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23 views5 pages

Ifrs 15

Uploaded by

yfarhana2002
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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IAS 16,

IAS 38,

IAS 36,

IAS 37,

IFRS 9,

IFRS 16,

IAS 12,

IFRS 15 – Revenue from Contracts with Customers

IAS 21,

IAS 2 - Inventories

IAS 20,

IAS 33

IAS 2 – Inventories

Inventories are valued at lower of cost and NRV (Net Realizable Value).

You are more likely to be tested on IAS 2 alongside other accounting standards. For example, how it
interacts with the Conceptual Framework, changes in accounting policies, prior period errors etc. You
may also see questions based on ethical scenarios.

Cost

The cost of bringing items of to their present location and condition


IAS 38 – Intangible Assets

Definition of Intangible Asset: An intangible asset is an identifiable non-monetary asset without physical
substance.

Identifiable + non-monetary + No physical substance

An asset is identifiable if it is either:

 Separable (Capable of being separated and sold, transferred, licensed, rented or exchanged,
either individually or as part of a package)
 It arises from contractual or other legal rights, regardless of whether those rights are
transferable or separable from the entity or from other rights and obligations

Recognition Principle: An intangible asset can be recognized in Financial Statements if and only if:

 Future Economic Benefits will flow to the entity


 Cost of the asset can be measured reliably

Measurement Principle:

Initial Measurement: Where an intangible asset meets the recognition criteria, it should be measured
initially at cost plus directly attributable costs.

Subsequent Measurement: Valued at either Cost Model or Revaluation Model

Cost Model Revaluation Model


Original Cost of the Asset FV of Asset
Less: Accumulated Amortisation Less: Accumulated Amortization subsequent to
date of FV
Less: Accumulated Impairment Losses Less: Accumulated Impairment Losses
subsequent to date of FV
Net Carrying Amount Net Carrying Amount
An entity shall choose the cost model or revaluation model as it’s accounting policy and shall apply that
policy to all assets in the same class (Assets of similar nature or use) of Intangible Assets. If an item is
revalued, all assets of its class should also be revalued.

The revaluation model can only be adopted if FV can be determined by reference to an active market. An
active market is a market in which:

 Items are homogenous (Identical)


 Buyers and Sellers can be found at any time
 Prices are available to the public

The nature of most intangible assets means that they are not homogenous. Markets of identical items
will only exist for assets such as some licences or quotas.
Financial Instruments

3 Accounting Standards

 IAS 32 Financial Instruments: Presentation - Addresses the classification of financial instruments


and their presentation in the financial statements
 IFRS 9: Financial Instruments - Addresses the measurement and recognition of financial
instruments in the financial statements.
 IFRS 7 Financial Instruments: Disclosures - Addresses the disclosure of financial instruments in
the financial statements

FL:

Discounts/Premiums – Transaction Costs

Wiggins raised finance by issuing $20,000 6% four-year loan notes on 1 January 20x4. The loan notes
were issued at a discount of 10% and will be redeemed after 4 years at a premium of $1015. The
effective rate of interest is 12%. The issue costs were $1000.

Initial Measurement will be Net Proceeds – 62404104ndc


IAS 10 – Events after the Reporting Period
Events occurring between the reporting date and the date on which the financial statement are
authorized for issue should be classified as either adjusting or non-adjusting events.

Adjusting events provide further evidence of conditions that existed at the reporting date, and result in
adjustment to the financial statements.

Non-adjusting events are indicative of a condition that arose after the end of the reporting period and do
not result in adjustment to the financial statements. They should be disclosed if of such importance that
non-disclosure would affect the ability of the users to make proper evaluations and decisions.

Where events after the reporting period indicate that the going concern assumption is not appropriate,
these are adjusting events.

A dividend declared after the reporting period is a non-adjusting event.

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