Archive about 'International Accounting Standards'

Technical Summary Of IAS 16 Property, Plant and Equipment

Technical Summary Of IAS 16 Property, Plant and Equipment

Objective:

The objective of this Standard is to prescribe the accounting treatment for property, plant and equipment so that users of the financial statements can discern information about an entity’s investment in its property, plant and equipment and the changes in such investment. The principal issues in accounting [...]

Technical Summary Of IAS 12 Income Taxes

Technical Summary Of IAS 12 Income Taxes

The objective of this Standard is to prescribe the accounting treatment for income taxes. For the purposes of this Standard, income taxes include all domestic and foreign taxes which are based on taxable profits. Income taxes also include taxes, such as withholding taxes, which are payable by a subsidiary, [...]

Technical Summary Of IAS 11 Construction Contracts

Technical Summary Of IAS 11 Construction Contracts

Objective:

To prescribe the accounting treatment of revenue and costs associated with construction contracts. Because of the nature of the activity undertaken in construction contracts, the date at which the contract activity is entered into and the date when the activity is completed usually fall into different accounting periods. Therefore, [...]

Technical Summary of IAS 10 Events After The Balance Sheet Date

Technical Summary Of IAS 10 Events after the Balance Sheet Date

Objective:

To prescribe the following:
 (a) when an entity should adjust its financial statements for events after the balance sheet date; and
(b) the disclosures that an entity should give about the date when the financial statements were authorised for issue and about events after [...]

Technical Summary Of IAS 8 Accounting Policies, Changes In Accounting Estimates And Errors

Technical Summary Of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors

Objective:

To prescribe the criteria for selecting and changing accounting policies, together with the accounting treatment and disclosure of changes in accounting policies, changes in accounting estimates and corrections of errors.

The Standard is intended to enhance the relevance and reliability of an [...]

Technical Summary Of IAS 7 Cash Flow Statements

Technical Summary Of IAS 7 Cash Flow Statements

Objective:

To require the provision of information about the historical changes in cash and cash equivalents of an entity by means of a cash flow statement which classifies cash flows during the period from operating, investing and financing activities.

Cash flows are inflows and outflows of cash and cash [...]

Technical Summary Of IAS 1 Presentation Of Financial Statements

Technical Summary Of IAS 1 Presentation of Financial Statements

The objective of this Standard is to prescribe the basis for presentation of general purpose financial statements, to ensure comparability both with the entity’s financial statements of previous periods and with the financial statements of other entities. To achieve this objective, this Standard sets out overall [...]

Technical Summary Of IFRS 8 -Operating Segments

Technical Summary Of IFRS 8 Operating Segments

Core principle-An entity shall disclose information to enable users of its financial statements to evaluate the nature and financial effects of the business activities in which it engages and the economic environments in which it operates.

This IFRS shall apply to:

(a) the separate or individual financial statements of [...]

Technical Summary Of IFRS 7 Financial Instruments: Disclosures

Technical Summary Of  IFRS 7 Financial Instruments: Disclosures  

Objective:

To require entities to provide disclosures in their financial statements that enable users to evaluate:

(a) the significance of financial instruments for the entity’s financial position and performance; and

(b) the nature and extent of risks arising from financial instruments to which the entity is exposed during the period [...]

Technical Summary Of IFRS 7 Financial Instruments:Disclosures

Technical Summary Of  IFRS 7 Financial Instruments: Disclosures  

Objective:

To require entities to provide disclosures in their financial statements that enable users to evaluate:

(a) the significance of financial instruments for the entity’s financial position and performance; and

(b) the nature and extent of risks arising from financial instruments to which the entity is exposed during the period [...]