If you’re studying IAS 2 Inventories, why not test your knowledge with our multiple choice quiz? By practicing questions you’ll improve your study and recall, ideal for people who learn best by ‘doing’ rather than just reading.
IFRS
Update: IAS 20 Government Grants quiz
If you’re studying IAS 20 Government Grants, why not test your knowledge with our multiple choice quiz? Click here to try the quiz. By practicing questions you’ll improve your study and recall, ideal for people who learn best by ‘doing’ rather than just reading.
Elements of Financial Statements Part 1: Assets, Liabilities and Equity
In this article, we take a look at the elements of financial statements, in particular, the assets, liabilities and equity which are used to report the financial position of an entity.
The Essentials About Borrowing Costs for IAS 23
What are Borrowing Costs? Borrowing costs are interest and other costs incurred by an entity in connection with the borrowing of funds. Borrowing costs may include – Interest on bank overdrafts and short-term and long-term borrowings (including inter-company borrowings). – Amortisation of discounts or premiums relating to borrowings – Amortisation of ancillary costs incurred in …
Disclosure Requirements for Statements of Cash Flows
In this article we’ll look at the disclosure requirements for statements of cash flows.
Disclosures
Disclosures required under IAS 7 include:
Accounting Policies – Fair Presentation and Faithful Representation for IFRS
What does fair presentation mean?
Financial statements are described as showing a ‘true and fair view’ when they are free from material misstatements and faithfully represent the financial performance and position of an entity.
When can a Company Depart from IFRS Accounting Standards?
Departure from accounting standards
In very rare circumstances, an entity may need to produce financial reports which do not comply with a specific accounting standard, if compliance with the standard would be so misleading they do not provide useful information to users, and the financial statements would no longer be fairly presented.