This section contains issues that the
Interpretations Committee has proposed for an interpretation or for a
narrow scope amendment (including issues considered as an annual
improvement) and that have been agreed by the IASB. Issues recommended
by the Interpretations Committee but not yet discussed by the IASB, (and
therefore not yet agreed by the IASB), remain as work in progress.
Wednesday, 12 March 2014
Friday, 7 March 2014
IAS 27 Separate Financial Statements
IAS 27 Separate Financial Statements (as amended in 2011) outlines the accounting and disclosure requirements for 'separate financial statements', which are financial statements prepared by a parent, or an investor in a joint venture or associate, where those investments are accounted for either at cost or in accordance with IAS 39 Financial Instruments: Recognition and Measurement orIFRS 9 Financial Instruments. The standard also outlines the accounting requirements for dividends and contains numerous disclosure requirements.
IAS 27 was reissued in May 2011 and applies to annual periods beginning on or after 1 January 2013, superseding IAS 27 Consolidated and Separate Financial Statements from that date.
Wednesday, 5 March 2014
IFRS 4 Insurance Contracts
Overview
IFRS 4 Insurance Contracts applies, with limited exceptions, to all insurance contracts (including reinsurance contracts) that an entity issues and to reinsurance contracts that it holds. In light of the IASB's comprehensive project on insurance contracts, the standard provides a temporary exemption from the requirements of some other IFRSs, including the requirement to consider IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors when selecting accounting policies for insurance contracts.
IFRS 4 was issued in March 2004 and applies to annual periods beginning on or after 1 January 2005.
Monday, 3 March 2014
Insurance Accounting Standard
Slow but continued progress towards one global insurance accounting standard
How are the IASB and the FASB proposing to solve this problem? And how will the boards’ proposals affect insurers?
Monday, 24 February 2014
IAS 2 Inventories
Overview
IAS 2 Inventories contains the requirements on how to account for most types of inventory. The standard requires inventories to be measured at the lower of cost and net realisable value (NRV) and outlines acceptable methods of determining cost, including specific identification (in some cases), first-in first-out (FIFO) and weighted average cost.
A revised version of IAS 2 was issued in December 2003 and applies to annual periods beginning on or after 1 January 2005.
IAS 1 Presentation of Financial Statements
Overview
IAS 1 Presentation of Financial Statements sets out the overall requirements for financial statements, including how they should be structured, the minimum requirements for their content and overriding concepts such as going concern, the accrual basis of accounting and the current/non-current distinction. The standard requires a complete set of financial statements to comprise a statement of financial position, a statement of profit or loss and other comprehensive income, a statement of changes in equity and a statement of cash flows.
IAS 1 was reissued in September 2007 and applies to annual periods beginning on or after 1 January 2009.
IFRS 3 Business Combinations
Overview
IFRS 3 Business Combinations outlines the accounting when an acquirer obtains control of a business (e.g. an acquisition or merger). Such business combinations are accounted for using the 'acquisition method', which generally requires assets acquired and liabilities assumed to be measured at their fair values at the acquisition date.
A revised version of IFRS 3 was issued in January 2008 and applies to business combinations occurring in an entity's first annual period beginning on or after 1 July 2009.
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