Financial Accounting Assumed knowledge 2020

IFRS Topic Learning outcomes Tutorials * Notes

IAS 16 Property, Plant and Equipment Scope; classification; initial and subsequent recognition and measurement IAS 16.2 IAS 16.7 IAS Revaluation included in IAS Syllabus
including revaluation;derecognition;disclosure 16.17

IFRIC 1 Recognising changes in decommissioning liabilities IAS 16.21

IAS 40 Investment Property Scope; classification; distinguishing between held for rental and capital IAS 40.3 IAS 40.5
appreciation and own use ; initial and subsequent recognition and
measurement ; derecognition ;disclosure

IAS 23 Borrowing Costs IAS 23.2 IAS 23.3

IAS 38 Intangible Assets Scope; recognition purchased and internally generated assets; initial and IAS 38.4 IAS 38.6
subsequent measurement; impairment; disclosure

LIABILITIES
IAS 37 Provisions, Contingent Liabilities and Scope; relationship between provisions and contingent liabilities ; IAS 37.1 IAS 37.3 IAS
Contingent Assets recognition and measurement of provisions; reimbursements, changes in 37.4 IAS 37.13
provisions disclosure of contingent liabilities and assets ; restructuring
liabilities; disclosure

PERVASIVE STANDARDS
IAS 1 Presentation of Financial Standards
Explain the purpose of financial statements, the concept of fair presentation
and its relationship with IFRS; the going concern and accrual accounting
principles , the principles that support offsetting in financial statements.

Prepare a full set of financial statements in compliance with IFRS and IAS 1.
Analyse financial statements for compliance with IFRS.

IAS 8 Accounting Policies, Changes in Prepare the journal entries and any related changes in deferred tax to IAS 8.6
Accounting Policies and Estimates and recognise changes in accounting policies or estimates and correction of
Errors errors. Disclose changes in accounting policies and estimates and correction
of errors in compliance with IAS 8

IAS 10 Events After the Reporting Period Distinguish between adjusting and non-adjusting events after the reporting IAS 10.1
period; dividends; disclosure

IFRS 13 Fair Value Measurement Explain what fair value is ; identify fair value for monetary and non- Pervasive - the principles in IFRS 13 are applied whenever
momentary assets and for liabilities and own equity; explain the fair value IFRS requires fair value measurement
hierarchy in IFRS 13 and disclose fair value measurement

IAS 12 Income Taxes Recognising current and deferred tax including basic recognition deferred tax IAS 12.9 Recognition of deferred tax assets, carried forward tax
assets and unrealised tax losses ; tax rate reconciliation and disclosure losses and the preparation of a tax rate reconciliation will
be revised in the refresher lecture

IAS 24 Related Party Disclosures Scope; identify related parties by applying definitions; disclose related party
transactions IAS 24.4 IAS 24 .7

Group Statements
IAS 27 Separate Financial Statements Preparation separate financial statements; disclosure

IFRS 10 Consolidated Financial Statements Basic consolidation procedures IFRS 10 19- 22 and IFRS 10 B86-B88 and B92- Definition of control and its application will be lectured in
B95 the refresher week. Changes in holdings will be addressed
in lectures .
IFRS 3 Business Combinations Identifying a business combination. The acquisition method , identifying the Refer to tutorials The objective of the assumed knowledge is a basic
acquirer and acquisition date. Recognising and identifying and measuring understanding of the principle in IFRS 3 that all identifiable
identifiable assets acquired in a business combination . IFRS 3 10-20 assets and liabilities of the acquiree are recognised and
measured separately from goodwill at acquisition. The
exceptions to the principle and all other aspects of IFRS 3
will be lectured a separate lecture.

* the recommended practice tutorials will be found in Accounting Standards Operman . Booysen. Van der Merwe