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...

  Introduction As financial training has changed its methodologies, IFRS online classes are now crucial for those professionals who are looking to upskill. Among the most popular learning formats are live and self-paced IFRS online classes. Choosing the right format depends on your goals, schedule, and learning style. You can read on and decide how to learn IFRS online: through live or self-paced classes. IFRS Classes: Live and Online Live IFRS classes are conducted virtually but in real-time in which participants can interact directly with both their instructors and peers online. These interactive sessions in virtual classrooms run with preset schedules and structured guidance. Features: The best features of IFRS courses for professionals include: ·         Live instructor-led courses ·         Live Q&A sessions for instant doubt clarification ·         Varied oppor...

A. Background: In recent times, due to increased prices of land, very commonly, real estate developer / contractors may not own lands in their own names. Landowners, on the other hand, may not possess the skillset to develop the land. And thus, both parties enter into a Joint Development Agreement (“JDA”) with the landowner for the development of the land and for the construction of commercial, retail, and residential properties on the land owned by the landowner. Pursuant to a JDA, the developer and the landowner enters into an agreement whereby landowner transfers the land to the developer for development in the form of  ‘land development rights’  in return of a consideration in the form of specific constructed portion out of total constructed area on the entire land. To elaborate further, in accordance with the JDA, the developer and landowner agrees that the landowner shall be entitled to a certain percentage of saleable / leasable area of the total constructed area which ...