Archive about 'International Accounting Standards'
IAS 24 or FRS 124 Regarding Examples Of Transactions Between Related Parties
Tweet IAS 24 and Malaysia’s FRS 124 deal with Related Party Disclosures. Name some examples of Related Party Transactions Examples Of Related Party Transactions are: Purchases or sales of goods (finished or unfinished) Purchases or sales of property or other assets Rendering or receiving of services Leases Transfers of research and development Transfers under license […]
Consolidation according to International Accounting Standards
Tweet 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 28 :Accounting for […]
Technical Summary Of IAS 41 Agriculture
Tweet Technical Summary Of IAS 41 Agriculture Objective: The objective of this Standard is to prescribe the accounting treatment and disclosures related to agricultural activity. Agricultural activity is the management by an entity of the biological transformation of biological assets for sale, into agricultural produce, or into additional biological assets. Biological transformation comprises the processes […]
Technical Summary Of IAS 40 Investment Property
Tweet Technical Summary Of IAS 40 Investment Property Objective: The objective of this Standard is to prescribe the accounting treatment for investment property and related disclosure requirements. Investment property is property (land or a building or part of a building or both) (by the owner or by the lessee under a finance lease) to earn […]
Technical Summary Of IAS 39 Financial Instruments: Recognition and Measurement
Tweet Technical Summary Of IAS 39 Financial Instruments: Recognition and Measurement Objective: The objective of this Standard is to establish principles for recognising and measuring financial assets, financial liabilities and some contracts to buy or sell non-financial items. Requirements for presenting information about financial instruments are in IAS 32 Financial Instruments: Presentation. Requirements for disclosing […]
Technical Summary Of IAS 38 Intangible Assets
Tweet Technical Summary Of IAS 38 Intangible Assets Objective: To prescribe the accounting treatment for intangible assets that are not dealt with specifically in another Standard. This Standard requires an entity to recognise an intangible asset if, and only if, specified criteria are met. The Standard also specifies how to measure the carrying amount of […]
Technical Summary Of IAS 37 Provisions, Contingent Liabilities and Contingent Assets
Tweet Technical Summary Of IAS 37 Provisions, Contingent Liabilities and Contingent Assets Objective: To ensure that appropriate recognition criteria and measurement bases are applied to provisions, contingent liabilities and contingent assets and that sufficient information is disclosed in the notes to enable users to understand their nature, timing and amount. IAS 37 prescribes the accounting and […]
Technical Summary Of IAS 36 Impairment of Assets
Tweet Technical Summary Of IAS 36 Impairment of Assets Objective: To prescribe the procedures that an entity applies to ensure that its assets are carried at no more than their recoverable amount. An asset is carried at more than its recoverable amount if its carrying amount exceeds the amount to be recovered through use or […]
Technical Summary Of IAS 33 Earnings per Share
Tweet Technical Summary Of IAS 33 Earnings per Share Objective: To prescribe principles for the determination and presentation of earnings per share, so as to improve performance comparisons between different entities in the same reporting period and between different reporting periods for the same entity. The focus of this Standard is on the denominator of […]
Technical Summary Of IAS 32 Financial Instruments: Presentation
Tweet Technical Summary Of IAS 32 Financial Instruments: Presentation Objective: To establish principles for presenting financial instruments as liabilities or equity and for offsetting financial assets and financial liabilities. It applies to the classification of financial instruments, from the perspective of the issuer, into financial assets, financial liabilities and equity instruments; the classification of related […]