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 COACHING CLASSES FOR COMMERCE STUDENTS: INTER COMMERCE 1ST YEAR 2ND YEAR ACCOUNTING BUSINESS MATHS STATISTICS  ECONOMICS BANKING B.COM classes PART.

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Presentation on theme: " COACHING CLASSES FOR COMMERCE STUDENTS: INTER COMMERCE 1ST YEAR 2ND YEAR ACCOUNTING BUSINESS MATHS STATISTICS  ECONOMICS BANKING B.COM classes PART."— Presentation transcript:

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2  COACHING CLASSES FOR COMMERCE STUDENTS: INTER COMMERCE 1ST YEAR 2ND YEAR ACCOUNTING BUSINESS MATHS STATISTICS  ECONOMICS BANKING B.COM classes PART 1 ACCOUNTING, ECONOMICS & STATISTICS. PART 2 ADVANCED ACCOUNTING O LEVELS ACCOUNTS, ECONOMICS, BUSINESS STUDIES, PAKISTAN STUDIES & URDU. ICMAP STAGE 1,2,3,4 PIPFA ICAP MODULE B & D CAT T1-T8 ACCA F1,F2,F3,F5,F8,P1,P7 MA-ECONOMICS 100 % RESULT IN KHALID AZIZ R1173, ALNOOR SOCIETY, BLOCK 19, POWER HOUSE, F.B.AREA, KARACHI.

3  JOIN SIR KHALID  EXPERIENCE OF OVER 12 YEARS  COACHING CLASSES FOR O/As/A LEVELs  ACCOUNTS, COMMERCE,BUSINESS STUDIES, ECONOMICS,URDU & PAK.STUDIES.  CONCEPTUAL LEARNING  COMPLETE PAST PAPERS  CONTACT NOW:   KARACHI 

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7  PIPFA STUDENTS  INTERMEDIATE  FINANCIAL ACCOUNTING  PERFORMANCE MEASUREMENT  COMPLETION OF SYLLABUS IN 3 MONTH  JOIN KHALID AZIZ  0322*  R1173-ALNOOR SOCIETY BLOCK 19 F.B.AREA-KARACHI.

8  ICAP STUDENTS  MODULE A QT  MODULE B FINANCIAL ACCOUNTING  BUSINESS ECONOMICS  MODULE D COST ACCOUNTING  COMPLETION OF SYLLABUS IN 3 MONTHS  JOIN KHALID AZIZ  0322*  R1173, ALNOOR SOCIETY, BLOCK 19. F.B.AREA, KARACHI.

9  PREVIOUS  MICRO ECONOMICS & STATISTICS  FINAL  MACRO ECONOMICS

10  ACCOUNTING, ECONOMICS, BUSINESS STUDIES, URDU & PAK STUDIES INTER COMMERCE  1 ST YEAR ACCOUNTING, BUSINESS MATHS & ECONOMICS.  2 ND YEAR ACCOUNTING & STATISTICS

11  PART 1 ACCOUNTING, STATISTICS & ECONOMICS.  PART 2 ADVANCED & COST ACCOUNTING, BUSINESS LAW, AUDITING & TAX.

12 IFRS 7 sets out disclosures of financial instruments The presentation, recognition and measurement of financial instruments are the subjects of IAS 32 Financial Instruments: Presentation IAS 39 Financial Instruments: Recognition and Measurement IFRS 9 Financial Instruments (being developed in phases) is intended to ultimately replace IAS © IFRS Foundation | 30 Cannon Street | London EC4M 6XH | UK.

13 Information that enables users to evaluate the significance of financial instruments for the entity’s financial position and financial performance. Information (qualitative and quantitative) that enables users to evaluate the nature and extent of risks arising from financial instruments to which the entity is exposed at the end of the reporting period. including information about how the entity manages its exposure to those financial risks. 13 © IFRS Foundation | 30 Cannon Street | London EC4M 6XH | UK.

14 Qualitative information about exposure to risks arising from financial instruments. The disclosures describe management’s objectives, policies and processes for managing those risks 14 © IFRS Foundation | 30 Cannon Street | London EC4M 6XH | UK.

15 Quantitative information about exposure to risks arising from financial instruments, including specified minimum disclosures about credit risk, liquidity risk and market risk. These disclosures provide information about the extent to which the entity is exposed to risk, based on information provided internally to the entity’s key management personnel. 15 © IFRS Foundation | 30 Cannon Street | London EC4M 6XH | UK.

