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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IAS 38 Made Simple: Recognition of Intangible Assets for ACCA DipIFR Students

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  Background In previous blog we had seen what property, plant and equipment (PPE) is and its recognition and initial measurement principles under International Financial Reporting Standards (IFRS) as per IAS 16 – PPE. In this blog we will understand accounting for an equally important resource or asset for a business, however, which does not have physical substance, called as intangible asset. Intangible assets cannot be seen or touched because they lack physical substance for e.g. brands, copyrights, patents, trademarks, trade names, Customer relations etc. Intangible assets are crucial for businesses in some sectors because they provide competitive advantage, innovative capabilities and long-term value, in the business.   IAS 38 – Intangible assets under IFRS framework  provides the detailed accounting for such intangible resources. It provides in depth guidance on the topics like which resources can be considered as intangible assets (IA), when entity is eligible...
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Business combinations – Dealing with practical challenges (Part B)

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    As we had seen in the previous blog, that mergers and acquisitions are becoming more and more common as entities aim to achieve their growth objectives. IFRS 3 / Ind AS 103 provides a detailed guidance on accounting for business combinations. Upon recognising identifiable net assets acquired in business combination, their measurement is critical issue which shall be based on the purchase price allocation. Few practical challenges in measuring the net assets are discussed below: Measurement of acquired net assets IFRS 3 / Ind AS 103 requires identifiable assets acquired and liabilities assumed  to be measured at their acquisition-date fair values.  The acquisition date fair value will be deemed as cost. Fair value is defined as the amount that would be received to sale an asset or would be paid to transfer a liability, in an orderly transaction between market participants on a measurement date. The fair value of identifiable assets acquired and liabilities assumed...
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The Purpose of IFRS

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  International Financial Reporting Standards (IFRS) are global rules of finance to prepare and present statements. These standards ensure consistency in accounting procedures, which facilitates the understanding and comparison of financial accounts across national boundaries.    IFRS was designed by the International Accounting Standards Board in 2003 and is accepted by over 168 countries worldwide. IFRS has become the worldwide standard for accounting over time.   In this article, we will learn more about the impact, and benefits of IFRS. The Purpose of International Accounting Standards Well, today is the age of the Global economy where capital flow and cross-border transactions are very important. Presently, one in three transactions are international and that proportion is only going to increase. Companies regularly raise capital, do business abroad, or have investments across the world and investors are looking to invest globally more ...
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