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  • SIC-28 — Business Combinations – 'Date of Exchange' and Fair Value of Equity Instruments
    Financial Statements Under IAS 21 and IAS 29 SIC 20 Equity Accounting Method Recognition of Losses SIC 21 Income Taxes Recovery of Revalued Non Depreciable Assets SIC 22 Business Combinations Subsequent Adjustment of Fair Values and Goodwill Initially Reported SIC 23 Property Plant and Equipment Major Inspection or Overhaul Costs SIC 24 Earnings Per Share Financial Instruments and Other Contracts that May Be Settled in Shares SIC 25 Income Taxes Changes in the Tax Status of an Enterprise or its Shareholders SIC 27 Evaluating the Substance of Transactions in the Legal Form of a Lease SIC 28 Business Combinations Date of Exchange and Fair Value of Equity Instruments SIC 29 Service Concession Arrangements Disclosures SIC 30 Reporting Currency Translation from Measurement Currency to Presentation Currency SIC 31 Revenue Barter Transactions Involving Advertising Services SIC 32 Intangible Assets Web Site Costs SIC 33 Consolidation and Equity Method Potential Voting Rights and Allocation of Ownership Interests SIC Interpretations Info SIC 28 Business Combinations Date of Exchange and Fair Value of Equity Instruments Quick Article Links References IAS 22 Business Combinations History SIC D28 was issued July 2001 Final SIC 28 was approved by the IASB in December 2001 Effective date Acquisitions given initial accounting recognition on or after 31 December 2001 Superseded by and incorporated into IFRS 3 Business Combinations effective 31 March 2004 Summary of SIC 28 SIC 28 addresses when the date of exchange occurs where shares are issued as purchase consideration in an acquisition SIC 28 provides that if an acquisition is achieved in one exchange transaction not in stages the date of exchange is the date of acquisition that is the date when the acquirer obtains control over the net assets and operations of the acquiree When an acquisition is achieved in stages for instance successive share purchases

    Original URL path: http://www.iasplus.com/en/standards/sic/sic-28 (2016-02-10)
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  • SIC-29 — Service Concession Arrangements: Disclosures
    Consolidation Special Purpose Entities SIC 13 Jointly Controlled Entities Non Monetary Contributions by Venturers SIC 14 Property Plant and Equipment Compensation for the Impairment or Loss of Items SIC 15 Operating Leases Incentives SIC 16 Share Capital Reacquired Own Equity Instruments Treasury Shares SIC 17 Equity Costs of an Equity Transaction SIC 18 Consistency Alternative Methods SIC 19 Reporting Currency Measurement and Presentation of Financial Statements Under IAS 21 and IAS 29 SIC 20 Equity Accounting Method Recognition of Losses SIC 21 Income Taxes Recovery of Revalued Non Depreciable Assets SIC 22 Business Combinations Subsequent Adjustment of Fair Values and Goodwill Initially Reported SIC 23 Property Plant and Equipment Major Inspection or Overhaul Costs SIC 24 Earnings Per Share Financial Instruments and Other Contracts that May Be Settled in Shares SIC 25 Income Taxes Changes in the Tax Status of an Enterprise or its Shareholders SIC 27 Evaluating the Substance of Transactions in the Legal Form of a Lease SIC 28 Business Combinations Date of Exchange and Fair Value of Equity Instruments SIC 29 Service Concession Arrangements Disclosures SIC 30 Reporting Currency Translation from Measurement Currency to Presentation Currency SIC 31 Revenue Barter Transactions Involving Advertising Services SIC 32 Intangible Assets Web Site Costs SIC 33 Consolidation and Equity Method Potential Voting Rights and Allocation of Ownership Interests SIC Interpretations Info SIC 29 Service Concession Arrangements Disclosures Quick Article Links References IAS 1 Presentation of Financial Statements History Date Development Comments 9 July 2001 SIC D29 Disclosure Service Concession Arrangements published Comment deadline 10 September 2001 24 December 2001 SIC 29 Disclosure Service Concession Arrangements issued Effective 31 December 2001 30 November 2006 Title of SIC 29 changed to Service Concession Arrangements Disclosures on the issue of IFRIC 12 Service Concession Arrangements Effective for annual periods beginning on or after 1 January 2008 Summary of SIC 29 SIC 29 prescribes the information that should be disclosed in the notes to the financial statements of a concession operator and a concession provider when the two parties are joined by a service concession arrangement A service concession arrangement exists when an enterprise the concession operator agrees with another enterprise the concession provider to provide services that give the public access to major economic and social facilities Examples of service concession arrangements involve water treatment and supply facilities motorways car parks tunnels bridges airports and telecommunication networks Examples of arrangements that are not service concession arrangements include an enterprise outsourcing the operation of its internal services for instance employee cafeteria building maintenance and accounting or information technology functions Under SIC 29 the following should be disclosed in each period a description of the arrangement significant terms of the arrangement that may affect the amount timing and certainty of future cash flows such as the period of the concession re pricing dates and the basis on which re pricing or re negotiation is determined the nature and extent quantity time period or amount as appropriate of rights to use specified assets obligations to provide

    Original URL path: http://www.iasplus.com/en/standards/sic/sic-29 (2016-02-10)
