Archive about 'International Accounting Standards'

Technical Summary Of IAS 28 Investments in Associates

Technical Summary Of IAS 28 Investments in Associates

This Standard shall be applied in accounting for investments in associates.
However, it does not apply to investments in associates held by:
(a)  venture capital organisations, or
(b)  mutual funds, unit trusts and similar entities including investment-linked insurance funds that upon initial recognition are designated as at fair value [...]

Technical Summary Of IAS 27- Consolidated And Separate Financial Statements

 
Technical Summary Of IAS 27 Consolidated and Separate Financial Statements

This Standard shall be applied in the preparation and presentation of consolidated financial statements for a group of entities under the control of a parent.

Consolidated financial statements are the financial statements of a group presented as those of a single economic entity.

Control is [...]

Technical Summary Of IAS 26 Accounting and Reporting by Retirement Benefit Plans

Technical Summary Of IAS 26 Accounting and Reporting by Retirement Benefit Plans

This Standard shall be applied in the financial statements of retirement benefit plans where such financial statements are prepared.

Retirement benefit plans are arrangements whereby an entity provides benefits for employees on or after termination of service (either in the form of an [...]

Technical Summary Of IAS 24 Related Party Disclosures

 
Technical Summary Of IAS 24 Related Party Disclosures

Objective:

The objective of this Standard is to ensure that an entity’s financial statements contain the disclosures necessary to draw attention to the possibility that its financial position and profit or loss may have been affected by the existence of related parties and by transactions and outstanding balances [...]

Technical Summary Of IAS 23 Borrowing Costs

 
Technical Summary Of IAS 23 Borrowing Costs

Objective:

The objective of this Standard is to prescribe the accounting treatment for borrowing costs.

Borrowing costs are interest and other costs incurred by an entity in connection with the borrowing of funds.

Benchmark treatment- Borrowing costs shall be recognised as an expense in the period in which they [...]

Technical Summary Of IAS 21 The Effects of Changes in Foreign Exchange Rates

Technical Summary Of IAS 21 The Effects of Changes in Foreign Exchange Rates

An entity may carry on foreign activities in two ways. It may have transactions in foreign currencies or it may have foreign operations. In addition, an entity may present its financial statements in a foreign currency. The objective of this Standard is to [...]

Technical Summary Of IAS 20 Accounting for Government Grants and Disclosure of Government Assistance

Technical Summary Of IAS 20 Accounting for Government Grants and Disclosure of Government Assistance

This Standard shall be applied in accounting for, and in the disclosure of, government grants and in the disclosure of other forms of government assistance.

Government grants are assistance by government in the form of transfers of resources to an entity in [...]

Technical Summary Of IAS 19 Employee Benefits

Technical Summary Of .IAS 19 Employee Benefits

Employee benefits are all forms of consideration given by an entity in exchange for service rendered by employees.

The objective of this Standard is to prescribe the accounting and disclosure for employee benefits. The Standard requires an entity to recognise:
 (a) a liability when an employee has provided [...]

Technical Summary Of IAS 18 Revenue

Technical Summary Of IAS 18 Revenue

The primary issue in accounting for revenue is determining when to recognise revenue. Revenue is recognised when it is probable that future economic benefits will flow to the entity and these benefits can be measured reliably.

This Standard identifies the circumstances in which these criteria will be met and, [...]

Technical Summary Of IAS 17 Leases

Technical Summary Of  IAS 17 Leases

The objective of this Standard is to prescribe, for lessees and lessors, the appropriate accounting policies and disclosure to apply in relation to leases.

The classification of leases adopted in this Standard is based on the extent to which risks and rewards incidental to ownership of a leased asset [...]