F1 5 International Financial Reporting Standards

In this section…

In this section we shall introduce International Financial Reporting Standards. We shall then examine the fundamentals of a variety of the current standards that affect most companies.

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5.01 International Financial Reporting Standards
  • Financial Reporting Standards
  • Types of standards
  • IFRS and IAS

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5.02 IAS 2 Inventories
  • Definition and types of inventories
  • Valuation/measurement of inventories
    • Cost and Net Realisable Value
  • Recording inventories in the financial statements

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5.03 IAS 10 Events after the reporting period
  • The period covered by the standard
  • Adjusting events
  • Non-adjusting events
    • Material and non-material
  • Special cases: going concern and dividends

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5.04 IAS 16 Property, plant and equipment part 1
  • Definition of property, plant and equipment
  • Initial valuation
    • Calculation of cost
  • Subsequent expenditure

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5.05 IAS 16 Property, plant and equipment part 2
  • Subsequent valuation of property, plant and equipment
  • Depreciation
  • Gains and losses on disposal
  • Depreciation of revalued assets
  • Gains and losses on disposal of revalued assets
  • Disclosures

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5.06 IAS 36 Impairment of assets
  • Objective and scope
  • Valuation of assets
    • Carrying amounts and recoverable amounts
  • Impairment losses
  • Effects on depreciation
  • Disclosures

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5.07 IFRS 16 Leases
  • Leases
  • Recognising a lease
  • Initial measurement of the lease liability and right-of-use asset
  • Subsequent measurement
    • Depreciation and impairment
    • Interest

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5.08 IFRS 16 Leases: illustration
  • Illustration of how a lease is recorded initially and subsequently

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5.09 IFRS 16 Leases: exceptions
  • Types of leases where an alternative treatment may be used
    • Short-term leases
    • Leases for which the underlying asset is of low value
  • Alternative treatment: the straight-line method

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5.10 IAS 38 Intangible assets
  • Definition and types of intangible assets
  • Recognition criteria
  • Measurement/valuation
  • Research & development
  • Amortisation and impairments

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5.11 IAS 38 Intangible assets: illustrations
  • Illustrations of how intangible assets are treated and valued

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5.12 IAS 37 Provisions, contingent liabilities and contingent assets
  • Dealing with uncertainty
  • Provisions
  • Contingent liabilities
  • Contingent assets

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5.13 IFRS 15 Revenue from contracts with customers part 1
  • Objective of the standard
  • Core principle
  • Recognising revenue
    • Step 1 identify the contract
    • Step 2 identify the performance obligations
    • Step 3 determine the transaction price
    • NB. Steps 4 and 5 are dealt with in session 5.14

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5.14 IFRS 15 Revenue from contracts with customers part 2
  • Recognising revenue
    • Step 4 allocating the transaction price to performance obligations
    • Step 5 satisfaction of performance obligations

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