The ‘CORE PRINCIPLE’ of IFRS 8 is that 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 environment(s) in which it operates. IFRS 8 – Operating Segments: Complete Guide … Read More
The ‘OBJECTIVE’ of IFRS 7 is to Require entities to provide disclosures in their Financial Statements that enable users to evaluate: IFRS 7 Financial Instruments: Disclosures – Complete Guide 2024 📋 IFRS Standard IFRS 7 Financial Instruments:Disclosures Issued By IASB Effective Date 1 Jan 2007 Last Major Amendment 2023 Replaces … Read More
The ‘OBJECTIVE’ of IFRS 6 is to Specify the financial reporting for the Exploration for and Evaluation of Mineral Resources. IFRS 6 – Exploration for and Evaluation of Mineral Resources | Complete Guide International Financial Reporting Standard 6 Overview Scope Recognition Measurement Impairment Disclosure FAQ § 01 — Introduction What … Read More
The ‘OBJECTIVE’ of IFRS 5 is to specify the ‘Accounting’ for Assets Held for Sale and the ‘Presentation and Disclosure’ of Discontinued Operations. IFRS 5 – Non-current Assets Held for Sale and Discontinued Operations | Complete Guide IASB Standard · Financial Reporting Issued byIASB Effective Date1 January 2005 ReplacesIAS 35 … Read More
The ‘OBJECTIVE’ of IFRS 3 is to Improve the relevance, reliability and comparability of the information that a reporting entity provides in its ‘Financial Statements’ about a Business Combination and its effects. IFRS 3 Business Combinations – Complete Guide 2024 | Accounting Standards International Financial Reporting Standard · IASB Standard … Read More
The ‘OBJECTIVE’ of IFRS 2 is to Specify the ‘financial reporting’ by an entity when it undertakes a share‑based payment transaction. In particular, it requires an entity to reflect in its profit or loss and financial position the effects of share‑based payment transactions, INCLUDING expenses associated with transactions in which … Read More
The ‘OBJECTIVE’ of IFRS 1 is to Ensure that an Entity’s first IFRS financial statements, and its Interim financial reports for part of the period covered by those ‘Financial Statements‘, contain high quality information. IFRS 1: First-Time Adoption of International Financial Reporting Standards — Complete Guide International Financial Reporting Standards … Read More
ISA 805 (Revised) DEALS with Special Considerations in the APPLICATION of ISAs 100-700 to an audit of a ‘Single Financial Statement’ or of a ‘Specific Element’, ‘Account’ or ‘Item’ of a Financial Statement. ISA 805 – Special Considerations: Audits of Single Financial Statements and Specific Elements | Complete Guide International … Read More
ISA 505 (Revised) DEALS with the auditor’s use of external confirmation procedures to OBTAIN audit evidence in accordance with the Requirements of ISA 330 and ISA 500. ISA 505 – External Confirmations: Complete Guide for Auditors International Standard on Auditing Standard ISA 505 Issued By IAASB / IFAC Topic External … Read More
ISA 260 (Revised) DEALS with the auditor’s responsibility to COMMUNICATE with those charged with governance in an ‘Audit‘ of Financial Statements. ISA 260 – Communication with Those Charged with Governance | Complete Guide International Standard on Auditing Issued By IAASB (IFAC) Revised 2016 (Revised) Applies To All Audits of Financial … Read More