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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IFRS 13: Fair Value Measurement – Part 2

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  In our previous blog–  IFRS 13: Fair Value Measurement- Part 1 , we discussed on the definition of fair value and key aspects of which management requires to consider while determining fair value under IFRS 13. Fair value is an exit price, thus while measuring fair value one should consider the price of such asset or a liability on the basis of its units (standalone or within group like CGU) and its characteristics, price in a principal market or most advantageous market, price in hypothetical transaction between market participants & the price to take exit from that asset or a liability or group. We have discussed these concepts with the help of suitable examples.   In this blog, we will further discuss the few more concepts required for fair value measurement viz. factors to consider for a non-financial asset, valuation techniques and hierarchy of information to be used while determining FV. We know that fair value is not an entity specific measure but is mark...
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Classification of Property as Investment Property

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  Background: Entity is engaged in the business of development of a special economic zone and industrial park. For development of SEZ, the Entity has purchased, and Government has awarded large parcels of land to the entity. The Company shall develop the land and shall create infrastructure on such land before selling/ leasing the plots to the other businesses. Thus, some portion of land with the entity will be sold in ordinary course of business and some shall be provided on finance lease. Consequently that land shall be classified and presented as “inventory” as per IAS 2 / Ind AS 2 – Inventories in the books of the entity. Due to some legal issues, there are uncertainties regarding the usage of the land and entity is uncertain about the exact usage of the land i.e., whether it will be sold or given on finance lease or operating lease on the date of reporting. Few queries with respect to the accounting of such property have been raised as below. As a part of this blog, we will an...
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DipIFR Examiner Reports – Insights

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The Diploma in International Financial Reporting (DipIFR) examiner reports are one of the most useful resources for understanding where students lose marks. Across multiple sittings, some recurring mistakes show up consistently. Students preparing for the upcoming examination can strengthen their concepts and application skills through a structured DipIFR preparation course focused on exam-oriented IFRS learning and practical application technique What the Examiner Really Wants A professional analysis of the DipIFR Examiner’s Reports — synthesised for students and teachers preparing for the upcoming examination. Key Findings: Students who understand the standards but fail to apply them to the specific scenario score far below their potential. After analysing the recent examiner’s reports, the patterns are clear, consistent and mistakes can be entirely avoided. The Examination pattern - Which does not change The DipIFR examination has a fixed pattern. Understanding this structure is ...
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