Consolidation according to International Accounting Standards

July 26th, 2007 Comments off
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Consolidated Financials are prepared in accordance with the following IFRS and IAS:

  • IAS 27 “Consolidated Financial Statements”

  • IAS 28 “Accounting for Investments in Associates”

  • IAS 31 “Financial Reporting of Interest in Joint-Ventures”

  • IAS 39 “Financial Instruments: Recognition and Measurement”

  • IFRS 3 “Business Combinations”

IAS 39 – Financial Instruments: “Recognition and Measurement”

  1. All financial assets and liabilities (includes derivatives) on B/S

  1. financial assets initially at cost then mostly at FV

  1. Financial liabilities generally at amortised cost

  1. Fair Value changes either :

    • all to P&L or

    • some to Equity

  1. Hedge accounting allowed if meet criteria

  1. Derecognition only when control transferred

  1. Significant extra disclosures

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Financial Accounting

 
 

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