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IFRS 10 Investment Entities
 
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IFRS 10 by Bruce Mackenzie
Views: 1272 Wconsulting
IFRS 10 Consolidated Financial Statements - summary
 
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http://www.ifrsbox.com This is the short summary of IFRS 10 Consolidated Financial Statements. The objective of IFRS 10 is to establish principles for the presentation and preparation of consolidated financial statements when an entity controls one or more other entities. IFRS 10: - requires to present consolidated financial statements; - defines the principle of control - sets out the accounting requirements for consolidated financial statements and - defines an investment entity and sets out an exception to consolidating particular subsidiaries of an investment entity. An investor controls an investee when It is exposed to or has rights to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Consolidated financial statements are the financial statements of a group presented as those of a single economic entity. Consolidation procedures: Step 1 – Combine like items of assets, liabilities, equity, income, expenses and cash flows of the parent with those of its subsidiaries. Step 2 - Offset or eliminate carrying amount of parent’s investment in subsidiary with parent’s portion of equity of each subsidiary. Step 3 - Offset or eliminate in full intragroup assets, liabilities, equity, income, expenses and cash flows relating to transactions between companies in the group. Investment entity is an entity that: - Obtains funds or money from one or more investors for the purpose of providing those investor(s) with investment management services; - Its business purpose is to invest funds solely for returns from capital appreciation, investment income, or both; and - It measures and evaluates the performance of substantially all of its investments on a fair value basis. If you’d like to learn how to consolidate, or anything about IFRS in general, please visit http://www.ifrsbox.com and subscribe to our free IFRS mini-course. Thank you!
Views: 111847 Silvia M. (of IFRSbox)
Top changes in IFRS 2013 and 2014
 
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http://www.ifrsbox.com The year 2013 started off with some really significant IFRS amendments that you need to take into account when preparing your IFRS financial statements as at 31 December 2013. Top 5 changes are: #1: Changes in IAS 19 Employee benefits 1.1 New accounting treatment of defined benefit plans in line with IAS 19 Employee benefits Entities no longer apply corridor method for recognizing actuarial gains or losses arising in accounting for defined benefit plans. All remeasurements are fully recognized to other comprehensive income. 1.2 Accounting treatment of termination benefits Termination benefit is simply a benefit received for terminating the employment before the normal retirement date (given certain conditions are met). Here, nothing much changed, but the standard IAS 19 now makes it clearer that when employees need to provide future service in order to get the benefit, then it is NOT a termination benefit. 1.3 Other changes to IAS 19 Employee benefits Apart from the above mentioned changes, there are a few other things to watch out: • Past-service cost related to unvested benefits is recognized immediately after plan amendment and is no longer spread over a future-service period. • We shall be using pre-tax rate (not post-tax rate) in order to discount benefits to their present value. • You need to present slightly more disclosures and the split of benefits than before. #2: New standard IFRS 13 Fair Value Measurement in place Before IFRS 13, guidance on determining the fair value was all over the place: in IAS 39 for financial instruments, in IAS 40 for investment property, in IAS 2 for inventories, etc. Often this guidance was very conflicting and therefore, we have a single standard for fair value measurement. Now, if you see reference to fair value in any other standard, you should be heading to IFRS 13 Fair Value Measurement for its determination. Please watch the video about IFRS 13 here http://www.youtube.com/watch?v=gwjJOBtYUSU #3: New standard IFRS 10 Consolidated Financial Statements IFRS 10 is a completely new standard dealing with the consolidation and it is applicable for the periods starting 1 January 2013 or later. Before 2013, the standard IAS 27 dealt with these issues, but IFRS 10 replaces this part of IAS 27. Currently, you should apply IAS 27 only for the separate financial statements. The main change of IFRS 10 is the new definition of a control. New concept of investment entities This is the change applicable for annual periods beginning on or after 1 January 2014, so you will deal with that at your 2014 closing. IFRS 10 introduces a concept of an "investment entity". An entity must carefully assess whether it meets the definition of an investment entity or not. So if an entity meets the definition of an investment entity, it DOES NOT consolidate its subsidiaries in line with IFRS 3 when it obtains control of another entity. #4: New standard IFRS 11 Joint arrangements IFRS 11 effectively replaces IAS 31 and brings completely new definition of joint control. Also, IFRS 11 removes 3 categories of joint arrangements and sets only 2 of them: • Joint operation • Joint venture Here's the biggest change: proportionate consolidation method permitted by IAS 31 for accounting joint ventures is no longer permitted. #5: New standard IFRS 12 Disclosure of interests in other entities In addition to disclosures about your subsidiaries, associates or joint ventures, you need to disclose lots of information about your interest in other entities too. If you liked this video, please visit http://www.ifrsbox.com and subscribe to our IFRSbox community. Thank you!
Equity Method of Accounting for Investments
 
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This video uses a comprehensive example to demonstrate how to account for investments using the Equity Method. When an investor owns between 20% and 50% of a firm's stock, the investor is deemed to have significant influence and must recognize a proportionate share of the firm's earnings. Edspira is your source for business and financial education. To view the entire video library for free, visit http://www.Edspira.com To like us on Facebook, visit https://www.facebook.com/Edspira Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. The goal of Michael's life is to increase access to education so all people can achieve their dreams. To learn more about Michael's story, visit http://www.MichaelMcLaughlin.com To follow Michael on Facebook, visit https://facebook.com/Prof.Michael.McLaughlin To follow Michael on Twitter, visit https://twitter.com/Prof_McLaughlin
Views: 52201 Edspira
IFRS 3 / IFRS 10 Introduction to Consolidation and Group Accounts
 
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http://www.ifrsbox.com Introduction to consolidation and group accounts: There are 6 IFRS dealing with group accounts and consolidation: IAS 27 Separate Financial Statements IAS 28 Investments in Associates IFRS 3 Business Combinations IFRS 10 Consolidated Financial Statements IFRS 11 Joint Arrangements IFRS 12 Disclosure of Interests in Other Entities First, we need to determine what type of investment we have. Then we need to apply the accounting method based on the type of investment: 1. Subsidiaries -- acquisition method + full consolidation 2. Associates -- equity method 3. Joint arrangements -- based on the type: joint venture using equity method and joint operation -- only own share on assets, liabilities, revenues and expenses 4. Other investments -- financial instruments Subscribe to http://www.ifrsbox.com and learn more!
Views: 115209 Silvia M. (of IFRSbox)
Accounting for Investments (Equity and Debt Securities)
 
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This video provides an overview of the accounting rules and classifications for different types of investments. Investments can be broadly grouped into two types: debt investments and equity investments. Debt investments can be held-to-maturity (presented on the Balance Sheet at amortized cost, with changes in fair value not affecting Net Income), available-for-sale (presented on the Balance Sheet at fair value, with unrealized gains or losses bypassing the Income Statement and flowing through Other Comprehensive Income), or Trading (presented on the Balance Sheet at fair value, with unrealized gains or losses affecting Net Income. Equity investments are treated as Trading Securities according to the Fair Value Method (if the investor owns less than 20% of the investee), which marks the investment to market on the Balance Sheet and has unrealized gains or losses flow through Net Income. There is a practicability exception, however: if the fair value cannot be determined, the investment is presented on the Balance Sheet at cost, minus any impairments. If the investor owns between 20% and 50% of the investee the Equity Method is used; with this method, the investor does not recognize dividend revenue but instead recognizes a proportionate share of the investee's Net Income. If the investor owns more than 50% of the investee, the investor must consolidate the investee (the two entities are treated as one consolidated entity). Edspira is your source for business and financial education. To view the entire video library for free, visit http://www.Edspira.com To like Edspira on Facebook, visit https://www.facebook.com/Edspira To sign up for the newsletter, visit http://Edspira.com/register-for-newsletter Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. The goal of Michael's life is to increase access to education so all people can achieve their dreams. To learn more about Michael's story, visit http://www.MichaelMcLaughlin.com To follow Michael on Twitter, visit https://twitter.com/Prof_McLaughlin To follow Michael on Facebook, visit https://www.facebook.com/Prof.Michael.McLaughlin
Views: 21598 Edspira
IFRS 2 Share-Based Payment
 
