The One difference amongst Many of IFRS 9 Vs IAS 39 STATES that the key difference is in relation to the approach to ‘IMPAIRMENT’. IFRS 9 uses ‘Expected Credit Losses‘ (ECLs) to recognize impairment losses on financial assets, as compared to IAS 39 ‘Incurred Losses‘. Financial Reporting Standards · Comparative … Read More
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
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
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
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
ISA 500 (Revised) EXPLAINS what constitutes Audit Evidence in an ‘Audit‘ of Financial Statements and DEALS with the auditor’s responsibility to DESIGN and PERFORM audit procedures to obtain sufficient appropriate audit evidence. International Standards on Auditing IAASB Standard Issued by: IAASB Effective: Global Adoption Topic: Audit Evidence Replaces: ISA 500 … Read More
The objective of IFRS 11 is to establish principles for ‘Financial Reporting’ byentities that have an interest in arrangements that are controlled jointly(i.e. Joint Arrangements). International Financial Reporting Standards Effective from 1 January 2013 Replaces IAS 31 Last Updated Feb 2025 Overview Scope Types Classification Accounting Disclosures vs IAS 31 … Read More
The objective of IFRS 10 is to establish principles for the Presentation andPreparation of Consolidated Financial Statements when an entity ‘controls’ oneor more other entities. IFRS Standards · Financial Reporting Issued: May 2011 Effective: 1 Jan 2013 Standard Body: IASB Supersedes: IAS 27 (2008) Contents 01 Overview & Objective 02 … Read More