Diploma IFRS FastTrack Revision Batch Starts From 7th May 2022 | Enroll Now - Classified Ad

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Diploma IFRS FastTrack Revision Batch Starts From 7th May 2022 | Enroll Now - Classified Ad

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From IAS 1 to IFRS 18: Key Changes in Corporate Reporting You Should Know - Part 1

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Introduction and background: There was a continuous demand from the investors for more relevant information and transparency in the presentation of companies’ financial statements. Investors also want greater comparability between financial statements and more consistency in financial measures presented. In response, in April 2024, the International Accounting Standards Board (IASB) issued IFRS 18 – Presentation and Disclosure in Financial Statements , a new standard that replaces IAS 1 after nearly two decades. The introduction of IFRS 18 marks one of the most significant reforms in how entities present their financial performance, aiming to make financial statements more comparable, transparent, and decision-useful for investors and other stakeholders. IFRS 18 has impact on companies across different industries. Although net profit will remain unchanged, entities will see changes to the structure of their statement of profit or loss. For some, the changes will be significant, d...
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IAS 36- Impairment of Assets- Part 3

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  n our previous blogs, as a part of   IAS 36- Impairment of Assets ,   we discussed on what is cash generating unit (CGU), recoverable value, value in use and how to calculate impairment loss etc.   Impairment loss   is calculated as carrying value of an asset or CGU less its recoverable value. In this blog we will further discuss how to  recognise and measure impairment loss  of individual asset or CGU or group of CGU, whether with and without goodwill. Accounting entries for impairment loss on assets or CGU is provided for easy understanding. We’ll also discuss the  manner of impairment testing  to be followed if testing of individual assets/ CGUs coincides with the CGU/ Group of CGUs to which they belong. Recognising and measuring impairment loss (A) Individual asset or CGU without goodwill Accounting entry: Statement of P&L / OCI (in case of revalued assets) A/c Dr. (Impairment loss, if any on individual asset or CGU without goodwill...
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Reporting for IPO – Restatement adjustments

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  In the previous blog of the series on  IPO reporting , we evaluated the accounting framework applicable for the IPO. Accordingly, the issuer company shall prepare restated consolidated financial information to be presented in the offer document based on reporting framework in which they have prepared their latest financial statements before filing the offer document. Even if the latest financial statements are in  Indian GAAP, SEBI  has provided an option to issuer company to adopt Ind AS to restate the financial statements for all three years. Per our view, the issuer company shall opt for the Ind AS reporting framework for the restated financial statements as it reduces time, costs, and efforts of the Company. The company could execute Ind AS restatement as well as IPO restatement at the same time by removing duplication of efforts which otherwise would be performed at different times. In this blog, we will analyze the nature of adjustments required to prepare ‘C...
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