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  • SIC-30 — Reporting Currency – Translation from Measurement Currency to Presentation Currency
    Operating Leases Incentives SIC 16 Share Capital Reacquired Own Equity Instruments Treasury Shares SIC 17 Equity Costs of an Equity Transaction SIC 18 Consistency Alternative Methods SIC 19 Reporting Currency Measurement and Presentation of Financial Statements Under IAS 21 and IAS 29 SIC 20 Equity Accounting Method Recognition of Losses SIC 21 Income Taxes Recovery of Revalued Non Depreciable Assets SIC 22 Business Combinations Subsequent Adjustment of Fair Values and Goodwill Initially Reported SIC 23 Property Plant and Equipment Major Inspection or Overhaul Costs SIC 24 Earnings Per Share Financial Instruments and Other Contracts that May Be Settled in Shares SIC 25 Income Taxes Changes in the Tax Status of an Enterprise or its Shareholders SIC 27 Evaluating the Substance of Transactions in the Legal Form of a Lease SIC 28 Business Combinations Date of Exchange and Fair Value of Equity Instruments SIC 29 Service Concession Arrangements Disclosures SIC 30 Reporting Currency Translation from Measurement Currency to Presentation Currency SIC 31 Revenue Barter Transactions Involving Advertising Services SIC 32 Intangible Assets Web Site Costs SIC 33 Consolidation and Equity Method Potential Voting Rights and Allocation of Ownership Interests SIC Interpretations Info SIC 30 Reporting Currency Translation from Measurement Currency to Presentation Currency Quick Article Links References IAS 21 The Effects of Changes in Foreign Exchange Rates IAS 29 Financial Reporting in Hyperinflationary Economies History SIC D30 was issued July 2001 Final SIC 30 was approved by the IASB in December 2001 Effective date Annual financial periods beginning on or after 1 January 2002 Superseded by IAS 21 The Effects of Changes in Foreign Exchange Rates Revised 2003 effective for annual periods beginning 1 January 2005 Summary of SIC 30 SIC 30 addresses how an enterprise translates items in its financial statements from a measurement currency to a presentation currency SIC 30 provides that when the measurement currency is not the currency of a hyperinflationary economy the requirements of SIC 19 9 should be applied as follows assets and liabilities for all balance sheets presented including comparatives are translated at the closing rate existing at the date of each balance sheet presented income and expense items are translated at the exchange rates existing at the dates of the transactions equity items other than the net profit or loss for the period that is included in retained earnings are translated at the closing rate existing at the date of each balance sheet presented all exchange differences resulting from translation should be recognised directly in equity When the measurement currency is the currency of a hyperinflationary economy the requirements of SIC 19 9 should be applied as follows assets liabilities and equity items for all balance sheets presented including comparatives should be translated at the closing rate existing at the date of the most recent balance sheet presented income and expense items for all periods presented should be translated at the closing rate existing at the end of the most recent period presented SIC 30 also addresses the information that should be disclosed

    Original URL path: http://www.iasplus.com/en/standards/sic/sic-30 (2016-02-10)
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  • SIC-31 — Revenue – Barter Transactions Involving Advertising Services
    and Presentation of Financial Statements Under IAS 21 and IAS 29 SIC 20 Equity Accounting Method Recognition of Losses SIC 21 Income Taxes Recovery of Revalued Non Depreciable Assets SIC 22 Business Combinations Subsequent Adjustment of Fair Values and Goodwill Initially Reported SIC 23 Property Plant and Equipment Major Inspection or Overhaul Costs SIC 24 Earnings Per Share Financial Instruments and Other Contracts that May Be Settled in Shares SIC 25 Income Taxes Changes in the Tax Status of an Enterprise or its Shareholders SIC 27 Evaluating the Substance of Transactions in the Legal Form of a Lease SIC 28 Business Combinations Date of Exchange and Fair Value of Equity Instruments SIC 29 Service Concession Arrangements Disclosures SIC 30 Reporting Currency Translation from Measurement Currency to Presentation Currency SIC 31 Revenue Barter Transactions Involving Advertising Services SIC 32 Intangible Assets Web Site Costs SIC 33 Consolidation and Equity Method Potential Voting Rights and Allocation of Ownership Interests SIC Interpretations Info SIC 31 Revenue Barter Transactions Involving Advertising Services Quick Article Links Note SIC 31 will be superseded by IFRS 15 Revenue from Contracts with Customers as off 1 January 2018 References IAS 18 Revenue History Date Development Comments 9 July 2001 SIC D31 Revenue Barter Transactions Involving Advertising Services published Comment deadline 10 September 2001 24 December 2001 SIC 31 Revenue Barter Transactions Involving Advertising Services issued Effective 31 December 2001 28 May 2014 Superseded by IFRS 15 Revenue from Contracts with Customers Effective for an entity s first annual IFRS financial statements for periods beginning on or after 1 January 2018 Summary of SIC 31 Under IAS 18 revenue cannot be recognised if the amount of revenue is not reliably measurable SIC 31 deals with the circumstances in which a seller can reliably measure revenue at the fair value

    Original URL path: http://www.iasplus.com/en/standards/sic/sic-31 (2016-02-10)
