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 […]
Objective The objective of IAS 38 is to prescribe the accounting treatment for intangible assets that are not dealt with specifically in another IFRS. The Standard requires an entity to recognise an intangible asset if, and only if, certain criteria are met. The Standard also specifies how to measure the carrying amount of intangible assets […]
Objective The objective of IAS 37 is to ensure that appropriate recognition criteria and measurement bases are applied to provisions, contingent liabilities and contingent assets and that sufficient information is disclosed in the notes to the financial statements to enable users to understand their nature, timing and amount.
Objective To ensure that assets are carried at no more than their recoverable amount, and to define how recoverable amount is determined.
OVERVIEW (August 27 2010): The agriculture sector of Pakistan depicted a growth of 4.7% in 2009 as compared to 1.1% witnessed last year. Consequently, fertilizer demand in Pakistan increased substantially as compared to last year; urea in particular witnessed 18% year on year growth during the year ended 2009.
Objective of IAS 34 The objective of IAS 34 is to prescribe the minimum content of an interim financial report and to prescribe the principles for recognition and measurement in financial statements presented for an interim period.