Financial Reporting and IFRS Standards notes
32 notes by 24 users
This GoConqr page gathers over 20 user-made notes on Financial Reporting and IFRS Standards, covering government grants, inventories, cash flow statements and reporting frameworks. The university and professional-level material is for university students and professional candidates practicing reporting concepts, and teachers looking for study material. Choose a note to get started.
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- Conceptual Framework for Financial Reporting25
- Accounting Standard Setting and IFRS Adoption23
- Presentation of Financial Statements and Disclosures45
- Accounting Policies, Estimates and Events After Reporting14
- Fair Value Measurement9
- Non-Financial Assets and Impairment39
- Financial Instruments and Investments19
- Provisions and Contingencies7
- Income Taxes and Deferred Tax8
- Revenue Recognition17
- Government Grants7
- Business Combinations and Consolidated Financial Statements10
- Financial Statement Analysis and Earnings per Share10
- Integrated and Sustainability Reporting7
Notes
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IAS 20: Government Grants A government grant is described as assistance in the form of transfers of resources to an entity in return for past or future compliance with certain conditions. For example, it may be a condition of the grant that th...
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FR Session 1 IFRS 1 – First-time Adoption of International Financial Reporting Standards 1. Introduction International financial reporting standards (IFRS) have, to date, only been adopted by a minority of companies. While the ado...
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IAS Notes Cont. IAS 16 - PROPERTY, PLANT AND EQUIPMENTThis is used to set out the accounting treatment for property, plant and equipment (PPE). There are non-current tangible assets such as land and buildings, machinery, office equip...
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1. Fair Value Framework Accounting Standards Codification 820 - Provides a clear framework for how to measure fair value to achieve increased consistency and comparability in fair value measurements and expanded disclosure when fair value me...
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Untitled On 6 June 2002, the Council of Ministers of the EU issued an official statement to require all listed companies12 in the EU to use IAS in their consolidated or simple accounts for the fiscal year starting 1 January 20...
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2. Recognition and Measurement I. Fair Value Determination - When an asset is acquired or a liability is assumed in an actual transaction, the price paid to acquire the asset or the price received to assume the liability (the transaction price) is ...
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Reporting Framework and Ethics - created from Mind Map 1. Financial Statements What is Financial Reporting? Entity Financial Statements Requirement to produce financial statements Filing deadlines Comparison of UK GAAP and IFRS The statutory 'true and fair override' True ...
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IAS 40 Investment Property - created from Mind Map Recognition and Measurement Recognition Cost Expenditure post purchase Measurement after recognition Fair Value Model Cost Exception Transfers
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Chapter 2: Overview of Fin. Rep. for State/Local Gov Required Contents of Government Financial Reports Management Discussion & Analysis (MD&A) Basic Financial Statements Government-Wide F/S (ACCRUAL BASIS) Statement of Net Position Statement of Activities Fund Basis F/S...
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CASHFLOW STATEMENT IAS 7 CASHFLOW STATEMENTSCashflow Statement has 3 SECTIONS. operating investing and financing (OIF) Operating Activitiesoperating profit for the yearadd: depreciation for the year(profit)/loss made on sale of NCA(incr...
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IAS 37: PROVISIONS, CONTINGENT LIABILITIES & ASSETS - created from Mind Map PROVISIONS CONTINGENT LIABILITIES CONTINGENT ASSETS
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Property, Plant and Equipment Property, Plant and Equipment PPE's are tangible assets that are held for use in production or supply of goods or services, for rental to others, or for administrative purposes, and are expected to be used for mo...
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1. FASB and Standard Setting Generally Accepted Accounting Principles GAAP addresses three aspects of financial reporting: Recognition - when recorded on financial statements Measurement - how recorded on financial statements Disclosure - anythin...
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Inventories IAS 2 requires that inventories must be valued at the lower of cost and net realisable value. This requirement is an application of the accounting concept known as prudence. Valuation of inventory at cost Cost include...
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Untitled IAS 2 Inventories contains the requirements on how to account for most types of inventory. The standard requires inventories to be measured at the lower of cost and net realisable value (NRV) and outlines acceptable m...
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IAS 20- Government Grants Disclosure Accounting policy for grants including method of presentation in the SOFP Nature and extent of grants recognised in the FS Unfulfilled conditions and contingencies attaching to recognised grants FRS102Recog...
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Accounting Standards - Conceptual Frameworks ACCT Standards - Conceptual Frameworks Standard Setting Bodies in the USA. SEC - established by act of 34, rules govern issuersB. Committee on ACCT Procedure(CAP) - P/T committee of AICPA promulgated Acct research bul...