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http://www.ifrsbox.com Get free report Top 7 IFRS Mistakes! This is the short summary of IFRS 2 Share-based Payment. The objective of IFRS 2 is to specify the financial reporting by an entity when it undertakes a share-based payment transaction Share-based payment transaction is a transaction in which the entity either: - Receives goods or services from the supplier (including employee) in a share-based arrangement; or - Incurs an obligation to settle the transaction with the supplier in a share-based payment arrangement when another group entity receives those goods or services. Share-based payment arrangement entitles the counterparty to receive either: - Cash or other assets of the entity for amounts based on the price or value of entity's or another group entity's own equity instruments (shares, share options, etc.). These transactions are cash-settled. - Equity instruments of the entity or another group entity -- these transactions are equity-settled. How to recognize share-based payment transactions: - Goods or services received in cash-settled transactions are recognized with the corresponding credit to liabilities; and - Goods or services received in equity-settled transactions are recognized with the corresponding credit to equity. How to measure share-based payment transactions: - At fair value of goods or services received. - If it is impossible to determine (mainly in the transactions with employees), then at fair value of equity instruments granted. Vesting conditions: - If the share-based payment is not vested, then the transaction is recognized immediately at the grant date; - If the share-based payment is vested, then the transaction is recognized over the vesting period. For full summary of IFRS 2 and many other IFRS materials, please check out http:///www.ifrsbox.com
Views: 77264 Silvia M. (of IFRSbox)
IFRS 1 First Time Adoption of IFRS by Presentations Buddy
 
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IFRS 1 requires an entity that is adopting IFRS Standards for the first time to prepare a complete set of financial statements covering its first IFRS reporting period and the preceding year. The entity uses the same accounting policies throughout all periods presented in its first IFRS financial statements. Those accounting policies must comply with each Standard effective at the end of its first IFRS reporting period. IFRS 1 provides limited exemptions from the requirement to restate prior periods in specified areas in which the cost of complying with them would be likely to exceed the benefits to users of financial statements. IFRS 1 also prohibits retrospective application of IFRS Standards in some areas, particularly when retrospective application would require judgements by management about past conditions after the outcome of a particular transaction is already known. IFRS 1 requires disclosures that explain how the transition from previous GAAP to IFRS Standards affected the entity’s reported financial position, financial performance and cash flows. Overview IFRS 1 aims to ensure that an entity's first financial statements after adopting IFRS, and interim statements for partial periods under IFRS, will: • be transparent and comparable; • provide a "suitable starting point" for the entity's accounting under IFRS; and • have benefits that exceed the cost of preparation. Scope IFRS 1 applies to an entity's "first IFRS financial statements" and to interim financial reports for parts of the period covered by the first IFRS financial statements. The standard defines an entity's first financial statement as "the first annual financial statements in which the entity adopts IFRSs, by an explicit and unreserved statement in those financial statements of compliance with IFRSs". Specific cases include financial statements of firms whose most recent financial statements were prepared in accordance with national requirements not consistent with IFRS or that did not present financial statements in previous periods. Recognition and Measurement In the first financial statement, IFRS 1 requires entities to present an opening IFRS statement of financial position using accounting policies in compliance with each IFRS effective as of the end of its first IFRS reporting period. However, accounting estimates at the date of transition to IFRSs are to be consistent with estimates made in accordance with the previously-used GAAP. Any adjustments due to the previous use of a different GAAP are to be recognized directly in retained earnings or another category of equity if appropriate.[1] Presentation and Disclosure IFRS 1 requires entities to explain the effect of the transition to IFRS on their financial position, financial performance, and cash flows. For example, it requires entities to present certain reconciliations between accounting amounts under the previous GAAP and that under IFRS.[1] An entity is permitted to use the fair value of an item of property, plant and equipment at the date of transition to IFRSs as its deemed cost at that date. If it does so, the entity is required to disclose the aggregate of these fair values and aggregate adjustments from the previous GAAP. Additionally, interim financial reports covering part of the period of the first IFRS financial statement are also required include reconciliations from the previous GAAP, among other requirements
Views: 538 Presentations Buddy
Understanding IFRS15: Episode 6 - Step 5 Recognize Revenue When (or as) an Entity Satisfies a PO
 
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Step 5 - Recognize Revenue When (or as) an Entity Satisfies the Performance Obligation The new IFRS15: Revenue from Contracts with Customers standard sets a vast change in rules and guidelines of revenue recognition. This video aims to guide professionals on how to apply the new IFRS15 standard, set to be used from 1st January 2018 onwards.
Views: 3325 Kong Lim & Partners -
CFA Level II : Inter corporate Investments Part I (of 5)
 
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We offer the most comprehensive and easy to understand video lectures for CFA and FRM Programs. To know more about our video lecture series, visit us at www.fintreeindia.com This Video lecture was recorded by Mr. Utkarsh Jain, during his live CFA Level II Classes in Pune (India). This video lecture covers following key area's: 1. The classification, measurement, and disclosure under International Financial Reporting Standards. 2. Investments in financial assets, 3. Investments in associates, 4.Business combinations, 5. special purpose and variable interest entities. 6. between IFRS and U.S. GAAP in the classification, measurement, and disclosure of investments in financial assets, investments in associates, joint ventures, business combinations, and special purpose and variable interest entities. 7. How different methods used to account for inter corporate investments affect financial statements and ratios.
Views: 15061 FinTree
CFAP AAFR Lecture 10 - Consolidation of financial statements, Lecture 01, IFRS 10, IFRS 11, IFRS 12
 
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CFAP AAFR Lecture 10 TOPIC: Consolidation basis, lecture 01 SUBJECT: CFAP 1 Advanced Accounting and Financial Reporting OBJECTIVE: To develop an in-depth understanding of, and the ability to apply the requirements of international pronouncements, the Companies Act, 2017 and other applicable regulatory requirements in respect of financial reporting and the presentation of financial statements. A PRESENTATION OF FINANCIAL STATEMENTS INCLUDING PUBLIC SECTOR ACCOUNTING 1. Presentation of financial statements (IAS 1, IAS 7 and Companies Act, 2017) 2. IAS 27: Separate financial statements 3. IFRS 10: Consolidated financial statements 4. IAS 28: Accounting for associates and joint ventures 5. IFRS 11: Joint arrangements 6. IFRS 12: Disclosure of interests in other entities 7. IAS 34: Interim financial reporting 8. IAS 29: Financial Reporting in Hyperinflationary Economies 9. IFRS 5: Non-current assets held for sale and discontinued operations 10. IFRS 8: Operating segments 11. Overview of IPSASs and the conceptual framework for general purpose financial reporting by public sector entities 12. IPSAS 1 Presentation of financial statements 13. IPSAS Financial reporting under the cash basis of accounting (this IPSAS has not been given any number). B FINANCIAL REPORTING AND ETHICS a. Financial reporting 1. The Conceptual Framework for the preparation and presentation of financial statements 2. IFRS 1: First-time adoption of international financial reporting standards 3. IFRS 2: Share-based payment 4. IFRS 3: Business combinations 5. IFRS 4: Insurance contracts 6. IFRS 6: Exploration for and evaluation of mineral resources 7. IFRS 7: Financial instruments: disclosures 8. IFRS 9: Financial Instruments 9. IFRS 13: Fair value measurement 10. IFRS 14: Regulatory deferral accounts 11. IFRS 15: Revenue from contracts with customers 12. IAS 2: Inventories 13. IAS 8: Accounting policies, changes in accounting estimates and errors 14. IAS 10: Events after the reporting date 15. IAS 12: Income Taxes 16. IAS 16: Property, plant and equipment 17. IFRS 16: Leases 18. IAS 19: Employee benefits 19. IAS 20: Accounting for government grants and disclosure of government assistance 20. IAS 21: The effects of changes in foreign exchange rates 21. IAS 23: Borrowing costs 22. IAS 24: Related party disclosures 23. IAS 32: Financial instruments: Presentation 24. IAS 33: Earnings per share 25. IAS 36: Impairment of assets 26. IAS 37: Provisions, contingent liabilities and contingent assets 27. IAS 38: Intangible assets 28. IAS 39: Financial instruments: recognition and measurement 29. IAS 40: Investment property 30. IAS 41: Agriculture 31. IFRIC 1: Changes in existing decommissioning, restoration and similar liabilities 32. IFRIC 2: Members’ shares in co-operative entities and similar instruments 33. IFRIC 5: Rights to interests arising from decommissioning, restoration and environmental rehabilitation funds 34. IFRIC 6: Liabilities arising from participating in a specific market – waste electrical and electronic equipment 35. IFRIC 7: Applying the restatement approach under IAS 29 financial reporting in hyperinflationary economies 36. IFRIC 10: Interim financial reporting and impairment 37. IFRIC 12: Service concession arrangements 38. IFRIC 14: IAS 19 – The limit on a defined benefit asset, minimum funding requirements and their interaction 39. IFRIC 16: Hedges of a net investment in a foreign operation 40. IFRIC 17: Distributions of non-cash assets to owners 41. IFRIC 19: Extinguishing financial liabilities with equity instruments 42. IFRIC 20: Stripping costs in the production phase of a surface mine 43. IFRIC 21: Levies 44. SIC 7: Introduction of the euro 45. SIC 10: Government assistance – no specific relation to operating activities 46. SIC 25: Income taxes – changes in the tax status of an enterprise or its shareholders 47. SIC 29: Disclosure – service concession arrangements 48. SIC 32: Intangible Assets – web site costs b. Ethics 1. Professional misconduct under the Chartered Accountants Ordinance 1961 2. Code of Ethics issued by the Institute of Chartered Accountants of Pakistan C SPECIALISED FINANCIAL STATEMENTS 1. Small and medium sized entities 2. Banks 3. Mutual Funds 4. Insurance Companies 5. IAS 26: Accounting and reporting by retirement benefit plans 6. Overview of Islamic accounting standard issued by ICAP Please subscribe to this channel for more videos click https://www.youtube.com/c/FutureCharteredAccountant?sub_confirmation=1 Visit my website https://www.taxaam.com #TAXAAM #ICAP #CA Final #CFAP 1
ACCA P2  Share based payments (IFRS 2)
 