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  • SIC-32 — Intangible Assets – Web Site Costs
    Services SIC 32 Intangible Assets Web Site Costs SIC 33 Consolidation and Equity Method Potential Voting Rights and Allocation of Ownership Interests SIC Interpretations Info SIC 32 Intangible Assets Web Site Costs Quick Article Links References IAS 38 Intangible Assets History Date Development Comments 9 July 2001 SIC D32 Intangible Assets Web Site Costs published Comment deadline 10 September 2001 25 March 2002 SIC 32 Intangible Assets Web Site Costs issued Effective 25 March 2002 Summary of SIC 32 SIC 32 concludes that a website developed by an entity using internal expenditure whether for internal or external access is an internally generated intangible asset that is subject to the requirements of IAS 38 Intangible Assets SIC 32 identifies the following stages of website development Planning Application and infrastructure development Graphical design development Content development Operating SIC 32 addresses the appropriate accounting treatment for internal expenditure on each of those stages of development and operation A website arising from development should be recognised as an intangible asset if and only if in addition to complying with the general requirements described in IAS 38 21 for recognition and initial measurement an enterprise can satisfy the requirements in IAS 38 57 In particular an enterprise may be able to satisfy the requirement to demonstrate how its website will generate probable future economic benefits under IAS 38 57 d when for example the website is capable of generating revenues including direct revenues from enabling orders to be placed An enterprise is not able to demonstrate how a website developed solely or primarily for promoting and advertising its own products and services will generate probable future economic benefits and consequently all expenditure on developing such a website should be recognised as an expense when incurred Any internal expenditure on the development and operation of an enterprise s own website should be accounted for in accordance with IAS 38 The nature of each activity for which expenditure is incurred eg training employees and maintaining the website and the website s stage of development or post development should be evaluated to determine the appropriate accounting treatment For example Planning The planning stage is similar in nature to the research phase in IAS 38 54 56 Expenditure incurred in this stage should be recognised as an expense when it is incurred Application and infrastructure development graphical design and content development stages To the extent that content is developed for purposes other than to advertise and promote an enterprise s own products and services are similar in nature to the development phase in IAS 38 57 64 Expenditure incurred in these stages should be included in the cost of a website recognised as an intangible asset in accordance with this Interpretation when the expenditure can be directly attributed or allocated on a reasonable and consistent basis to preparing the website for its intended use For example expenditure on purchasing or creating content other than content that advertises and promotes an enterprise s own products and services specifically for a

    Original URL path: http://www.iasplus.com/en/standards/sic/sic-32 (2016-02-10)
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  • SIC-33 — Consolidation and Equity Method – Potential Voting Rights and Allocation of Ownership Interests
    Recognition of Losses SIC 21 Income Taxes Recovery of Revalued Non Depreciable Assets SIC 22 Business Combinations Subsequent Adjustment of Fair Values and Goodwill Initially Reported SIC 23 Property Plant and Equipment Major Inspection or Overhaul Costs SIC 24 Earnings Per Share Financial Instruments and Other Contracts that May Be Settled in Shares SIC 25 Income Taxes Changes in the Tax Status of an Enterprise or its Shareholders SIC 27 Evaluating the Substance of Transactions in the Legal Form of a Lease SIC 28 Business Combinations Date of Exchange and Fair Value of Equity Instruments SIC 29 Service Concession Arrangements Disclosures SIC 30 Reporting Currency Translation from Measurement Currency to Presentation Currency SIC 31 Revenue Barter Transactions Involving Advertising Services SIC 32 Intangible Assets Web Site Costs SIC 33 Consolidation and Equity Method Potential Voting Rights and Allocation of Ownership Interests SIC Interpretations Info SIC 33 Consolidation and Equity Method Potential Voting Rights and Allocation of Ownership Interests Quick Article Links References IAS 27 Consolidated and Separate Financial Statements IAS 28 Investments in Associates IAS 39 Financial Instruments Recognition and Measurement History SIC D33 was issued 12 September 2001 Final SIC 33 was approved by the IASB in December 2001 Effective Date Annual financial periods beginning on or after 1 January 2002 Superseded by IAS 27 Consolidated and Separate Financial Statements Revised 2003 and IAS 28 Investments in Associates Revised 2003 effective for annual periods beginning on or after 1 January 2005 Summary of SIC 33 An enterprise may own share warrants share call options debt or equity instruments that are convertible into ordinary shares or other similar instruments that have the potential if exercised or converted to give the enterprise voting power or reduce another party s voting power over the financial and operating policies of another enterprise potential voting rights SIC 33 addresses whether the existence and effect of potential voting rights should be considered in addition to the factors described in IAS 27 12 and IAS 28 4 5 when assessing