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Quantitative thresholds for Reportable Segments 10% Size Test - must pass one of the following categories- Revenue - include sales to external and intersegment sales. - Profit/Loss - Must test profits and losses separately(segments that reported losses together and...
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IAS 16 - PPE PPE Initial recognition : R - RESOURCE - When it’s probable that we will get future economic benefits C - CONTROL - When we control the asset C - COST - When the asset’s cost can be measured reliably ...
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IAS 37: Provisions, Contingent Liabilities and Contingent Assets - created from Mind Map Provision Obligation? Recording
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IAS 36-Impairment of Assets IAS 36-Impairment of AssetsScopeIAS 36- excludes inventories and non current assets held for saleFRS102- doesn't exclude them Annual Impairment TestIAS 36- Goodwill and Intangible assets with an indefinite life or not...
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IAS 21 Foreign Exchange IAS 21 Effect of changes in foreign exchange rates Unsettled transactions • If a transaction is still unsettled at the reporting date, there will be an outstanding asset or liability on the statement of financial posi...
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IAS Titles 1 - Final Statements 2- INVENTORIES7 - CASH FLOW STATEMENTS8 - ACCOUNTING POLICIES, CHANGES IN ACCOUNTING ESTIMATES AND ERRORS10 - EVENTS AFTER THE REPORTING PERIOD16 - PROPERTY, PLANT AND EQUIPMENT18 - REVENUE36...
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Financial Reporting Lecture 1 Historical Cost AccountingBenefits of HCAstood test of practical applicationfamilar and generally understoodassists in control functionreadily documentedobjectiveeasily auditedless use of subjective estimatesless use ...
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P2 Q2a Valuing Land & Property (M/J Sample17) IFRS 13 - Fair Value Measurement 1. Def of FV The price which would be received to sell an asset or Paid to transfer a liability in an orderly transaction between market part...
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Interim Financial Reporting not required under US GAAP/IFRS, but both provide guidance to be used when interim reporting is presented - GAAP used in most recent report should be used effective tax rate should be used Matching of Revenues/expense...
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Untitled International Accounting Standard Adoption 1. Can you identify why a 'one-size fits all approach' may not be the best approach? 2. In thinking about your response, think about differences between countries, differing ...
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IAS 38 - Intagible Assets IAS 38- Intangible AssetsDevelopment ExpenditureIAS 38- qualifying dev expenditure must be capitalisedFRS102- entity has the option to capitalise qualifying development expenditureUseful LifeIAS 38- either finite or i...
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List the eight primary elements included in Forms 10-Q/K. List the eight primary elements included in Forms 10-Q/K.1. Statement of Earnings 2. Statement of Financial Position 3. Statement of Cash Flows 4. Statement of Comprehensive Income 5. Statement of Changes in Sharehold...
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CPA IAS 38 Intangible Assets Non monetary assets without physical substance. Includes goodwill, intellectual rights, computer software and development costs. Resource controlled by the entity as a result of past events.&n...
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ACCA June 2010 Q4
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UK Regulatory Framework - created from Mind Map Stock Exchange Requirements Accounting Regulation Legislation
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About financial reporting and ifrs standards notes
GoConqr OriginalFinancial Reporting and IFRS Standards notes
These notes cover individual standards as well as wider reporting topics. You can read about government grants, inventories and investment property, or explore notes on reporting frameworks and ethics. Other notes address cash flow statements, recognition and measurement, and foreign exchange.
How to study with the notes
Start with Accounting Standards - Conceptual Frameworks if you want a broader look at standard setting. For a specific topic, IAS 20: Government Grants introduces grants and the conditions attached to them. Inventories covers inventory valuation.
After reading, summarize the main points in your own words and compare them with your course materials. If a topic is easier to understand visually, switch to a mind map on the unit page. Flashcards can help you review definitions, while a quiz can help you check what you remember.
Pick a note that matches the topic you are studying.
Frequently asked questions
Which note should I start with?
For a broad starting point, try Accounting Standards - Conceptual Frameworks, which includes material on standard-setting bodies. If you are studying a particular standard, IAS 20: Government Grants introduces grants and their conditions, while Inventories covers valuation. Your current course topic can guide your choice.
Are these notes free to use?
Yes. Every note listed on this page is free to open and study, with no account required. The notes were made by GoConqr users rather than by GoConqr, so it is useful to compare their content with your course materials as you study.
Who are these notes for?
The collection suits university students and professional candidates practicing financial reporting topics, as well as teachers looking for study material. It includes notes on individual standards, such as government grants and inventories, alongside wider topics such as reporting frameworks and recognition and measurement.