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(adsbygoogle = window.adsbygoogle || []).push({}); Last update 23/02/2020 New Lease Standard Comparing IFRS and US GAAP – The FASB and IASB issued their respective standards in the first quarter of 2016. The issuance of the standards are the culmination of multiple years of deliberating a leasing model with the primary objective of bringing almost all … Read more

(adsbygoogle = window.adsbygoogle || []).push({}); Last update 13/04/2020 Leveraged buyout IFRS 3 best reporting – In corporate finance, a leveraged buyout (LBO) is a transaction where a company is acquired using debt as the main source of consideration. These transactions typically occur when a private equity (PE) firm borrows as much as they can from … Read more

(adsbygoogle = window.adsbygoogle || []).push({}); Last update 24/02/2020 Know it all purchase of 1 property investment – When should a purchase of investment property (or properties) be accounted for as a business combination, and when as a simple asset purchase? This is an important issue because the IFRS accounting requirements for a business combination are … Read more

(adsbygoogle = window.adsbygoogle || []).push({}); Last update 23/02/2020 Topics hide Intangible assets Example – Example accounting policy Intangible assets Example Related posts: Intangible assets Example – Example accounting policy Intangible assets, other than goodwill, include expenditure on the exploration for and evaluation of oil and natural gas resources, computer software, patents, licences and trademarks and … Read more

(adsbygoogle = window.adsbygoogle || []).push({}); Last update 10/03/2020 Related posts: IFRS Definitions IFRSTerms Glossary Blogs by IFRS

(adsbygoogle = window.adsbygoogle || []).push({}); Last update 23/02/2020 Impairment Example – Accounting example Impairment of property, plant and equipment, intangible assets, and goodwill The group assesses assets or groups of assets, called cash-generating units (CGUs), for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or CGU may not … Read more

(adsbygoogle = window.adsbygoogle || []).push({}); Last update 24/02/2020 IFRS vs US GAAP Taxation – Both US GAAP and IFRS base their deferred tax accounting requirements on balance sheet temporary differences, measured at the tax rates expected to apply when the differences reverse. Discounting of deferred taxes is also prohibited under both frameworks. Although the two … Read more

(adsbygoogle = window.adsbygoogle || []).push({}); Last update 24/02/2020 IFRS vs US GAAP Share-based payments – Although the US GAAP and IFRS guidance in this area are similar at a conceptual level, significant differences exist at the detailed application level. Differences within the two frameworks may result in different classifications of an award as a component of … Read more

(adsbygoogle = window.adsbygoogle || []).push({}); Last update 24/02/2020 IFRS VS US GAAP Revenue recognition – In May 2014, the FASB and IASB issued their long-awaited converged standards on revenue recognition, Revenue from Contracts with Customers. The revenue standards, as amended, were effective for calendar year-end companies in 2018 (2019 for non-public entities following US GAAP). The … Read more

(adsbygoogle = window.adsbygoogle || []).push({}); Last update 24/02/2020 IFRS vs US GAAP Nonfinancial liabilities – The guidance in relation to nonfinancial liabilities (e.g., provisions, contingencies, and government grants) includes some fundamental differences with potentially significant implications. For instance, a difference exists in the interpretation of the term “probable.” IFRS defines probable as “more likely than … Read more