whether an enterprise controls or significantly influences another enterprise according to IAS 27 and IAS 28 respectively Under SIC 33 the existence and effect of potential voting rights that are currently exercisable or convertible should be considered in addition to the factors described in IAS 27 12 and IAS 28 4 5 SIC 33 also addresses whether any other facts and circumstances related to potential voting rights should be assessed It provides that all facts and circumstances that affect potential voting rights should be examined except the intention of management and the financial capability to exercise or convert Further SIC 33 addresses whether the proportion allocated to the parent and minority interests in preparing consolidated financial statements and the proportion allocated to an investor that accounts for its investment in an associate using the equity method should be determined based on present ownership interests or ownership interests that would be held if the potential voting rights were exercised or converted Under SIC 33 the proportion allocated

    Original URL path: http://www.iasplus.com/en/standards/sic/sic-33 (2016-02-10)
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  • Conceptual Framework for Financial Reporting 2010
    to shareholders is necessary to complete the picture of the total change in the entity s economic resources and claims F OB21 The changes in an entity s economic resources and claims not resulting from financial performance is presented in the statement of changes in equity See IAS 1 106 110 Chapter 2 The Reporting entity The chapter on the Reporting Entity will be reconsidered as part of the IASB s comprehensive project on the framework Chapter 3 Qualitative characteristics of useful financial information The qualitative characteristics of useful financial reporting identify the types of information are likely to be most useful to users in making decisions about the reporting entity on the basis of information in its financial report The qualitative characteristics apply equally to financial information in general purpose financial reports as well as to financial information provided in other ways F QC1 QC3 Financial information is useful when it is relevant and represents faithfully what it purports to represent The usefulness of financial information is enhanced if it is comparable verifiable timely and understandable F QC4 Fundamental qualitative characteristics Relevance and faithful representation are the fundamental qualitative characteristics of useful financial information F QC5 Relevance Relevant financial information is capable of making a difference in the decisions made by users Financial information is capable of making a difference in decisions if it has predictive value confirmatory value or both The predictive value and confirmatory value of financial information are interrelated F QC6 QC10 Materiality is an entity specific aspect of relevance based on the nature or magnitude or both of the items to which the information relates in the context of an individual entity s financial report F QC11 Faithful representation General purpose financial reports represent economic phenomena in words and numbers To be useful financial information must not only be relevant it must also represent faithfully the phenomena it purports to represent This fundamental characteristic seeks to maximise the underlying characteristics of completeness neutrality and freedom from error F QC12 Information must be both relevant and faithfully represented if it is to be useful F QC17 Enhancing qualitative characteristics Comparability verifiability timeliness and understandability are qualitative characteristics that enhance the usefulness of information that is relevant and faithfully represented F QC19 Comparability Information about a reporting entity is more useful if it can be compared with a similar information about other entities and with similar information about the same entity for another period or another date Comparability enables users to identify and understand similarities in and differences among items F QC20 QC21 Verifiability Verifiability helps to assure users that information represents faithfully the economic phenomena it purports to represent Verifiability means that different knowledgeable and independent observers could reach consensus although not necessarily complete agreement that a particular depiction is a faithful representation F QC26 Timeliness Timeliness means that information is available to decision makers in time to be capable of influencing their decisions F QC29 Understandability Classifying characterising and presenting information clearly and concisely makes it understandable While some phenomena are inherently complex and cannot be made easy to understand to exclude such information would make financial reports incomplete and potentially misleading Financial reports are prepared for users who have a reasonable knowledge of business and economic activities and who review and analyse the information with diligence F QC30 QC32 Applying the enhancing qualitative characteristics Enhancing qualitative characteristics should be maximised to the extent necessary However enhancing qualitative characteristics either individually or collectively render information useful if that information is irrelevant or not represented faithfully F QC33 The cost constraint on useful financial reporting Cost is a pervasive constraint on the information that can be provided by general purpose financial reporting Reporting such information imposes costs and those costs should be justified by the benefits of reporting that information The IASB assesses costs