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...

  What is and why IFRS? International Financial Reporting Standards (IFRS) : IFRS is a financial reporting framework that is reliable, transparent, and can be comparable across the other companies around the globe. Prior to IFRS, every country had different Generally Accepted Accounting Principles (GAAP) i.e., financial reporting framework for businesses in their own country. With globalization, it was becoming difficult to undertake cross border transactions, investments, raise funds etc. because it was difficult to understand financial statements prepared in different GAAP. To bring harmony in the accounting language and bring ease in doing business internationally, the International Accounting Standards Committee (IASC) was established in the year 1973 and started developing the International Accounting Standards (IAS). They formulated IAS 1 to 41 and SICs. However, their work was not spread and was not used by the companies across globe. The structure of IASC was required to be...

  As a part of our continuous efforts to support our students, we conduct two online ‘Query Resolution Sessions’ prior to every  ACCA DipIFR examination attempt . The objective of these sessions is to discuss and clear technical doubts with respect to the Diploma IFRS examination and assist every student to make their DipIFR learning experience easy and hassle-free. Based on past experience, students benefit from the sessions as follows: a. A platform is provided for students to actively discuss their technical doubts and clear their conceptual queries. b. Comprehensive understanding of the syllabus and the exam pattern. c. Assistance in better preparation for the examination Interested students are required to  register  on the link provided over email. Prior registration is mandatory for attending the sessions. These sessions are part of the study/course package and hence, no extra charges are levied. Topics for the respective query sessions as below: Topics for Se...