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Overview of IFRS 9 Initial measurement of financial assets All financial assets are initially measured at fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Subsequent measurement of financial assets IFRS 9 divides all financial assets that are currently in the scope of IAS […]
Overview of IFRS 8 Scope IFRS 8 applies to the separate or individual financial statements of an entity (and to the consolidated financial statements of a group with a parent): whose debt or equity instruments are traded in a public market or that files, or is in the process of filing, its (consolidated) financial statements […]
Overview of IFRS 7 adds certain new disclosures about financial instruments to those currently required by IAS 32; replaces the disclosures previously required by IAS 30; and
Objective IFRS 1 First-time Adoption of International Financial Reporting Standards sets out the procedures that an entity must follow when it adopts IFRSs for the first time as the basis for preparing its general purpose financial statements.
Definition of Share-based Payment A share-based payment is a transaction in which the entity receives or acquires goods or services either as consideration for its equity instruments or by incurring liabilities for amounts based on the price of the entity’s shares or other equity instruments of the entity. The accounting requirements for the share-based payment […]
Objective of IAS 1 The objective of IAS 1 (2007) is to prescribe the basis for presentation of general purpose financial statements, to ensure comparability both with the entity’s financial statements of previous periods and with the financial statements of other entities. IAS 1 sets out the overall requirements for the
Objective of IAS 41 The objective of IAS 41 is to establish standards of accounting for agricultural activity – the management of the biological transformation of biological assets (living plants and animals) into agricultural produce (harvested product of the entity’s biological assets).
Definition of Investment Property Investment property is property (land or a building or part of a building or both) held (by the owner or by the lessee under a finance lease) to earn rentals or for capital appreciation or both. [IAS 40.5]
Scope Scope exclusions IAS 39 applies to all types of financial instruments except for the following, which are scoped out of IAS 39: [IAS 39.2] interests in subsidiaries, associates, and joint ventures accounted for under IAS 27, IAS 28, or IAS 31; however IAS 39 applies in cases where under IAS 27, IAS 28 or […]