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10 Cards in this Set
- Front
- Back
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IAS 17 leases
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Financial- significant risks and rewards transferred, payments PV90%, non-cancelable. At cost lower of PV, FV of lease payments, depreciate- lower of lease term or useful life.
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Asset
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resource controlled by entity as result of past events from which future econ.benefits will flow.
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IAS 16 PP&E
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PPE(used in prod/serv. expected to be used over more than one period) recognized- probable future inflow, cost can measured reliably. Revaluate at FV. Revaluation credited to (revaluation) reserves. Depreciation charges shall reflect pattern in which assets's economic benefits are consumed
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IAS 11 construction contracts
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when able to measure reliably estimate cost,revenue by stage of completion
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recognize revenue
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a) transferred the significant risks and rewards of ownership of the goods to the buyer,
b) the seller has retained neither managerial involvement with the goods nor control over them, ) the amount of revenue and any costs incurred can be measured reliably |
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revenue IAS 18
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the gross inflow of economic benefits during the period arising in the course of the ordinary activities of an entity when those inflows result in increases in equity, other than increases relating to contributions from equity participants
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Matching principle
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states that we should account for expenses and income in the accounting period they relate to not when paid. Inc/exp are matched against each other in the period they incurred.
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types of organisations(6)
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Sole proprietorship, Partnership, limited liability partnership, limited company, public limited company(PLC)
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Deferred tax IAS 12
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takes account of the fact that accounting and tax profits are seldom the same. IAS 12 defines it as amount of income tax payable in future periods in respect to taxable temporary differences.
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IAS 1 presentation of FS
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should include: SoFP at year end, comprehensive IS, statement of changes in equity, stat. of CF, may contain notes.
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