Professional Documents
Culture Documents
IAS 1 Presentation: All accounts must have P/L, SFP, Cash Flows, Notes, Comparatives
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IAS 2 Inventories: Value at the lower of cost (to get to location/condition) and Net
Realisable Value (Price less completion/selling costs)
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IAS 7 Cash Flows: 3 headings 1. Operations (Turn P/L and working capital into cash) 2.
Investments (PPE) 3. Financing (Debt/equity)
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IAS 10 Adjusting event happened in the A/C period so change the balance, non-
adjusting event happened after so just a note
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IAS 12 Income tax in P/L = Est. Tax Due for Yr + Movement on Deferred Tax Balance
(NBV of Assets less Tax Base) x Tax Rate
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IAS 16 Recognise Assets at Cost (of bringing to use) depreciate over UEL, may revalue
(each class/regularly) creating revaluation reserve
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IAS 17 Finance Lease if Lessee has risk/rewards of ownership (capitalise the lease and
asset) Operating Lease all others (expense payments)
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IAS 19 De ned bene t (show pension asset/liability) if Co. has obligation to fund
de cit, de ned contribution if not (expense contributions)
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IAS 20 Govt grant set against expense or show as other income. Grant for asset
deferred income or set of against NBV of asset
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IAS 23 Capitalise interest costs on assets being built (Interest at effective rate less any
temporary investment income)
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IAS 28 Associate one line in SFP (Investment + P% ALL post-acq pro t) and in P/L (P%
associate pro t IN PERIOD). Same for Joint Venture
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IAS 32 Financial Asset (Cash or Contract to receive) Fin Liability (Contract to deliver
Cash) Split issued convertible debt into debt/equity
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IAS 33 EPS Earnings/W. Ave No. Ordinary Shares (adjust for issues in the year) must
disclose diluted EPS (adjust for options/conv. debt)
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IAS 34 Disclosures for Interim Reporting (Interim report not REQUIRED but if the
entity does it heres how)
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IAS 36 Impairment if Carrying Amt > Recoverable Amt(Higher of value in use & FV
less costs) Woff order -Damaged Asset -Gwill -Other Assets
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IAS 40 Investment property if held for capital gain/to rent out. Either cost less depn
or Fair Value (every year gain/loss to P/L no depn)
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IAS 41 Biological Assets (Cow/pig/wheat) held at Fair Value less point of sale costs
each year with gain/loss to P/L
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IFRS 1 Adopt IFRS one year before transition date so you have comparatives, reconcile
to old balances gains/losses in reserves
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IFRS 2 Pay for goods with shares (measure at FV of goods) Employee share schemes
spread out over vesting period based on estimates
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IFRS 7 Disclose information about signi cance (accounting treatment) and risks of
Financial Instruments held
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IFRS 9 Fin. Assets held at Amortised cost (Bond held for term)/FVPL (any held for
trading)/FVOCI (Both) -Liabilities at Amortised Cost/FVPL
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IFRS 10 Investor controls investee if they have rights to variable returns (Divs) and
can affect them through power over strategic decisions
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IFRS 11 Joint Venture if separate legal entity Joint Operation if not. Proportional
consolidation for Joint Op associate treatment for JV
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IFRS 13 Fair Value determined by inputs -Level 1 (high volume identical items) -Level
2 (less volume or not identical) -Level 3 (Estimate)
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