Tweedie Takes a Bow
In June, Sir David Tweedie will retire as chairman of the International Accounting Standards Board, a position he has held since the organization’s inception 10 years ago. Marie Leone – (CFO Magazine) recently asked him about the future of accounting.
IFRS Monitoring Board Proposes Governance-related Implementation
The International Financial Reporting Standards (IFRS) Foundation monitoring board has opened its governance-related implementation process proposals for public comment today. Public comment for the new proposal of the IFRS monitoring board runs until April 8 this year.
IFRS convergence — a taxing issue!
This is essential for a smooth transition to ensure that companies are well prepared to generate two sets of accounting records – one as per the IFRS converged standards (under the Companies Act and for reporting to shareholders) and second per Indian GAAP (for tax purposes).
Jamil Khatri’s IFRS Diary: Part 9
while Indian standard setters (based on representation by companies themselves) have created the various carve-out’s as discussed above, it is up to management of each company to evaluate whether there is an opportunity to fully comply with IFRS. In most cases, through the use of optimal accounting policy choices management would be in a position to achieve full conformity with IFRS. This, in turn, would ensure that the company truly benefits from the convergence with IFRS (ability to raise capital overseas, and the ability to assure international investors on the quality of financial reporting followed by the company).
IFRS 7 Financial Instruments: Disclosures
IFRS requires certain disclosures to be presented by category of instrument based on the IAS 39 measurement categories. Certain other disclosures are required by class of financial instrument. For those disclosures an entity must group its financial instruments into classes of similar instruments as appropriate to the nature of the information presented.
CFA Exams
The CFA® charter provides a strong foundation for a wide range of career paths in the investment profession. CFA® mainly aims at financial analysis and assets management therefore the main emphasis is on the investment market and industries that give you a broader chances to grow and gives you more knowledge for your further career development.
Exploration and Evaluation of Mineral Resources – IFRS 6
IFRS 6 specifies the financial reporting for expenditures incurred in exploration for and evaluation of mineral resources before the technical feasibility and commercial viability of extracting the mineral resources is demonstrable. It does not specify the financial reporting for the development of mineral resources.
Non-current assets held for sale – IFRS 5
Non-current assets held for sale and discontinued operations must be disclosed separately in the financial statements. Non-current assets are reclassified as current assets when they are held for sale. A non-current asset is regarded as ‘held for sale’ if its carrying amount will be recovered principally through a sale transaction, rather than through continuing use.
IFRS 4 – Insurance Contracts
IFRS 4 specifies accounting for insurance contracts issued by any entity.It also specifies accounting for reinsurance contracts issued or held by an entity. The standard applies to these contracts, irrespective of whether the entity is regulated as an insurer and whether the contract is regarded as an insurance contract for legal purposes.
Business Combinations – IFRS 3
A business combination is a transaction or other event in which a reporting entity (the acquirer) obtains control of one or more businesses (the acquiree). Control is the power to govern the financial and operating policies of an entity or business so as to obtain benefits from its activities. The acquirer accounts for a business combination by recognising the acquiree’s assets and liabilities.
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