probable forecast transaction, or net investment in foreign operation –Recognise change in FV of hedging instrument in OCI (assuming it was effective; ineffectiveness reported in P&L) –'Recycle' amount recognised in OCI when hedged item hits P&L or hedging relationship ends.
© 2011 IFRS Foundation 51 Section 12 – Hedge accounting Hedge of variable interest rate risk, FX or commodity price risk of commodity held, highly probable forecast transaction, or net investment in foreign operation (continued) –If hedged risk was variable interest in debt measured at cost, recognise in P&L the periodic net settlements from the interest rate swap in the period in which the net settlements occur. This is called Cash Flow Hedge in IAS 39.
© 2011 IFRS Foundation 52 Section 12 – Hedge accounting Example – Assumptions: –Entity sells goods for 1,000 floating rate 3- year note receivable –Interest rate risk managed with a derivative (interest rate swap) –End of year 1 interest rates increase – PV of cumulative cash flows increase by 100 –But FV of swap decreases by 105 –Note: Some hedge ineffectiveness
© 2011 IFRS Foundation 53 Section 12 – Hedge accounting Opening balance sheet: Receivable1,000 Equity1,000 Ineffective portion of hedge: P&L* 5* OCI (Equity) 100 Derivative(Liability) 105 *Ineffective portion of hedge example continued next slide...
© 2011 IFRS Foundation 54 Section 12 – Hedge accounting Closing balance sheet: Receivable1,000 Equity (OCI)* 100* Derivative(Liability) 105 Equity 995 *Effective portion of the hedge (loss on derivative), which will be amortised to P&L as the higher floating rate interest payments are earned and recognised in P&L in years 2 & 3
© 2011 IFRS Foundation 55 Section 12 – Hedge accounting Hedge of variable interest rate risk etc... –Discontinue hedge accounting when: –Hedging instrument expires –Hedge no longer meets conditions –Forecast transaction no longer probable –Entity revokes designation –Any prior gain or loss on forecast transaction that was recognised in OCI is recycled to P&L
© 2011 IFRS Foundation 56 Section 12 – Hedge accounting Disclosures relating to hedge accounting –For each type of hedge: Description of hedge (risk, hedged item, instrument) –Special disclosures for hedge of fixed interest rate risk and commodity price risk of commodity held –Special disclosures for hedge of variable interest rate risk, FX or commodity price risk of commodity held, highly probable forecast transaction, or net investment in foreign operation
© 2011 IFRS Foundation 57 Section 22 – Liabilities and equity Scope of Section 22 –Principles for classifying an instrument as debt or equity –Original issuance of shares and other equity instruments –Sale of options, rights, warrants –Bonus issues and share splits –Issuance of convertible debt continues...
© 2011 IFRS Foundation 58 Section 22 – Liabilities and equity Scope of Section 22, continued –Treasury shares –Distributions to owners –Non-controlling interest and transactions in shares of a consolidated subsidiary
© 2011 IFRS Foundation 59 Section 22 – Liabilities and equity Principles for classifying an instrument as debt or equity –Equity = residual interest in assets minus liabilities –Liability is a present obligation (entity does not have a right to avoid paying cash)
© 2011 IFRS Foundation 60 Section 22 – Liabilities and equity The following are equity: –Puttable instrument that entitles holder to pro rata share of net assets on liquidation –Instrument that is automatically redeemed if an uncertain future event occurs or death or retirement of holder –Subordinated instrument payable only on liquidation
© 2011 IFRS Foundation 61 Section 22 – Liabilities and equity The following are liabilities: –Instrument is payable on liquidation, but the amount is subject to a maximum ceiling –Entity is obliged to make payments before liquidation – such as mandatory dividend –Mandatorily redeemable preference shares
© 2011 IFRS Foundation 62 Section 22 – Liabilities and equity Members’ shares in a cooperative are equity only if: –Coop has unconditional right to refuse redemption of members’ shares, or –Redemption is unconditionally prohibited by law or entity’s charter Otherwise – liability
© 2011 IFRS Foundation 63 Section 22 – Liabilities and equity Original issuance of shares and other equity instruments –Recognise when equity is issued and subscriber is obligated to invest –If equity is issued before the entity gets cash, the receivable is an offset to equity (not an asset) –If entity gets (nonrefundable) cash before equity is issued, equity is increased –No increase in equity is recognised for subscribed shares that have not been issued and entity has not received cash
© 2011 IFRS Foundation 64 Section 22 – Liabilities and equity Sale of options, rights, warrants –Same principles as for original issuance of shares (previous slide) Transaction costs in issuing equity instruments –Accounted for as a reduction of equity (not an expense)
© 2011 IFRS Foundation 65 Section 22 – Liabilities and equity Bonus issues (stock dividends) and share splits –These do not change equity –Accounted for as reclassification of amounts within equity (out of retained earnings and into permanent capital) –Amounts reclassified should be based on local laws
