An Introduction to International Financial Reporting Standards

In this article an exposure is given on the basics of International Financial Reporting Standards (IFRS).International Financial Reporting Standards, IASB, IASC, IAS

IAS 2, Inventories - A Closer Look

The International Accounting Standards Board issued the revised version of the International Accounting Standard 2, Inventories. This article presents a closer look of standard (objective, scope, definitions, measurement and disclosures.International Accounting Standard; Inventories; IASC; IASB

IAS 20 Accounting for Government Grants and Disclosure of Government Assistance - A Closer Look

The International Accounting Standards Committee issued the the International Accounting Standard 20, Accounting for Government Grants and Disclosure of Government Assistance. The objective of IAS 20 is to prescribe the accounting treatment for, and disclosure of, government grants and other forms of government assistance. Government assistance takes many forms varying both in the nature of the assistance given and in the conditions which are usually attached to it. The purpose of the assistance may be to encourage an entity to embark on a course of action which it would not normally have taken if the assistance was not provided. This article presents a closer look of standard (objective, scope, definitions, recognition, presentation and disclosures).International Accounting Standard; Government Grants; Government Assistance; Fair Value; IAS 20; IASC; IASB

Experience of other Nations in Convergence to IFRS

The article explains the status of adoption of IFRSs in the major countries of the world. Study of the strategy adopted by other nations in convergence with IFRS can teach valuable lessons to ensure that convergence as envisaged in India becomes a reality as per the schedule.International Financial Reporting Standards; Convergence; India; IFRS; IAS; IASC; IASB.

IAS 23 Borrowing Costs - A Closer Look

The International Accounting Standards Committee issued the the International Accounting Standard 23, Borrowing Costs. The objective of IAS 23 is to prescribe the accounting treatment for borrowing costs. This standard requires the capitalisation of all borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset. IAS 23 requires all borrowing costs capitalised as part of the cost of the asset, where the borrowing costs are directly attributable to the acquisition, construction or production of a qualifying asset. This article presents a closer look of the standard (objective, scope, definitions, capitalisation and disclosures).International Accounting Standard; Borrowing Costs; Qualifying Assets; IAS 23; IASC; IASB; FASB

IAS 19 employee benefits - a closer look

The International Accounting Standards Committee issued the the International Accounting Standard 19, Employee Benefits. The objective of IAS 19 is to is to prescribe the accounting and disclosure for employee benefits (that is, all forms of consideration given by an enterprise in exchange for service rendered by employees). The basic principle underlying all of the detailed requirements of the Standard is that the cost of providing employee benefits should be recognised in the period in which the benefit is earned by the employee, rather than when it is paid or payable. IAS 19 prescribes recognition, measurement and disclosure rules for expenses, liabilities and assets (for defined benefit funds only) relating to employee benefits. This article presents a closer look of standard (objective, scope, definitions, recognition, measurement and disclosures).International Accounting Standard; Employee Benefits; Defined Benefit Plans; Defined Contribution Plans; IAS 19; IASC; IASB

IAS 18 Revenue - A Closer Look

The International Accounting Standards Committee issued the the International Accounting Standard 18, Revenue. The objective of IAS 18 The objective of IAS 18 is to prescribe the accounting treatment of revenue arising from certain types of transactions and events, namely the sale of goods, the rendering of services yielding fees and the use by others of entity assets yielding interest or rental income. The primary issue in accounting for revenue is determining when to recognise revenue. Revenue is recognised when it is probable that future economic benefits will flow to the entity and these benefits can be measured reliably. This standard identifies the circumstances in which these criteria will be met and, therefore, revenue will be recognised. This article presents a closer look of standard (objective, scope, definitions, classification presentation and disclosures).International Accounting Standard; Revenue; Fair Value; IAS 18; IASC; IASB

IAS 27 Consolidated and Separate Financial Statements - A Closer Look

The International Accounting Standards Committee issued the the International Accounting Standard 27, Consolidated and Separate Financial Statements. IAS 27 provides guidance on the preparation and presentation of consolidated financial statements for a group of entities under the control of a parent. The standard also provides guidance on the presentation of investments in subsidiaries, jointly controlled entities and associates in separate financial statements. The objective of IAS 27 is to enhance the relevance, reliability, and comparability of the information contained in consolidated financial statements that a parent prepares for the group of entities it controls; and separate (non-consolidated) financial statements that a parent, investor, or venturer elects to provide, or is required by local regulation to provide. This article presents a closer look of the standard (objective, scope, definitions and disclosures).International Accounting Standard; Consolidated Financial Statements; Minority Interest; Subsidiary; IAS 27; IASC; IASB

IFRS 7 Financial Instruments: Disclosures - A Closer Look

The International Accounting Standards Board issued the International Financial Reporting Standard 7, Financial Instruments: Disclosures. The objective of IFRS 7 is to provide more transparency to financial statement users on an entity’s exposure to risks and how those risks are managed. An entity must group its financial instruments into classes of similar instruments and, when disclosures are required, make disclosures by class. This article presents a closer look of the standard (objective, scope, and disclosures).International Financial Reporting Standard; Financial Instruments; Credit Risk; Liquidity Risk; Market Risk; IFRS 7; IASB

IAS 8, Accounting Policies, Changes in Accounting Estimates and Errors – A Closer Look

The International Accounting Standards Board issued the revised version of the International Accounting Standard 8, Accounting Policies, Changes in Accounting Estimates and Errors. The objective of IAS 8 is to prescribe the criteria for selecting, applying and changing accounting policies, together with the accounting treatment and disclosure of changes in accounting policies, changes in accounting estimates and the corrections of errors. This article presents a closer look of the standard (objective, scope and application, definitions, prescribed accounting treatment and disclosures).International Accounting Standard; Accounting Policies; Accounting Estimates; IAS 8; IASC; IASB