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ACCA P2 Share based payments (IFRS 2) Free lectures for the ACCA P2 Corporate Reporting Exams
Views: 32511 OpenTuition
IFRS 10 Consolidated Financial Statements
 
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IFRS 10 outlines the requirements for a parent to consolidate its subsidiaries and present consolidated financial statements. It defines the principle of control, establishes control as the basis for consolidation by means of a 4-step model and sets out how to apply the principle of control to identify whether an investor controls an investee, and therefore must consolidate the investee. IFRS 10 also sets out the accounting requirements for the preparation of consolidated financial statements and defines an investment entity together with the exceptions to consolidating particular subsidiaries of an investment entity. • Describe the criteria for classification of financial instruments. • Describe measurement bases for financial instruments. • Describe, at a high level, the impact of classification and measurement requirement for companies in financial sector.
Views: 924 KPMGmalta
IFRS Course | IFRS Course ACCA London | IFRS course ACCA
 
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Learn IFRS and appear for Diploma in IFRS exam from ACCA London. Visit Website for more details - https://meraskill.com/ifrs?utm_medium=referral&utm_source=youtube&utm_campaign=ifrs_video&utm_content=course_details WhatsApp 8692900017 IFRS are 1 to 13 total 13 nos, in Dip IFRS syllabus 12 only (not in syllabus insurance contracts) IAS 1 to 41 of which 13 are deleted, so total IAS 28 of which in Dip IFRS syllabus 25 only (not in syllabus hyperinflation, cashflow, investment by retirement funds) What our course covers : Introduction to IFRS & IndAS IFRS IAS 1st time adaptation Formats of financial statement Income Group Revenue Recognition Asset Group PPE Lease Impairment Government Grants Borrowing cost Held for Sale Investment Property Intangible Assets Misc Topics Policy estimates errors Provision, Contingent Liability & Asset Adjustment events Related parties Inventory Income Taxes Agriculture Consolidation P&L Goodwill Intercompany transaction Consolidation Balance Sheet Statement of change in equity(SOCIE) Associates Joint Venture(JV) Separate Financial Statement Interim Financial Statement Financial Instrument Financial assets Financial liability Employee group Shares based payment EPS Employee benefit Operating Segment Advanced Topics, Discussion & Webinars IND AS Conversion Simplified List of IFRS IFRS 1 First-time Adoption of IFRS IFRS 2 Share-based Payment IFRS 3 Business Combinations IFRS 4 Insurance Contracts IFRS 5 Non-current Assets Held for Sale & Discontinued operations IFRS 6 Exploration for and Evaluation of Mineral Assets IFRS 7 Financial Instruments: Disclosures IFRS 8 Operating Segments IFRS 9 Financial Instruments IFRS 10 Consolidated Financial Statements IFRS 11 Joint Arrangements IFRS 12 Disclosure of Interests in Other Entities IFRS 13 Fair Value Measurement List of International Accounting Standards IAS 1 Presentation of Financial Statements IAS 2 Inventories IAS 7 Statement of Cash Flows IAS 8 Accounting Policies, Changes in Accounting Estimates & Errors IAS 10 Events After the Reporting IAS 11 Construction Contracts IAS 12 Income Taxes IAS 16 Property, Plant and Equipment IAS 17 Leases IAS 18 Revenue IAS 19 Employee Benefits IAS 20 Accounting for Government Grants and Disclosure of Government Assistance IAS 21 The Effects of Changes in Foreign Exchange Rates IAS 23 Borrowing Costs IAS 24 Related Party Disclosures IAS 26 Accounting and Reporting by Retirement Benefit Plans IAS 27 Separate Financial Statements IAS 28 Investments in Associates & Joint Ventures IAS 29 Financial Reporting in Hyperinflationary Economies IAS 31 Interests In Joint Ventures IAS 32 Financial Instruments: Presentation IAS 33 Earnings Per Share IAS 36 Impairment of Assete IAS 37 Provisions, Contingent Liabilities and Contingent Assets IAS 38 Intangible Assets IAS 39 Financial Instruments: Recognition and Measurement – Superseded by IFRS 9 effective 2015 IAS 40 Investment Property IAS 41 Agriculture MeraSkill is your Skill partner that provides Expert -led live Online classes for learners who want to learn from Industry experts in the field. Sessions are self-paced as well as Live. We provided learning material along with all our courses. IFRS & Ind AS topic are covered extensively in our IFRS & Ind AS Online course. For more information, please write to us at [email protected] Call or WhatsApp us at : +91 8692900017
Views: 12771 Mera Skill
CIMA F1 IAS 1 Presentation of Financial Reporting
 
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CIMA F1 IAS 1 Presentation of Financial Reporting Free lectures for the CIMA F1 Financial Reporting and Taxation Exams CIMA Operational Level
Views: 8127 OpenTuition
CFAP AAFR Lecture 11 - Consolidation of financial statements, Lecture 02, IFRS 10, IFRS 11, IFRS 12
 
