IFRS 8 reporting segments seeks to assist the user of financial statements gain a clearer understanding of the performance of the business by requiring disaggregation of the reported financial information into segments.
An associate is an entity over which the investor has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee, without having control or joint control over these policies.
Significant influence is normally assumed to exist if the investor own between … Read the rest
IAS 8: Accounting Polices, Changes in Accounting Estimates and Errors lays down criteria for the selection of accounting policies and prescribes circumstances in which an entity may change an accounting policy. The standard also deals with accounting treatment of changes in accounting policies, changes in accounting estimates and correction of errors.
Accounting policies are the specific principles, bases, conventions, rules … Read the rest
The following is the process used by the international accounting standard board (IASB) to make IFRS:
- IASB staff review all the issues associated with topic and consider the application of the IASB framework to the issues .
- Study of national accounting requirements.
- consulting the IASB standard advisory board (SAB) about the advisability of adding the topic to IASB agenda
The IFRS Advisory Council is the formal advisory body to the IASB and the Trustees of the IFRS Foundation. It consists of a wide range of representatives from groups that are affected by and interested in the IASB’s work. These include investors, financial analysts and other users of financial statement, as well as preparers, academics, auditors, regulators, professional accounting bodies … Read the rest
IFRS 5 (non current asset held for sale and discontinued operation) set out the principles governing the measurement and presentation on non current asset that are expected to be realized through sale rather than through continuing use. The standard also deals with reporting the results of operations that qualify as discontinued.
… Read the rest
A non current asset is classified as ‘held for
The objective of IAS 37 provision, contingent liabilities, and contingent assets, is to ensure that appropriate recognition criteria and measurement bases are applied to provision, contingent liabilities, and contingent assets and that sufficient information is disclosed in the notes to enable users to understand their nature, timing and amount.