16  The IFRS for SMEs requires less detailed disclosure of financial instruments. 16 © IFRS Foundation | 30 Cannon Street | London EC4M 6XH | UK.

17 Qualitative and quantitative information to evaluate the nature and extent of the entity’s exposure to and management of risks arising from financial instruments, including: amounts that best represent maximum exposure to credit risk. sensitivity analysis for each type of market risk showing how profit or loss and equity would have been affected by changes in relevant variables that are reasonably possible. 17 © IFRS Foundation | 30 Cannon Street | London EC4M 6XH | UK.

18 Fair value information is required to be provided for all financial assets and liabilities (with limited exceptions) irrespective of whether they are carried at FV. 18 © IFRS Foundation | 30 Cannon Street | London EC4M 6XH | UK.

19 International Financial Reporting Standards The views expressed in this presentation are those of the presenter, not necessarily those of the IASB or IFRS Foundation © IFRS Foundation | 30 Cannon Street | London EC4M 6XH | UK.

20 Respond to comments: preparers: Cost-benefit – scope, class vs. counterparty, existing disclosure requirements investors: Need for information about gross and net exposures Provide information about exposures in normal course and in times of stress Don’t reconcile IFRSs and US GAAP but allow entities to be compared on a like basis 20 © IFRS Foundation | 30 Cannon Street | London EC4M 6XH | UK.

21 Proposed disclosure: 21 Gross amounts before offsetting (A) Gross amounts set off (B) Net amounts presented in balance sheet (C) Other amounts in scope but not set off in balance sheet (D) Net amounts (E) [same for all preparers] [depends on offsetting model] [depends on offsetting model] [depends on offsetting model] [same for all preparers] © IFRS Foundation | 30 Cannon Street | London EC4M 6XH | UK.

22 a.b.c.d.e. Financial assets Gross carrying amounts (before offsetting) Gross amounts offset Net amount presented in statement of financial position (a-b) Amounts available to be offset (but not set off in stmt of financial position) (ie in bankruptcy or default) Net exposure (c-d) Category Financial instruments Cash collateral Derivatives100(80)20(10) Assume an entity has a recognised derivative asset with a fair value of 100 and a recognised derivative liability with a fair value of 80 that meet the criteria for offsetting. The entity has another derivative liability with a fair value of 10 and cash collateral of 20 that do not meet the criteria for offsetting. The financial assets would be disclosed as follows: © IFRS Foundation | 30 Cannon Street | London EC4M 6XH | UK.

23 23 Same example Assume an entity has a recognised derivative asset with a fair value of 100 and a recognised derivative liability with a fair value of 80 that meet the criteria for offsetting. The entity has another derivative liability with a fair value of 10 and cash collateral of 20 that do not meet the criteria for offsetting. The financial liabilities would be disclosed as follows: a.b.c.d.e. Financial liabilities Gross carrying amounts (before offsetting) Gross amounts offset Net amount presented in statement of financial position (a-b) Amounts available to be offset (but not set off in stmt of financial position) (ie in bankruptcy or default) Net exposure (c-d) Category Financial instruments Cash collateral Derivatives90(80)10- - © IFRS Foundation | 30 Cannon Street | London EC4M 6XH | UK.

24  Comments received highlighted inconsistencies in the application of the offsetting requirements in IAS 32  In December 2011, the IASB separately clarified the application of the offsetting criteria in IAS 32:  Legally enforceable right of set-off:  The normal course of business;  The event of default; and  The event of insolvency or bankruptcy  Some gross settlement systems are considered equivalent to net settlement if they eliminate or result in insignificant credit and liquidity risk and process receivables and payables in a single settlement process or cycle. 24 © IFRS Foundation | 30 Cannon Street | London EC4M 6XH | UK.

25 25 Questions or comments? Expressions of individual views by members of the IASB and its staff are encouraged. The views expressed in this presentation are those of the presenter. Official positions of the IASB on accounting matters are determined only after extensive due process and deliberation. © IFRS Foundation | 30 Cannon Street | London EC4M 6XH | UK.

26 26 The requirements are set out in International Financial Reporting Standards (IFRSs), as issued by the IASB at 1 January 2012 with an effective date after 1 January 2012 but not the IFRSs they will replace. 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. 26 © IFRS Foundation | 30 Cannon Street | London EC4M 6XH | UK.


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