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CFAP AAFR Lecture 11 TOPIC: Consolidation of financial statements, Lecture 02, IFRS 10, IFRS 11, IFRS 12 "IFRS 10, IFRS 11 and IFRS 12 are three International Financial Reporting Standards promulgated by the International Accounting Standards Board providing accounting guidance related to consolidation and joint ventures." SUBJECT: CFAP 1 Advanced Accounting and Financial Reporting OBJECTIVE: To develop an in-depth understanding of, and the ability to apply the requirements of international pronouncements, the Companies Act, 2017 and other applicable regulatory requirements in respect of financial reporting and the presentation of financial statements. A PRESENTATION OF FINANCIAL STATEMENTS INCLUDING PUBLIC SECTOR ACCOUNTING 1. Presentation of financial statements (IAS 1, IAS 7 and Companies Act, 2017) 2. IAS 27: Separate financial statements 3. IFRS 10: Consolidated financial statements 4. IAS 28: Accounting for associates and joint ventures 5. IFRS 11: Joint arrangements 6. IFRS 12: Disclosure of interests in other entities 7. IAS 34: Interim financial reporting 8. IAS 29: Financial Reporting in Hyperinflationary Economies 9. IFRS 5: Non-current assets held for sale and discontinued operations 10. IFRS 8: Operating segments 11. Overview of IPSASs and the conceptual framework for general purpose financial reporting by public sector entities 12. IPSAS 1 Presentation of financial statements 13. IPSAS Financial reporting under the cash basis of accounting (this IPSAS has not been given any number). B FINANCIAL REPORTING AND ETHICS a. Financial reporting 1. The Conceptual Framework for the preparation and presentation of financial statements 2. IFRS 1: First-time adoption of international financial reporting standards 3. IFRS 2: Share-based payment 4. IFRS 3: Business combinations 5. IFRS 4: Insurance contracts 6. IFRS 6: Exploration for and evaluation of mineral resources 7. IFRS 7: Financial instruments: disclosures 8. IFRS 9: Financial Instruments 9. IFRS 13: Fair value measurement 10. IFRS 14: Regulatory deferral accounts 11. IFRS 15: Revenue from contracts with customers 12. IAS 2: Inventories 13. IAS 8: Accounting policies, changes in accounting estimates and errors 14. IAS 10: Events after the reporting date 15. IAS 12: Income Taxes 16. IAS 16: Property, plant and equipment 17. IFRS 16: Leases 18. IAS 19: Employee benefits 19. IAS 20: Accounting for government grants and disclosure of government assistance 20. IAS 21: The effects of changes in foreign exchange rates 21. IAS 23: Borrowing costs 22. IAS 24: Related party disclosures 23. IAS 32: Financial instruments: Presentation 24. IAS 33: Earnings per share 25. IAS 36: Impairment of assets 26. IAS 37: Provisions, contingent liabilities and contingent assets 27. IAS 38: Intangible assets 28. IAS 39: Financial instruments: recognition and measurement 29. IAS 40: Investment property 30. IAS 41: Agriculture 31. IFRIC 1: Changes in existing decommissioning, restoration and similar liabilities 32. IFRIC 2: Members’ shares in co-operative entities and similar instruments 33. IFRIC 5: Rights to interests arising from decommissioning, restoration and environmental rehabilitation funds 34. IFRIC 6: Liabilities arising from participating in a specific market – waste electrical and electronic equipment 35. IFRIC 7: Applying the restatement approach under IAS 29 financial reporting in hyperinflationary economies 36. IFRIC 10: Interim financial reporting and impairment 37. IFRIC 12: Service concession arrangements 38. IFRIC 14: IAS 19 – The limit on a defined benefit asset, minimum funding requirements and their interaction 39. IFRIC 16: Hedges of a net investment in a foreign operation 40. IFRIC 17: Distributions of non-cash assets to owners 41. IFRIC 19: Extinguishing financial liabilities with equity instruments 42. IFRIC 20: Stripping costs in the production phase of a surface mine 43. IFRIC 21: Levies 44. SIC 7: Introduction of the euro 45. SIC 10: Government assistance – no specific relation to operating activities 46. SIC 25: Income taxes – changes in the tax status of an enterprise or its shareholders 47. SIC 29: Disclosure – service concession arrangements 48. SIC 32: Intangible Assets – web site costs b. Ethics 1. Professional misconduct under the Chartered Accountants Ordinance 1961 2. Code of Ethics issued by the Institute of Chartered Accountants of Pakistan C SPECIALISED FINANCIAL STATEMENTS 1. Small and medium sized entities 2. Banks 3. Mutual Funds 4. Insurance Companies 5. IAS 26: Accounting and reporting by retirement benefit plans 6. Overview of Islamic accounting standard issued by ICAP Please subscribe to this channel for more videos click https://www.youtube.com/c/FutureCharteredAccountant?sub_confirmation=1 Visit my website https://www.taxaam.com #TAXAAM #ICAP #CA Final #CFAP 1
NEW: IFRS 12, Disclosure of Interests in Other Entities
 
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W Consulting IFRS Quickies IFRS 12
Views: 3921 Wconsulting
IFRS 11 Joint Arrangements - summary
 
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http://www.ifrsbox.com This is the short summary of the standard IFRS 11 Joint Arrangements. The objective of this standard is to establish principles for financial reporting by entities that have an interest in arrangements that are controlled jointly (i.e. joint arrangements). Standard IFRS 11 defines joint control as the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. IFRS 11 classifies joint arrangements into 2 categories: 1. Joint ventures – the parties have rights to net assets of the arrangements. The interest in joint venture is accounted for using the equity method under IAS 28. 2. Joint operations – the parties have rights to assets and obligations for the liabilities of the joint arrangement. The joint operator accounts for its assets, liabilities, revenues and expenses (including the share on items incurred jointly).
Views: 36943 Silvia M. (of IFRSbox)
IAS 36 Impairment of Assets
 
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http://www.ifrsbox.com Get "Top 7 IFRS Mistakes" and e-mail updates at http://www.ifrsbox.com The objective of IAS 36 Impairment of assets is to ensure that assets are carried at no more than their recoverable amount and to define how recoverable amount is determined. This summary explains that an asset is impaired when its carrying amount exceeds its recoverable amount. Impairment loss is a difference between asset's recoverable and carrying amount. Then, an entity needs to assess the indicators of impairment at least annually, both from external and internal sources. If there is an indication of impairment, an entity must perform impairment testing and determine asset's recoverable amount. Recoverable amount represents a higher of asset's fair value less cost to sell and value in use. Fair value of an asset is determined in line with the standard IFRS 13 Fair value measurement. Value in use is the present value of the future cash flows expected to be derived from an asset or cash generating unit. This video explains how to estimate future cash flows expected from the asset and how to determine the appropriate discount rate for setting the present value. Once you have calculated the amount of your impairment loss as a difference between asset's carrying amount and it's recoverable amount, you need to recognize this impairment loss in the financial statements based on the model applied. When an entity applies cost model for the asset under review, then the impairment loss is recognized immediately in profit or loss. When an entity carries its assets under review at revalued amount (for example, in accordance with revaluation model in IAS 16), then any impairment loss shall be treated as a revaluation decrease in accordance with that standard. After the recognition of an impairment loss, it is also necessary to adjust depreciation for future periods. Sometimes it's not possible to determine recoverable amount for individual asset and therefore, you need to determine your cash generating unit that is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. This summary also deals with the following situations: - Impairment loss of cash generating units - Impairment loss in business combinations with goodwill - Corporate assets You will also learn about reversals of impairment loss: when and how to do it. Visit my web and enjoy IFRS learning at http://www.ifrsbox.com!
Views: 218583 Silvia M. (of IFRSbox)
ACCA P2 Disclosure of interest in other entities (IFRS 12)
 
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ACCA P2 Disclosure of interest in other entities (IFRS 12) Free lectures for the ACCA P2 Corporate Reporting Exams
Views: 1341 OpenTuition
Hedging - Accounting for excluded components
 
