Similar to fixed assets, under US GAAP, intangible assets must be reported at cost. Under IFRS, companies can elect fair value treatment, meaning asset values can increase or decrease depending on changes in their fair value. 4. Disclosures and Terminology To conclude our section on how US GAA...
'Supplier Finance Arrangements' • Amendments to IAS 21, 'Lack of Exchangeability' • Amendments to IFRS 9 and IFRS 7, 'Amendments to the Classification and Measurement of Financial Instruments' • IFRS 18 'Presentation and Disclosure in Financial Statements' • IFRS 19 'Subsidiaries without...
Conceptual framework for financial reporting: current state, development and application outlook in Ukraine Understanding the IFRS Conceptual Framework as an evolution of the accounting theory is imperative for the development of accounting and understanding the meaning of the International Financial Reporting...
Measurement of financial liabilities is easier than financial assets. Almost all financial liabilities are measured at amortised cost, meaning that a finance cost is reported in profit or loss based on the effective rate of interest. Financial liabilities held ...
2023 is just the start of the IFRS 17 journey. For further information, see this IFRS 17 podcast series. Summary IFRS 17 represents the most significant change to insurance accounting requirements in more than two decades. The new standard makes a fundamental shift in how insurers account for ...
The meaning of cash in the context of alternative accounting standards: IFRS convergence and classification decisions Purpose – The purpose of this paper is to explore the impact on communication of changes in an accounting standard arising from the transition to Internat... T Mortensen,R Fisher ...
There are two dominant standards – the GAAP and IFRS. Although similar in most areas, there are a few differences between GAAP vs IFRS.
It is a journey of learning, a constant process of refinement, a testament to the power of human ingenuity in shaping the world of finance. The rewards, I know, will be vast, a legacy etched in the annals of financial reporting, a contribution to the global tapestry of business. ifrs ...
of recycled information. Avoid using logical transition words like "firstly," "secondly," "lastly," or "in conclusion." 【Content】Intangible assets hold significant importance in the field of accounting and finance. As per the International Financial Reporting Standards (IFRS), specific conditions n...
This new standard significantly increases complexity around the recognition of revenue, meaning that in a significant number of industries the invoiced amount will not correspond to the pattern of revenue recognition FRS 16: New leases standard The new Leases standard will affect almost all ...