Jhanzayb (ACA)
IAS 20 PRESCRIBES the ‘accounting‘ for and ‘disclosure‘ of government grants and other forms of government assistance. IAS 20 – Key Terms 1. Government Grant Assistance by the government in the form of transfer of resources to the entity in return for past or future compliance with certain conditions relating … Read More
Diluted Earnings Per Share (diluted EPS) CALCULATES a company’s earnings per share if all convertible securities were converted. Diluted Earnings Per Share (EPS) Diluted EPS INCLUDES dilutive potential ordinary shares (such as options and convertible instruments) on fulfillment of certain criteria. Except for Basic EPS, an entity should also DISCLOSE diluted EPS. Diluted … Read More
IFRIC 14 interprets the LIMIT on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction. IFRIC 14 Effective Date An entity shall apply this Interpretation for annual periods beginning on or after 1 January 2008. Earlier application is ‘PERMITTED’. IFRIC 14 – Scope This Interpretation applies to all post‑employment … Read More
The ‘OBJECTIVE‘ of IAS 19 is to prescribe the accounting and disclosure for employee benefits. IAS 19 requires an entity to RECOGNIZE: IAS 19 Effective Date An entity shall apply this Standard for annual periods beginning on or after 1 January 2013. Earlier application is ‘PERMITTED’. If an entity applies this … Read More
IFRIC 1 applies to changes in the MEASUREMENT of any existing ‘decommissioning, restoration or similar liability‘ that is both: IFRIC 1 Effective Date An entity shall apply this Interpretation for annual periods beginning on or after 1 September 2004. Earlier application is ‘ENCOURAGED’. If an entity applies the Interpretation for … Read More
IFRIC 19 STATES that the De-Recognition of ‘financial liabilities‘ takes place when it is extinguished i.e. when the obligation specified in the contract is discharged or canceled or expired. IFRIC 19 Effective Date An entity shall apply this Interpretation (IFRIC) for annual periods beginning on or after 1 July 2010. Earlier … Read More
Lessee Accounting a concept that DEPICTS the way by which a company records the financial impacts of its leasing activities. As per IFRS 16, Lessees recognize ‘Right of Use’ Asset (RoU) and ‘Lease Liability’, reflecting the present value (PV) of future lease payments. IFRS 16 (Leases) – Objective The ‘objective‘of … Read More