The ‘OBJECTIVE’ of IFRS 6 is to Specify the financial reporting for the Exploration for and Evaluation of Mineral Resources. International Financial Reporting Standard 6 Overview Scope Recognition Measurement Impairment Disclosure FAQ § 01 — Introduction What Is IFRS 6? IFRS 6, Exploration for and Evaluation of Mineral Resources, is … 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. IASB Standard · Financial Reporting Issued byIASB Effective Date1 January 2005 ReplacesIAS 35 CategoryNon-current Assets Table of Contents 01Overview of IFRS 5 02Scope & Applicability 03Classification as … 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. International Financial Reporting Standards Standard · IASB Issued 2003 · Last Amended 2024 | Effective for … 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
IFRIC 16 DESCRIBES Hedges of a Net Investment in a Foreign Operation, and STATES that the Presentation Currency does NOT create an exposure, the hedging instrument May-be held by any entity, IAS 21 to be applied in respect of the hedged item. IFRIC 16 – Key Terms 1. Foreign Operation … Read More
Fair Value through Other Comprehensive Income STATES that ‘Financial Assets’ are Classified and Measured if they are held in a Business Model whose objective is achieved by BOTH collecting contractual Cash-flows and selling financial assets. IFRS 9 – Financial Assets at Fair Value through Other Comprehensive Income (FVOCI) 1. Debt … Read More
What is the Difference between Assets and Liabilities? a Concept that STATES ‘Assets’ as Economic Resources owned or controlled by an entity to provide future benefits, AND ‘Liabilities’ represent the Obligations or Debts owed by an entity to external parties. Assets (As Per IAS 1) ‘Assets’ are Economic Resources owned … Read More
Reversal of Impairment Loss is INCREASING the value of a previously Impaired asset when there is a change in circumstances indicating that the ‘Impairment Loss’ is NO longer necessary. What is Impairment? (As Per IAS 36) Impairment OCCURS when the ‘Carrying Amount’ of an asset, such as property, plant, equipment, … Read More