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Learn more at PwC.com - https://pwc.to/2N3EF5r How can the FASB’s new hedge accounting guidance reduce income statement volatility? Watch our latest video for more info. *Transcript text has been reduced for space restrictions. Watch the full video for the complete information. We will discuss changes made to the accounting for components excluded from the assessment of hedge effectiveness. Consistent with previous accounting, the new guidance permits companies to exclude certain elements of a derivative instrument’s change in fair value from the assessment of hedge effectiveness. These elements are referred to as “excluded components”. However, the new guidance expands the previous allowable exclusions and changes the recognition of excluded components. What components are eligible for exclusion from the assessment of effectiveness? Under previous guidance, an entity may exclude the time value of an option, or certain portions of it, when determining the change in fair value of the derivative instrument. An entity may also exclude the change in the fair value of a derivative contract related to the difference between the spot price and the forward or futures price, referred to as “forward points”, when determining the change in fair value of a forward contract. The new guidance continues to allow exclusion of these components and also permits companies to exclude the portion of the change in fair value of a cross-currency swap due to the cross-currency basis spread. The cross-currency basis spread is embedded in a cross currency interest rate swap. Under previous guidance, that was a source of income statement volatility because it was part of the valuation mechanics of the currency swap but not part of the valuation mechanics of the hedged item. As a result, being able to exclude it from the effectiveness assessment should improve the effectiveness of the hedge. Now that we’ve discussed which components are eligible for exclusion from the assessment of effectiveness, how should excluded components be recognized in the financial statements? Previous guidance required a mark-to-market approach for recognition of excluded components. This requirement could be a source of income statement volatility in each period. Under the new guidance, a reporting entity may elect an accounting policy to use either a mark-to-market approach or an amortization approach. This election must be consistently applied for similar hedges. Under the newly-allowable amortization approach, the initial value of the components excluded from the assessment of hedge effectiveness is recognized in earnings using a systematic and rational method over the life of the hedging instrument. Any difference between the change in fair value of the excluded component and amounts recognized in earnings under that systematic and rational method would be recognized in other comprehensive income. While both methods produce the same cumulative result, the amortization approach provides for more predictable results. What is the accounting treatment for excluded components upon discontinuance of a hedge? When a hedge is discontinued, if the company recognizes the excluded component through the amortization approach, the company is required to release amounts remaining in Accumulated Other Comprehensive Income, or AOCI, as follows: For a cash flow hedge in which the forecasted transaction is still probable of occurring, an entity would release amounts from AOCI when the forecasted transaction impacts earnings. However, if the forecasted transaction is probable of not occurring, an entity would release amounts from AOCI to earnings in the current period. For a fair value hedge, an entity would release amounts from AOCI consistent with how fair value hedge basis adjustments are recognized in earnings for the related hedged item. For a net investment hedge, any amounts that have not been amortized into income should remain in the entity’s cumulative translation adjustment account until the hedged net investment is sold or substantially liquidated. The new hedging guidance, including new guidance around excluded components, allows entities to better align their risk management activities with their hedge accounting. Entities should be aware that transition relief is provided related to these changes, if elected at adoption. In addition, there are amended disclosure requirements associated with excluded components.
Views: 1354 PwC US
What is IFRS?
 
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What are Accounting Standards Accounting standards are authoritative standards for financial reporting and are the primary source of generally accepted accounting principles (GAAP). Accounting standards specify how transactions and other events are to be recognized, measured, presented and disclosed in financial statements. The objective of such standards is to provide financial information to investors, lenders, creditors, contributors and others that is useful in making decisions about providing resources to the entity. What is IFRS? IFRS is short for International Financial Reporting Standards. IFRS is the international accounting framework within which to properly organize and report financial information. It is derived from the pronouncements of the London-based International Accounting Standards Board (IASB). It is currently the required accounting framework in more than 120 countries. IFRS requires businesses to report their financial results and financial position using the same rules; this means that, barring any fraudulent manipulation, there is considerable uniformity in the financial reporting of all businesses using IFRS, which makes it easier to compare and contrast their financial results. IFRS is used primarily by businesses reporting their financial results anywhere in the world except the United States. Generally Accepted Accounting Principles, or GAAP, is the accounting framework used in the United States. GAAP is much more rules-based than IFRS. IFRS focuses more on general principles than GAAP, which makes the IFRS body of work much smaller, cleaner, and easier to understand than GAAP. IFRS covers a broad array of topics, including: • Presentation of financial statements • Revenue recognition • Employee benefits • Borrowing costs • Income taxes • Investment in associates • Inventories • Fixed assets • Intangible assets • Leases • Retirement benefit plans • Business combinations • Foreign exchange rates • Operating segments • Subsequent events • Industry-specific accounting, such as mineral resources and agriculture There are several working groups that are gradually reducing the differences between the GAAP and IFRS accounting frameworks, so eventually there should be minor differences in the reported results of a business if it switches between the two frameworks. There is a stated intent to eventually merge GAAP into IFRS, but this has not yet occurred.
Views: 440 Presentations Buddy
ACCA P2 First time adoption (IFRS 1)
 
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ACCA P2 First time adoption (IFRS 1) Free lectures for the ACCA P2 Corporate Reporting Exams
Views: 11488 OpenTuition
CIMA F2 Disclosure of interests in other entities (IFRS 12)
 
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CIMA F2 Disclosure of interests in other entities (IFRS 12) Free lectures for the CIMA F2 Advanced Financial Reporting Exams
Views: 1579 OpenTuition
Consolidated Balance Sheet | Elimination of Investment |Advanced Accounting |CPA Exam FAR | Ch 3 P 2
 
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Accounting for stock acquisitions, parent, subsidiary, noncontrolling interest, elimination entries goodwill impairment, advanced accounting, asset acquisition, stock acquisition, mergers, consolidations, acquisitions, consolidated financial statements, acquirer, acquiree, Investment in Subsidiary, CPA exam, Variable interest entity, Enron, special purpose entity
ACCA Financial reporting Groups and Consolidated Financial Statements IFRS 10 – Part 1 2018
 
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Groups and Consolidated Financial Statements IFRS 10 – Part 1
Views: 332 ACCA Videos
IFRS 3 Business Combinations - Summary
 
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http://www.ifrsbox.com This is the short summary of IFRS 3 Business Combinations. The objective of IFRS 3 is to improve the relevance, reliability and comparability of the information that a reporting entity provides in its financial statements about a business combination and its effects. IFRS 3: • Recognizes and measures the identifiable assets acquired, the liabilities assumed and any non-controlling interest in the acquiree; • Recognizes and measures the goodwill acquired in the business combination, or a gain from a bargain purchase; • Determines what information to disclose about the business combination. An investment must constitute a business before we can apply IFRS 3. IFRS 3 requires application of the acquisition method for each business combination. 4 steps: • Step 1: Identifying the acquirer, • Step 2: Determining the acquisition date, • Step 3: Recognizing and measuring the identifiable assets acquired, the liabilities assumed and any non-controlling interest in the acquiree; • Step 4: Recognizing and measuring goodwill or a gain from a bargain purchase. If you’d like to learn how to consolidate, or anything about IFRS in general, please visit http://www.ifrsbox.com and subscribe to our free IFRS mini-course. Thank you!
Views: 111561 Silvia M. (of IFRSbox)
IAS 7 Statement of Cash Flows
 
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http://www.ifrsbox.com This is the short summary of IAS 7 Statement of cash flows. The statement of cash flows is the integral part of the financial statements. It presents the movements in cash and cash equivalents over the reporting period. Cash comprises cash on hand and demand deposits. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. The statement of cash flows shall report cash flows during the period classified by operating, investing and financing activities. Operating activities are the principal revenue-producing activities of the entity and other activities that are not investing or financing activities. Investing activities are the acquisition and disposal of long-term assets and other investments not included in cash equivalents. Financing activities are activities that result in changes in the size and composition of the contributed equity and borrowings of the entity. For more information and other IFRS materials, please visit http://www.ifrsbox.com
Views: 76253 Silvia M. (of IFRSbox)
"De-Facto Control"  as per Ind-As 110 or IFRS 10
 
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It talks about the concept where voting power is less than 50% even though it may be required to consolidate the entity being a CONTROL has been established by using De-Facto Control concept as per Ind-As 110 or IFRS 10. For further details please logon to www.gyanifrs.com.
IAS 32 - Fair Value Method vs Cost Method
 
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The session discusses the impact of the use of Fair Value Method in the books of an entity
IAS 21 The Effects of Changes in Foreign Exchange Rates
 
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http://www.ifrsbox.com This is the short summary of IAS 21 The Effects of Changes in Foreign Exchange Rates. In today's world, the entities carry out their foreign activities in 2 ways: 1. They have some transactions in foreign currencies, or 2. They Have a foreign operation. An entity can also decide to present its financial statements in some foreign currency other than their own. The objective of IAS 21 is to prescribe • How to include foreign currency transactions and foreign operations in the financial statements of an entity; and • How to translate financial statements into a presentation currency. Functional currency is the currency of the primary economic environment in which the entity operates. It is the own entity's currency and all other currencies are "foreign currencies". The primary economic environment is normally the one in which the entity primarily generates and expends the cash, but more factors needed to be considered, such as the currency in which the sales prices are denominated, etc. Presentation currency is the currency in which the financial statements are presented. How to report transactions in FUNCTIONAL CURRENCY Initially, all foreign currency transactions shall be translated to functional currency by applying the spot exchange rate between the functional currency and the foreign currency at the date of the transaction. Subsequently, at the end of each reporting period, you should translate: • All monetary items in foreign currency using the closing rate; • All non-monetary items measured in terms of historical cost using the exchange rate at the date of transaction (historical rate); • All non-monetary items measured at fair value using the exchange rate at the date when the fair value was measured. All exchange rate differences shall be recognized in profit or loss with some exceptions. How to translate financial statements into a PRESENTATION CURRENCY When an entity's functional currency is NOT the currency of a hyperinflationary economy, then an entity should translate: • All assets and liabilities for each statement of financial position presented (including comparatives) using the closing rate at the date of that statement of financial position. • All income and expenses and other comprehensive income items (including comparatives) using the exchange rates at the date of transactions. All resulting exchange differences shall be recognized in other comprehensive income as a separate component of equity. For more information and other IFRS materials, please visit http://www.ifrsbox.com
Views: 68011 Silvia M. (of IFRSbox)
2 minutes on IFRS 12 with Carolyn Anthony
 
