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
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
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
5.04 IAS 16 Property, plant and equipment part 1
- Definition of property, plant and equipment
- Initial valuation
- Calculation of cost
- Subsequent expenditure
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
5.06 IAS 36 Impairment of assets
- Objective and scope
- Valuation of assets
- Carrying amounts and recoverable amounts
- Impairment losses
- Effects on depreciation
- Disclosures
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
5.08 IFRS 16 Leases: illustration
- Illustration of how a lease is recorded initially and subsequently
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
5.10 IAS 38 Intangible assets
- Definition and types of intangible assets
- Recognition criteria
- Measurement/valuation
- Research & development
- Amortisation and impairments
5.11 IAS 38 Intangible assets: illustrations
- Illustrations of how intangible assets are treated and valued
5.12 IAS 37 Provisions, contingent liabilities and contingent assets
- Dealing with uncertainty
- Provisions
- Contingent liabilities
- Contingent assets
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
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