and benefits in relation to financial reporting generally and not solely in relation to individual reporting entities The IASB will consider whether different sizes of entities and other factors justify different reporting requirements in certain situations F QC35 QC39 Chapter 4 The Framework the remaining text Chapter 4 contains the remaining text of the Framework approved in 1989 As the project to revise the Framework progresses relevant paragraphs in Chapter 4 will be deleted and replaced by new Chapters in the IFRS Framework Until it is replaced a paragraph in Chapter 4 has the same level of authority within IFRSs as those in Chapters 1 3 Underlying assumption The IFRS Framework states that the going concern assumption is an underlying assumption Thus the financial statements presume that an entity will continue in operation indefinitely or if that presumption is not valid disclosure and a different basis of reporting are required F 4 1 The elements of financial statements Financial statements portray the financial effects of transactions and other events by grouping them into broad classes according to their economic characteristics These broad classes are termed the elements of financial statements The elements directly related to financial position balance sheet are F 4 4 Assets Liabilities Equity The elements directly related to performance income statement are F 4 25 Income Expenses The cash flow statement reflects both income statement elements and some changes in balance sheet elements Definitions of the elements relating to financial position Asset An asset is a resource controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity F 4 4 a Liability A liability is a present obligation of the entity arising from past events the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits F 4 4 b Equity Equity is the residual interest in the assets of the entity after deducting all its liabilities F 4 4 c Definitions of the elements relating to performance Income Income is increases in economic benefits during the accounting period in the form of inflows or enhancements of assets

    Original URL path: http://www.iasplus.com/en/standards/other/framework (2016-02-10)
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  • Preface to International Financial Reporting Standards
    appropriate the needs of a range of sizes and types of entities in diverse economic settings and to promote and facilitate adoption of IFRSs being the standards and interpretations issued by the IASB through the convergence of national accounting standards and IFRSs Scope of IFRSs IASB Standards are known as International Financial Reporting Standards All International Accounting Standards IASs and Interpretations issued by the former IASC and SIC continue to be applicable unless and until they are amended or withdrawn IFRSs apply to the general purpose financial statements and other financial reporting by profit oriented entities those engaged in commercial industrial financial and similar activities regardless of their legal form Entities other than profit oriented business entities may also find IFRSs appropriate General purpose financial statements are intended to meet the common needs of shareholders creditors employees and the public at large for information about an entity s financial position performance and cash flows Other financial reporting includes information provided outside financial statements that assists in the interpretation of a complete set of financial statements or improves users ability to make efficient economic decisions IFRS apply to individual company and consolidated financial statements A complete set of financial statements includes a statement of financial position a statement of comprehensive income a statement of cash flows a statement of changes in equity a summary of accounting policies and explanatory notes When a separate income statement is presented in accordance with IAS 1 2007 it is part of that complete set In developing Standards IASB intends not to permit choices in accounting treatment Further IASB intends to reconsider the choices in existing IASs with a view to reducing the number of those choices IFRS will present fundamental principles in bold face type and other guidance in non bold type the black letter grey letter distinction Paragraphs of both types have equal authority The provision of IAS 1 Presentation of Financial Statements that conformity with IAS requires compliance with every applicable IAS and Interpretation requires compliance with all IFRSs as well Due process for IFRS Due process steps for a Standard will normally include the following below means required by IFRS Foundation s Constitution staff work to identify and study the issues study of existing national standards and practices IASB consults with Trustees and the Advisory Council about the advisability of adding the project to the IASB s agenda IASB normally forms an advisory group IASB publishes a discussion document for comment IASB considers comments received on the discussion document IASB publishes an exposure draft with at least 9 affirmative votes if there are fewer than 16 members or 10 if there are 16 members the exposure draft will include dissenting opinions and basis for conclusions IASB considers comments received on the exposure draft IASB considers the desirability of holding a public hearing and of conducting field tests IASB approves the final Standard with at least 9 affirmative votes if there are fewer than 16 members or 10 if there are 16 members

    Original URL path: http://www.iasplus.com/en/standards/other/preface (2016-02-10)
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