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Carolyn Anthony, Partner, National and Global Accounting Consulting Services, discusses IFFRS 12, the standard that sets out the disclosure requirements about a company's interests in subsidiaries, joint arrangements, associates and unconsolidated structured entities.
Views: 943 PwCCanada
CFAP AAFR Lecture 06 -- IFRS 3, Business combination, Consolidation of Financial Statement
 
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CFAP AAFR Lecture 06 TOPIC: IFRS 3, Business combination, Consolidation of Financial Statement SUBJECT: CFAP 1 Advanced Accounting and Financial Reporting OBJECTIVE: To develop an in-depth understanding of, and the ability to apply the requirements of international pronouncements, the Companies Act, 2017 and other applicable regulatory requirements in respect of financial reporting and the presentation of financial statements. A PRESENTATION OF FINANCIAL STATEMENTS INCLUDING PUBLIC SECTOR ACCOUNTING 1. Presentation of financial statements (IAS 1, IAS 7 and Companies Act, 2017) 2. IAS 27: Separate financial statements 3. IFRS 10: Consolidated financial statements 4. IAS 28: Accounting for associates and joint ventures 5. IFRS 11: Joint arrangements 6. IFRS 12: Disclosure of interests in other entities 7. IAS 34: Interim financial reporting 8. IAS 29: Financial Reporting in Hyperinflationary Economies 9. IFRS 5: Non-current assets held for sale and discontinued operations 10. IFRS 8: Operating segments 11. Overview of IPSASs and the conceptual framework for general purpose financial reporting by public sector entities 12. IPSAS 1 Presentation of financial statements 13. IPSAS Financial reporting under the cash basis of accounting (this IPSAS has not been given any number). B FINANCIAL REPORTING AND ETHICS a. Financial reporting 1. The Conceptual Framework for the preparation and presentation of financial statements 2. IFRS 1: First-time adoption of international financial reporting standards 3. IFRS 2: Share-based payment 4. IFRS 3: Business combinations 5. IFRS 4: Insurance contracts 6. IFRS 6: Exploration for and evaluation of mineral resources 7. IFRS 7: Financial instruments: disclosures 8. IFRS 9: Financial Instruments 9. IFRS 13: Fair value measurement 10. IFRS 14: Regulatory deferral accounts 11. IFRS 15: Revenue from contracts with customers 12. IAS 2: Inventories 13. IAS 8: Accounting policies, changes in accounting estimates and errors 14. IAS 10: Events after the reporting date 15. IAS 12: Income Taxes 16. IAS 16: Property, plant and equipment 17. IFRS 16: Leases 18. IAS 19: Employee benefits 19. IAS 20: Accounting for government grants and disclosure of government assistance 20. IAS 21: The effects of changes in foreign exchange rates 21. IAS 23: Borrowing costs 22. IAS 24: Related party disclosures 23. IAS 32: Financial instruments: Presentation 24. IAS 33: Earnings per share 25. IAS 36: Impairment of assets 26. IAS 37: Provisions, contingent liabilities and contingent assets 27. IAS 38: Intangible assets 28. IAS 39: Financial instruments: recognition and measurement 29. IAS 40: Investment property 30. IAS 41: Agriculture 31. IFRIC 1: Changes in existing decommissioning, restoration and similar liabilities 32. IFRIC 2: Members’ shares in co-operative entities and similar instruments 33. IFRIC 5: Rights to interests arising from decommissioning, restoration and environmental rehabilitation funds 34. IFRIC 6: Liabilities arising from participating in a specific market – waste electrical and electronic equipment 35. IFRIC 7: Applying the restatement approach under IAS 29 financial reporting in hyperinflationary economies 36. IFRIC 10: Interim financial reporting and impairment 37. IFRIC 12: Service concession arrangements 38. IFRIC 14: IAS 19 – The limit on a defined benefit asset, minimum funding requirements and their interaction 39. IFRIC 16: Hedges of a net investment in a foreign operation 40. IFRIC 17: Distributions of non-cash assets to owners 41. IFRIC 19: Extinguishing financial liabilities with equity instruments 42. IFRIC 20: Stripping costs in the production phase of a surface mine 43. IFRIC 21: Levies 44. SIC 7: Introduction of the euro 45. SIC 10: Government assistance – no specific relation to operating activities 46. SIC 25: Income taxes – changes in the tax status of an enterprise or its shareholders 47. SIC 29: Disclosure – service concession arrangements 48. SIC 32: Intangible Assets – web site costs b. Ethics 1. Professional misconduct under the Chartered Accountants Ordinance 1961 2. Code of Ethics issued by the Institute of Chartered Accountants of Pakistan C SPECIALISED FINANCIAL STATEMENTS 1. Small and medium sized entities 2. Banks 3. Mutual Funds 4. Insurance Companies 5. IAS 26: Accounting and reporting by retirement benefit plans 6. Overview of Islamic accounting standard issued by ICAP Please subscribe to this channel for more videos click https://www.youtube.com/c/FutureCharteredAccountant?sub_confirmation=1 Visit my website https://www.taxaam.com #TAXAAM #ICAP #CA Final #CFAP 1
CFAP AAFR Lecture 07 - IAS 12, Income Tax, Deferred Tax
 
