IFRS in summary

IASB achieves its objectives primarily by developing and publishing IFRSs and promoting the use of those standards in general purpose financial statements and other financial reporting. Other financial reporting comprises 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. The term ‘financial reporting’ encompasses general purpose financial statements plus other financial reporting.

Disclosures in consolidated financial statements

Required disclosures in consolidated financial statements

9.23 The following disclosures shall be made in consolidated financial statements:

  1. the fact that the statements are consolidated financial statements;
  2. the basis for concluding that control exists when the parent does not own, directly or indirectly through subsidiaries, more than half of the voting power;
  3. any difference in the reporting date of the financial statements of the parent and its subsidiaries used in the preparation of the consolidated financial statements; and
  4. the nature and extent of any significant restrictions (for example resulting from borrowing arrangements or regulatory requirements) on the ability of subsidiaries to transfer funds to the parent in the form of cash dividends or to repay loans.
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Accounting Policies, Estimates and Errors

This is about guidance for selecting and applying the accounting policies used in preparing financial statements. As a result it also covers changes in accounting estimates and corrections of errors in prior period financial statements.

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Business Combinations and Goodwill

Business Combinations and Goodwill

Introduction

19.1 Business Combinations and Goodwill applies to accounting for business combinations. It provides guidance on identifying the acquirer, measuring the cost of the business combination and allocating that cost to the assets acquired and liabilities and provisions for contingent liabilities assumed. It also addresses accounting for goodwill both at the time of a business combination and subsequently.

Business Combinations and Goodwill – Exeptions

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Intangible Assets other than Goodwill

Intangible Assets other than Goodwill

Introduction

18.1 Intangible Assets other than Goodwill applies to accounting for all intangible assets other than goodwill (see Business Combinations and Goodwill) and intangible assets held by an entity for sale in the ordinary course of business (see Inventories and Revenue).

Intangible Assets other than Goodwill – No physical substance

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Property, Plant and Equipment

Property, Plant and Equipment (PPE)

PPE – Introduction

17.1 Property, Plant and Equipment applies to accounting for property, plant and equipment and accounting for investment property whose fair value cannot be measured reliably without undue cost or effort on an ongoing basis. Investment Property applies to investment property whose fair value can be measured reliably without undue cost or effort.

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Investment Property

Investment property – Introduction

16.1 Investment property applies to accounting for investments in land or buildings that meet the definition of investment property (See Definition and initial recognition of investment property – Owner and Lessee) and some property interests held by a lessee under an operating lease (see Definition and initial recognition of investment property – Lessee) that are treated like investment property. Only investment property whose fair value can be measured reliably without undue cost or effort on an ongoing basis is accounted for in accordance with this section at fair value through profit or loss. All other investment property is accounted for using the cost model in Property, Plant and Equipment and remains within the … Read more

Investments in Joint Ventures

Investments in Joint ventures describes:

  1. accounting for joint ventures in consolidated financial statements, and
  2. in the financial statements of an investor that is not a parent but that has a venturer’s interest in one or more joint ventures.

Accounting policy election in Separate financial statements establishes the requirements for accounting for a venturer’s interest in a joint venture in separate financial statements.

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Investments in Associates

Investments in Associates describes:

  1. the accounting for associates in consolidated financial statements, and
  2. in the financial statements of an investor that is not a parent but that has an investment in one or more associates.

Accounting policy election in Separate financial statements establishes the requirements for accounting for associates in separate financial statements.

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Combined financial statements

Entities under common control combined

9.28 Combined financial statements are a single set of financial statements of two or more entities under common control (as described in Exceptions to accounting for Business Combinations sub (a) of Business Combinations and Goodwill). Combined financial statements does not require combined financial statements to be prepared.

Combined Financial Statements comply in full to this section

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Separate financial statements

Presentation of separate financial statements

9.24 It is not required to present separate financial statements for the parent entity or for the individual subsidiaries.

9.25 Separate financial statements are a second set of financial statements presented by an entity in addition to any of the following:

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