© 2011 IFRS Foundation 66 Section 22 – Liabilities and equity Issuance of convertible debt –Must account separately for debt component and equity component (conversion right) –Debt proceeds = FV of similar risk debt without conversion feature (PV calculation) –Equity proceeds are the residual –Recorded at issuance; not subsequently revised –Subsequently, debt discount = additional interest expense (effective interest method)
© 2011 IFRS Foundation 67 Section 22 – Liabilities and equity Issuance of convertible debt - Example –1/1/X1 issue at par a 4% convertible bond, par and maturity amount = 50,000, maturity in 5 years –If no conversion feature, would have paid 6% –Calculate present value of cash flows at 6%: –PV 50,000 due in 5 6% = 37,363 –PV annuity 2,000/year 5 6% = 8,425 –Total PV = 45,788 Debit cash 50,000 Credit financial liability 45,788 Credit equity (conversion right) 4,212
© 2011 IFRS Foundation 68 Section 22 – Liabilities and equity DateInter- est paid Interest 6% Amort. of discount Bond dis- count Net bond liability 1/1/X1 4,21245,788 31/12/X1 2,0002, ,46546,535 31/12/X2 2,0002, ,67347,327 31/12/X3 2,0002, ,83348,167 31/12/X4 2,0002, ,057 31/12/X5 2,0002, ,000 31/12/X1: Debit interest expense 2,747 Credit financial liability 747 Credit cash2,000
© 2011 IFRS Foundation 69 Section 22 – Liabilities and equity Treasury shares –Equity instruments entity has issued and later reacquired –Measure at cash paid or FV of other consideration given to acquire \ –Present as deduction from equity (not asset) –No gain or loss recognised on purchase, sale, or cancellation
© 2011 IFRS Foundation 70 Section 22 – Liabilities and equity Distributions to owners –If cash – measurement = cash paid –If non-cash – measurement = FV of assets distributed –Amount reduces equity –If entity gets tax deduction for dividend, tax benefit is adjustment of equity –Not reduction of income tax expense –If entity pays withholding tax on dividends paid, tax reduces equity as part of dividend
© 2011 IFRS Foundation 71 Section 22 – Liabilities and equity Non-controlling interest (NCI) and transactions in shares of a consolidated subsidiary –In consolidated balance sheet NCI is part of equity (not liability or ‘in between’) –Change in parent’s controlling interest that does not result in loss of control is a transaction with owners –Equity adjustment, not through P&L –No adjustment of carrying amounts of assets or goodwill
1 International Financial Reporting Standards IFRS for SMEs IFRS Foundation-World Bank 18–20 October 2011 Sarajevo, Bosnia and Herzegovina Copyright ©
2011 October IFRS Conference | Financial Instruments | C&M and Impairment Day-5 outline 08:30—Accounting for financial instruments in accordance with IFRSs.
© 2011 IFRS Foundation 1 The IFRS for SMEs Topic 1.6 Section 23 Revenue.
SECTION 10 Accounting Policies, Estimates, and Errors.
+ SECTIONS IFRS on SME’s CERA.CRUZ.MACARAIG.RODRIGUEZ.TAN.
International Financial Reporting Standards The views expressed in this presentation are those of the presenter, not necessarily those of the IASB or IFRS.
IFRS for SMEs Business Combination and Consolidated and separate financial statements.
1 Provisions, contingent assets and contingent liabilities – IAS 37 Week 5 MN20018.
1 Implementing IFRS October 2013 Presented by: David Potts FCA On behalf of BKR International.
© 2005 KPMG IFRG Limited, a UK registered company, limited by guarantee, and a member firm of KPMG International, a Swiss cooperative. All rights reserved.
Revised Schedule VI – Case Studies. Current and non-current presentation – Assets 2 Expected to be realized in, or is intended for sale or consumption.
WHAT’S NEW IN GOVERNMENTAL ACCOUNTING AND AUDITING.
. Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs to accompany Deegan, Australian Financial Accounting 6e 8-1 Chapter 8 Accounting for intangibles.
Investment property IAS 40 LACPA IFRS Presentation.
Filing Wisconsin Returns Under Combined Reporting Updated July 2012.
Overview of Financial Reporting for Employee Benefit Plans Presented by: Pugh & Company, P.C. August 10, 2010.
International Accounting Standard 27 CONSOLIDATEDAND SEPARATE FINANCIAL STATEMENTS Presented By: Adeel Ahmed Chughtai ACA, ACMA.
Presented by CA Sandip Chandarana 1. OBJECTIVES Recognition of revenue in the statement of profit and loss account arising in the ordinary course of.
Powerpoint slides by: Copyright © 2003 McGraw-Hill Ryerson Limited, Canada Michael L. Hockenstein Commerce Department Vanier College Intermediate Accounting.
CA. Mahendra Mehta CA Mahendra Mehta 1. These are personal views of the author and shall neither be considered as professional advise nor be constructed.
B S R & Co. Revised Schedule VI Key changes and issues 22 April 2012.
Conducted by: Mr. Koy Chumnith The Income Statement and Statement of Cash Flows , Royal University of Law and Economics McGraw-Hill/Irwin.
1 Inventories, Construction Contracts & Leases IAS 2, 11 & 17.
1 Swap Derivatives: Forward Swaps and Swaptions. 2 Swap Derivatives Today, there are a number of nonstandard or non-generic swaps used by financial and.
Conducted by: Mr. Koy Chumnith Cash and Receivables , Royal University of Law and Economics McGraw-Hill/Irwin.
© 2016 SlidePlayer.com Inc. All rights reserved.