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CFAP AAFR Lecture 07 TOPIC: IAS 12, Income Tax, Deferred Tax SUBJECT: CFAP 1 Advanced Accounting and Financial Reporting OBJECTIVE: To develop an in-depth understanding of, and the ability to apply the requirements of international pronouncements, the Companies Act, 2017 and other applicable regulatory requirements in respect of financial reporting and the presentation of financial statements. A PRESENTATION OF FINANCIAL STATEMENTS INCLUDING PUBLIC SECTOR ACCOUNTING 1. Presentation of financial statements (IAS 1, IAS 7 and Companies Act, 2017) 2. IAS 27: Separate financial statements 3. IFRS 10: Consolidated financial statements 4. IAS 28: Accounting for associates and joint ventures 5. IFRS 11: Joint arrangements 6. IFRS 12: Disclosure of interests in other entities 7. IAS 34: Interim financial reporting 8. IAS 29: Financial Reporting in Hyperinflationary Economies 9. IFRS 5: Non-current assets held for sale and discontinued operations 10. IFRS 8: Operating segments 11. Overview of IPSASs and the conceptual framework for general purpose financial reporting by public sector entities 12. IPSAS 1 Presentation of financial statements 13. IPSAS Financial reporting under the cash basis of accounting (this IPSAS has not been given any number). B FINANCIAL REPORTING AND ETHICS a. Financial reporting 1. The Conceptual Framework for the preparation and presentation of financial statements 2. IFRS 1: First-time adoption of international financial reporting standards 3. IFRS 2: Share-based payment 4. IFRS 3: Business combinations 5. IFRS 4: Insurance contracts 6. IFRS 6: Exploration for and evaluation of mineral resources 7. IFRS 7: Financial instruments: disclosures 8. IFRS 9: Financial Instruments 9. IFRS 13: Fair value measurement 10. IFRS 14: Regulatory deferral accounts 11. IFRS 15: Revenue from contracts with customers 12. IAS 2: Inventories 13. IAS 8: Accounting policies, changes in accounting estimates and errors 14. IAS 10: Events after the reporting date 15. IAS 12: Income Taxes 16. IAS 16: Property, plant and equipment 17. IFRS 16: Leases 18. IAS 19: Employee benefits 19. IAS 20: Accounting for government grants and disclosure of government assistance 20. IAS 21: The effects of changes in foreign exchange rates 21. IAS 23: Borrowing costs 22. IAS 24: Related party disclosures 23. IAS 32: Financial instruments: Presentation 24. IAS 33: Earnings per share 25. IAS 36: Impairment of assets 26. IAS 37: Provisions, contingent liabilities and contingent assets 27. IAS 38: Intangible assets 28. IAS 39: Financial instruments: recognition and measurement 29. IAS 40: Investment property 30. IAS 41: Agriculture 31. IFRIC 1: Changes in existing decommissioning, restoration and similar liabilities 32. IFRIC 2: Members’ shares in co-operative entities and similar instruments 33. IFRIC 5: Rights to interests arising from decommissioning, restoration and environmental rehabilitation funds 34. IFRIC 6: Liabilities arising from participating in a specific market – waste electrical and electronic equipment 35. IFRIC 7: Applying the restatement approach under IAS 29 financial reporting in hyperinflationary economies 36. IFRIC 10: Interim financial reporting and impairment 37. IFRIC 12: Service concession arrangements 38. IFRIC 14: IAS 19 – The limit on a defined benefit asset, minimum funding requirements and their interaction 39. IFRIC 16: Hedges of a net investment in a foreign operation 40. IFRIC 17: Distributions of non-cash assets to owners 41. IFRIC 19: Extinguishing financial liabilities with equity instruments 42. IFRIC 20: Stripping costs in the production phase of a surface mine 43. IFRIC 21: Levies 44. SIC 7: Introduction of the euro 45. SIC 10: Government assistance – no specific relation to operating activities 46. SIC 25: Income taxes – changes in the tax status of an enterprise or its shareholders 47. SIC 29: Disclosure – service concession arrangements 48. SIC 32: Intangible Assets – web site costs b. Ethics 1. Professional misconduct under the Chartered Accountants Ordinance 1961 2. Code of Ethics issued by the Institute of Chartered Accountants of Pakistan C SPECIALISED FINANCIAL STATEMENTS 1. Small and medium sized entities 2. Banks 3. Mutual Funds 4. Insurance Companies 5. IAS 26: Accounting and reporting by retirement benefit plans 6. Overview of Islamic accounting standard issued by ICAP Please subscribe to this channel for more videos click https://www.youtube.com/c/FutureCharteredAccountant?sub_confirmation=1 Visit my website https://www.taxaam.com #TAXAAM #ICAP #CA Final #CFAP 1
How to Make a Consolidated Balance Sheet with Noncontrolling Interest
 
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This video shows how to make a consolidated balance sheet when one company acquires more than 50% but less than 100% of another company. The accounting is slightly different from a 100% acquisition because the purchaser must create a stockholders' equity account called noncontrolling interest, which represents the minority shareholder's claims against the net assets of the target corporation (e.g., if your firm acquires 70% of a target, you must consolidated 100% of the target's assets and liabilities but then recognize a noncontrolling interest for the shareholders who own the remaining 30% of the target). The consolidated balance sheet presents the assets and liabilities of the combined entity, but it is not as simple as adding the figures from the 2 separate balance sheets together (this would result in double-counting). To create the consolidated balance sheet, one must make a series of adjusting and eliminating entries that do the following: 1. Eliminate the purchaser's investment in the target 2. Eliminate the target's stockholders' equity accounts 3. Step up the target's assets to their fair value 4. Recognize any goodwill 5. Recognize the noncontrolling interest Edspira is your source for business and financial education. To view the entire video library for free, visit http://www.Edspira.com To like Edspira on Facebook, visit https://www.facebook.com/Edspira To sign up for the newsletter, visit http://Edspira.com/register-for-newsletter Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. The goal of Michael's life is to increase access to education so all people can achieve their dreams. To learn more about Michael's story, visit http://www.MichaelMcLaughlin.com To follow Michael on Twitter, visit https://twitter.com/Prof_McLaughlin To follow Michael on Facebook, visit https://www.facebook.com/Prof.Michael.McLaughlin
Views: 17410 Edspira
What is IFRS and IASB?(benefit of IFRS and objectives of IASB)
 
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International Financial Reporting Standards (IFRS): To maintain uniformity and use of same or single accounting standards, International Financial Reporting Standards (IFRS) are developed by International Accounting Standards board (IASB). Objectives of IASB: (1) To develop the single set of high quality global accounting standards so users of information can make good decisions and the information can be comparable globally. (2) To promote the use of these high quality standards. (3) To fulfill the special needs of small and medium size entity by following above objectives. Meaning of IFRS: IFRS is a principle based accounting standards. IFRS are a single set of high quality accounting Standards developed by IASB, recommended to be used by the enterprises globally to produce financial statements. Benefits of IFRS: (1) Global comparison of financial statements of any companies is possible (2) Financial statements prepared by using IFRS shall be better understood with financial statements prepared by the country specific accounting standards. So the investors can make better decision about their investments. (3) Industry can raise or invest their funds by better understanding if financial statements are there with IFRS. (4) Accountants and auditors are in a position to render their services in countries adopting IFRS. (5) By implementation of IFRS accountants and auditors can save the time and money. (6) Firm using IFRS can have better planning and execution. It will help the management to execute their plans globally.
Views: 278 Commerce Ke Fundey
Variable Interest Entity | Advanced Accounting | CPA Exam FAR | Ch 3 P 1
 
30:04
Variable interest entity, Enron, special purpose entity Accounting for stock acquisitions, parent, subsidiary, noncontrolling interest, elimination entries goodwill impairment, advanced accounting, asset acquisition, stock acquisition, mergers, consolidations, acquisitions, consolidated financial statements, acquirer, acquiree, Investment in Subsidiary, CPA exam
20 Advanced Accounting: Translating Foreign Subsidiaries
 
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In our last lesson on consolidation accounting, we learn how to translate foreign subsidiaries using two methods. For more information on this topic, visit our website www.FinanceLearningAcademy.com
Views: 22724 Executive Finance
How to Make a Consolidated Balance Sheet
 
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This video shows how to make a consolidated balance sheet when one company acquires 100% of another company. The consolidated balance sheet presents the assets and liabilities of the combined entity, but it is not as simple as adding the figures from the 2 separate balance sheets together (this would result in double-counting). To create the consolidated balance sheet, one must make a series of adjusting and eliminating entries that do the following: 1. Eliminate the purchaser's investment in the target 2. Eliminate the target's stockholders' equity accounts 3. Step up the target's assets to their fair value 4. Recognize any goodwill Edspira is your source for business and financial education. To view the entire video library for free, visit http://www.Edspira.com To like Edspira on Facebook, visit https://www.facebook.com/Edspira To sign up for the newsletter, visit http://Edspira.com/register-for-newsletter Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. The goal of Michael's life is to increase access to education so all people can achieve their dreams. To learn more about Michael's story, visit http://www.MichaelMcLaughlin.com To follow Michael on Twitter, visit https://twitter.com/Prof_McLaughlin To follow Michael on Facebook, visit https://www.facebook.com/Prof.Michael.McLaughlin
Views: 24816 Edspira
IFRS Update: IFRS 10, IFRS 11 and IFRS 12
 
01:11:38
Executive IFRS workshop for regulators, 3-7 June 2013, Vienna Presented by Amaro Gomes, Board Member, IASB and Mariela Isern, Senior Technical Manager, IASB The CFRR and the International Accounting Standards Board (IASB) jointly organized a five-day Executive IFRS Seminar for financial regulators from 3 to 7 June 2013 in Vienna. Financial regulators’ ability to effectively supervise the institutions which they are responsible for overseeing and, in particular, to monitor that these institutions are meeting the required prudential standards, including the internationally agreed Basel III rules and the EU’s Solvency II framework for insurance, relies on their understanding of the financial information submitted to them. Most of this information is (directly or indirectly) taken from the financial statements produced by banks and insurance companies. In the EU and in many other countries around the world, these financial statements are drawn up using International Financial Reporting Standards (IFRS) set by the IASB. However, many financial regulators do not come from an accounting background and have only an imperfect understanding of the principles behind IFRS and of the judgments that are made when the reporting standards are applied in practice. This limits their ability to make full use of the information contained in bank and insurance company financial statements, so making them less effective regulators. More about the workshop: https://tinyurl.com/ybhn9e7m More about REPARIS Program: https://tinyurl.com/p5pavhp Visit us at http://worldbank.org/cfrr
Views: 164 WorldBank CFRR
NEW: IFRS 10, Consolidated Financial Statements
 
