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

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

Comments

Post a Comment

Popular Posts

Overview About IFRS and Ind AS

-
Image
  International Financial Reporting Standards (IFRS)  set basic guidelines of financial reporting so that the financial statements of a company can be reliable, transparent, and are comparable across the other companies around the globe. Prior to  IFRS , every country has different  Generally Accepted Accounting Principles (GAAP)  for the businesses to prepare financial statements in their own country. With globalization, it was becoming difficult to undertake cross border transactions, because it was difficult to understand financial statements prepared in different  GAAP . To bring harmony in the accounting language, the International Accounting Standards Committee ( IASC ) started developing the International Accounting Standards ( IAS ) from the year 1973. The International Accounting Standards Board ( IASB ) took over the functions from  IASC  in July 2000. Since then a set of common reporting standards is referred to as  IFRS .  IF...
Read more

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

-
Image
  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...
Read more