Archive for the ‘Accounting Standards’ Category
Technical Summary Of IFRS 2 Share Based Payment
Objective of IFRS 2:
To specify the financial reporting by an entity when it undertakes a share-based payment transaction. In particular, it requires an entity to reflect in its profit or loss and financial position the effects of share-based payment transactions, including expenses associated with transactions in which share options are granted to employees.
Requirements:
An entity needs [...]
December 2, 2007
Tags: Accounting Standards, IFRS Posted in: Accounting Standards 
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Technical Summary Of IFRS 3 Business Combinations
Objective:
To specify the financial reporting by an entity when it undertakes a business combination.
[ A business combination is the bringing together of separate entities or businesses into one reporting entity. The result of nearly all business combinations is that one entity, the acquirer, obtains control of one or more other businesses, the acquiree. If [...]
December 2, 2007
Tags: Accounting Standards, IFRS Posted in: Accounting Standards No Comments
Technical Summary Of IFRS 5 Non-current Assets Held for Sale and Discontinued Operations
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The objective of this IFRS is to specify the accounting for assets held for sale, and the presentation and disclosure of discontinued operations. In particular, the IFRS requires:
 (a) assets that meet the criteria to be classified as held for sale to be measured at the lower of carrying amount and fair value less costs [...]
December 2, 2007
Tags: Accounting Standards, IFRS Posted in: Accounting Standards No Comments
Technical Summary Of IFRS 6 Exploration for and Evaluation of Mineral Resources
Objective:
To specify the financial reporting for the exploration for and evaluation of mineral resources.
Exploration and evaluation expenditures are expenditures incurred by an entity in connection with the exploration for and evaluation of mineral resources before the technical feasibility and commercial viability of extracting a mineral resource are demonstrable.
Exploration for and evaluation of mineral resources [...]
December 2, 2007
Tags: Accounting Standards, IFRS Posted in: Accounting Standards No Comments
Technical Summary Of IFRS 7 Financial Instruments: Disclosures
Objective:
To require entities to provide disclosures in their financial statements that enable users to evaluate:
(a) the significance of financial instruments for the entity’s financial position and performance; and
(b) the nature and extent of risks arising from financial instruments to which the entity is exposed during the period and at the reporting date, and [...]
December 2, 2007
Tags: Accounting Standards, IFRS Posted in: Accounting Standards No Comments
Technical Summary Of IFRS 8 Operating Segments
Core principle-An entity shall disclose information to enable users of its financial statements to evaluate the nature and financial effects of the business activities in which it engages and the economic environments in which it operates.
This IFRS shall apply to:
(a) the separate or individual financial statements of an entity:
(i) whose debt or [...]
December 2, 2007
Tags: Accounting Standards, IFRS Posted in: Accounting Standards No Comments
Technical Summary Of IAS 1 Presentation of Financial Statements
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The objective of this Standard is to prescribe the basis for presentation of general purpose financial statements, to ensure comparability both with the entity’s financial statements of previous periods and with the financial statements of other entities. To achieve this objective, this Standard sets out overall requirements for the presentation of financial statements, guidelines for [...]
December 2, 2007
Tags: IAS, International Accounting Standards Posted in: Accounting Standards No Comments