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W Consulting IFRS Quickies with Tapiwa Njikizana IFRS 10 - Consolidated Financial Statements
Views: 14492 Wconsulting
ACCA P2 IAS 34 Interim Financial Reporting
 
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ACCA P2 IAS 34 Interim Financial Reporting Free lectures for the ACCA P2 Corporate Reporting Exams
Views: 6967 OpenTuition
How to Calculate Noncontrolling Interest for the Balance Sheet
 
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This video discusses the Balance Sheet account called Noncontrolling Interest. Noncontrolling Interest arises when one company purchases more than 50% but less than 100% of another company. The purchasing company is required to consolidated 100% of the target company's assets and liabilities, yet it controls less than 100% of the target company. For this reason, a stockholders' equity account called Noncontrolling Interest is created to represent the claims of the minority shareholders against the target company. The video provides an example to demonstrate how the amount of the noncontrolling interest figure is calculated by determining the imputed value of the target company and then multiplying the imputed value by the minority shareholders' ownership percentage. Edspira is your source for business and financial education. To view the entire video library for free, visit http://www.Edspira.com To like Edspira on Facebook, visit https://www.facebook.com/Edspira To sign up for the newsletter, visit http://Edspira.com/register-for-newsletter Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. The goal of Michael's life is to increase access to education so all people can achieve their dreams. To learn more about Michael's story, visit http://www.MichaelMcLaughlin.com To follow Michael on Twitter, visit https://twitter.com/Prof_McLaughlin To follow Michael on Facebook, visit https://www.facebook.com/Prof.Michael.McLaughlin
Views: 8673 Edspira
IFRS 10 Consolidated Statement of Financial position
 
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simple method to solve Consolidation IFRS 10. question ACCA F7
Views: 74 ACCA Help
IFRS - IAS 1 - Presentation of Financial Statements
 
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An overview of the requirements of IAS 1 - Presentation of Financial Statements along with applicability for Indian entities under Ind AS. Courtesy: The Institute of Computer Accountants (www.icajobguarantee.com)
Views: 159639 Vikash Goel
Call fund  complies as Portfolio Investment Entity
 
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The National Bank will tomorrow launch a new call fund that complies with Portfolio Investment Entity (PIE) rules. The fund will operate just like an on-call account and be attractive to savers paying income tax at a rate of 39%.The National Bank Call Fund will invest only in call deposits with ANZ National Bank Ltd and have no entry, exit or management fees. It is accessible by National Bank customers via the internet, over the phone and at any National Bank branch. "Effectively, tax on your income from the fund can be lower than tax on income from bank deposits, which for many investors is 39%," National Bank Retail Banking Managing Director Craig Sims said. The fund will be available from April 1 and offer a rate of 8.1% with a minimum investment of NZ$5,000. National Bank said PIE status means that for a 39% taxpayer the 8.1% return is equal to that from a non-PIE account bank account paying 9.3%.
Views: 339 ofInterestNZ
CFAP AAFR Lecture 24-- IAS 32 Financial Instruments presentation,
 
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CFAP AAFR Lecture Topic : IAS 32 Financial Instruments presentation Subject : CFAP 1 Advanced Accounting and Financial Reporting Objective: To develop an in-depth understanding of, and the ability to apply the requirements of international pronouncements, the Companies Act, 2017 and other applicable regulatory requirements in respect of financial reporting and the presentation of financial statements. A PRESENTATION OF FINANCIAL STATEMENTS INCLUDING PUBLIC SECTOR ACCOUNTING 1. Presentation of financial statements (IAS 1, IAS 7 and Companies Act, 2017) 2. IAS 27: Separate financial statements 3. IFRS 10: Consolidated financial statements 4. IAS 28: Accounting for associates and joint ventures 5. IFRS 11: Joint arrangements 6. IFRS 12: Disclosure of interests in other entities 7. IAS 34: Interim financial reporting 8. IAS 29: Financial Reporting in Hyperinflationary Economies 9. IFRS 5: Non-current assets held for sale and discontinued operations 10. IFRS 8: Operating segments 11. Overview of IPSASs and the conceptual framework for general purpose financial reporting by public sector entities 12. IPSAS 1 Presentation of financial statements 13. IPSAS Financial reporting under the cash basis of accounting (this IPSAS has not been given any number). B FINANCIAL REPORTING AND ETHICS a. Financial reporting 1. The Conceptual Framework for the preparation and presentation of financial statements 2. IFRS 1: First-time adoption of international financial reporting standards 3. IFRS 2: Share-based payment 4. IFRS 3: Business combinations 5. IFRS 4: Insurance contracts 6. IFRS 6: Exploration for and evaluation of mineral resources 7. IFRS 7: Financial instruments: disclosures 8. IFRS 9: Financial Instruments 9. IFRS 13: Fair value measurement 10. IFRS 14: Regulatory deferral accounts 11. IFRS 15: Revenue from contracts with customers 12. IAS 2: Inventories 13. IAS 8: Accounting policies, changes in accounting estimates and errors 14. IAS 10: Events after the reporting date 15. IAS 12: Income Taxes 16. IAS 16: Property, plant and equipment 17. IFRS 16: Leases 18. IAS 19: Employee benefits 19. IAS 20: Accounting for government grants and disclosure of government assistance 20. IAS 21: The effects of changes in foreign exchange rates 21. IAS 23: Borrowing costs 22. IAS 24: Related party disclosures 23. IAS 32: Financial instruments: Presentation 24. IAS 33: Earnings per share 25. IAS 36: Impairment of assets 26. IAS 37: Provisions, contingent liabilities and contingent assets 27. IAS 38: Intangible assets 28. IAS 39: Financial instruments: recognition and measurement 29. IAS 40: Investment property 30. IAS 41: Agriculture 31. IFRIC 1: Changes in existing decommissioning, restoration and similar liabilities 32. IFRIC 2: Members’ shares in co-operative entities and similar instruments 33. IFRIC 5: Rights to interests arising from decommissioning, restoration and environmental rehabilitation funds 34. IFRIC 6: Liabilities arising from participating in a specific market – waste electrical and electronic equipment 35. IFRIC 7: Applying the restatement approach under IAS 29 financial reporting in hyperinflationary economies 36. IFRIC 10: Interim financial reporting and impairment 37. IFRIC 12: Service concession arrangements 38. IFRIC 14: IAS 19 – The limit on a defined benefit asset, minimum funding requirements and their interaction 39. IFRIC 16: Hedges of a net investment in a foreign operation 40. IFRIC 17: Distributions of non-cash assets to owners 41. IFRIC 19: Extinguishing financial liabilities with equity instruments 42. IFRIC 20: Stripping costs in the production phase of a surface mine 43. IFRIC 21: Levies 44. SIC 7: Introduction of the euro 45. SIC 10: Government assistance – no specific relation to operating activities 46. SIC 25: Income taxes – changes in the tax status of an enterprise or its shareholders 47. SIC 29: Disclosure – service concession arrangements 48. SIC 32: Intangible Assets – web site costs b. Ethics 1. Professional misconduct under the Chartered Accountants Ordinance 1961 2. Code of Ethics issued by the Institute of Chartered Accountants of Pakistan C SPECIALISED FINANCIAL STATEMENTS 1. Small and medium sized entities 2. Banks 3. Mutual Funds 4. Insurance Companies 5. IAS 26: Accounting and reporting by retirement benefit plans 6. Overview of Islamic accounting standard issued by ICAP Please subscribe to this channel for more videos click https://www.youtube.com/c/FutureCharteredAccountant?sub_confirmation=1 Visit my website https://www.taxaam.com
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