ISA 200 DEALS with the Independent Auditor’s overall responsibilities when conducting an ‘Audit‘ of Financial Statements in accordance with ISAs. ISA 200: Overall Objectives of the Independent Auditor – Complete Guide International Standards on Auditing Issued by IAASB Effective: Dec 15, 2009 Revised: Ongoing Table of Contents What Is ISA … Read More
ISA 320 (Revised) DEALS with the auditor’s responsibility to APPLY the Concept of Materiality in planning and performing an ‘Audit‘ of Financial Statements. ISA 320: Complete Guide to Materiality in Audit Planning | 2025 Update Table of Contents Introduction to ISA 320 What is ISA 320? Key Objectives Types of … Read More
ISA 501 DEALS with SPECIFIC considerations by the auditor in obtaining sufficient appropriate audit evidence in accordance with ISA 330, ISA 500 and other relevant ISAs with respect to certain aspects of ‘Inventory‘, ‘Litigation and Claims‘ involving the entity and ‘Segment Information‘ in an Audit of Financial Statements. ISA 501 … Read More
The Statement of Cash Flows Indirect Method PRESENTS the SOCF beginning with Net income or loss, with subsequent ADDITIONS to or DEDUCTIONS from that amount for Non-cash revenue and expense items, Resulting in cash flow from operating activities. International Accounting Standard (IAS 7) STATES that SOCF is a vital ‘Financial Statement‘ … Read More
Fair Value through Profit and Loss a Concept that MEANS that at each ‘Balance Sheet date’ the asset or liability is Re-Measured to fair value (FV) and any Movement in that fair value is taken directly to the Income Statement. Fair Value through Profit and Loss – Accounting (As Per IFRS … Read More
Variable Consideration IFRS 15 REFERS to the portion of the ‘transaction price’ that depends on uncertain future events, i.e. Performance Obligations, Warranties, Discounts, and Other Incentives that May AFFECT the final payment received by the seller. IFRS 15 [Revenue from Contracts with Customers] ESTABLISHES the criteria of ‘Revenue Recognition‘, effective from … 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 Effective Date An entity shall apply this IFRS for annual periods beginning on or after 1 January 2007. Earlier application is ‘ENCOURAGED’. If an entity applies this IFRS … Read More
The Concept Example of Core Competencies STATES these are activities, processes and abilities that give the entity a capability of Meeting the Critical Success Factors (CSF’s) for products or services and achieving competitive advantage. What are Competences? (Types) 1. Threshold Competences These are the activities, processes and abilities that provide … Read More
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 Effective Date An entity shall … Read More
The ‘OBJECTIVE’ of IFRS 6 is to Specify the financial reporting for the Exploration for and Evaluation of Mineral Resources. In particular, the IFRS requires: IFRS 6 Effective Date An entity shall apply this IFRS for annual periods beginning on or after 1 January 2006. Earlier application is ‘ENCOURAGED’. If … Read More