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 of … Read more
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 rentals … Read more
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 information … Read more
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 intangible … Read more
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 disclosure … Read more
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 sale … Read more
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 the … Read more
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 interest, … Read more
Technical Summary Of  IAS 31 Interests in Joint Ventures Objective: This Standard shall be applied in accounting for interests in joint ventures and the reporting of joint venture assets, liabilities, income and expenses in the financial statements of venturers and investors, regardless of the structures or forms under which the joint venture activities take place. … Read more
Technical Summary Of IAS 29 Financial Reporting in Hyperinflationary Economies Objective: This Standard shall be applied to the financial statements, including the consolidated financial statements, of any entity whose functional currency is the currency of a hyperinflationary economy. This Standard does not establish an absolute rate at which hyperinflation is deemed to arise. It is … Read more