international financial reporting standards

3 requirements of IFRS 8 on identification of reportable segments.

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.

Definition of reportable segment.

IFRS 8 requires an entity to report financial and descriptive information about its reportable segments. Reportable segments are operating segments or aggregation of reporting … Read the rest

Accounting policy – meaning

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 IFRS Advisory Council – explained.

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

2 conditions which must be present in order to classify a non current asset as being held for sale.

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.


A non current asset is classified as ‘held for

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What is the International Accounting Standard Board (IASB)?

The International Accounting Standard Board (IASB) which was set up in April 2001 is independent standard-setting body of IFRS foundation. It replaces the International Accounting Standard Committee (IASC)  which had been setting International Accounting Standard (IAS) since 1973. At the time of its initiation, the IASB adopted in full all existing IASs and decided that all new … Read the rest