Derecognition of Financial Assets as per IFRS 9 STATES that a ‘trade receivable should be de-recognized when an entity collects payment‘. The collection of payment signifies the end of any exposure to risks or any continuing involvement. ● IFRS 9 · IAS 39 · Financial Instruments 3 Core derecognition criteria … Read More
Hedge Accounting APPLIES to all hedge relationships, with the EXCEPTION of fair value hedges of the interest rate exposure of a portfolio of financial assets or financial liabilities. Financial Accounting · Risk Management What Is It? Hedge Types Criteria Standards Process Journal Entries Effectiveness Benefits & Risks Glossary FAQ Hedge accounting … Read More
ISA 220 (Revised) DEALS with the SPECIFIC responsibilities of the auditor regarding ‘Quality Management‘ for an Audit of Financial Statements. International Standard on Auditing Revised 2022 IAASB Issued Effective Dec 2022 Replaces ISA 220 (2009) Contents Overview Objective Scope & Application Key Responsibilities Core Requirements Engagement Quality Review ISA 220 … Read More
IFRS 15 promulgated by the International Accounting Standards Board (IASB) PROVIDES guidance on accounting for ‘Revenue from Contracts with Customers’. It was adopted in 2014 and became EFFECTIVE in January 2018. IFRS Standard · Revenue Recognition 📅 Effective: 1 January 2018 📋 Replaces: IAS 18 & IAS 11 🌍 Adopted … Read More
ISA 800 (Revised) DEALS with special considerations in the APPLICATION of (ISAs 100-700) to an audit of financial statements prepared in accordance with a ‘Special Purpose Framework’. ISA 800 · IAASB · Last Updated: March 2026 International Standard on Auditing Contents What is ISA 800? Scope & Application Special Purpose … Read More
The Objective of IFRS 14 is to specify the financial reporting requirements for ‘Regulatory Deferral Account Balances‘ that arise when an entity provides goods or services to customers at a price or rate that is subject to rate regulation. IASB International Financial Reporting Standard IFRS Standard 14 Contents Overview Scope … Read More
ISA 700 (Revised) DEALS with the auditor’s responsibility to FORM an opinion on the Financial Statements. International Standards on Auditing · IAASB Standard: ISA 700 (Revised) Issued by: IAASB Effective: 2016 onwards Updated: March 2026 Contents What Is ISA 700? Objective & Scope Key Requirements Types of Audit Opinion Audit … Read More
IFRS 13: IFRS Standard · IASB Effective Since 1 Jan 2013 Issued By IASB Updated March 2025 Overview Objective Fair Value Hierarchy Key Principles Measurement Process Disclosures Scope FAQ What is IFRS 13? IFRS 13 Fair Value Measurement is an International Financial Reporting Standard issued by the International Accounting Standards … Read More
ISA 600 (Revised) DEALS with Special Considerations that APPLY to group audits in particular those that involve ‘Component Auditors‘. International Standard on Auditing 600 ISA Standard Issued by IAASB Standard Type ISA Coverage Group Audits Applies to All Group Financial Statements Contents Overview Quick Facts Key Definitions Scope Key Parties … Read More
The Objective of IFRS 12 is to require an entity to ‘Disclose‘ information thatenables users of its financial statements to evaluate: IASB International Financial Reporting Standard Effective: Jan 2013 Issued by IASB Contents 01Overview & Background 02Objective of IFRS 12 03Scope & Exclusions 04Key Definitions 05Disclosures – Subsidiaries 06Joint Arrangements … Read More