By Ralph Tiffin
Even if finance administrators love it or now not, IAS is coming and everyone keen on the monetary working of a business--not simply FD's and account executives yet different administrators advisers--will need to be in control. This publication explains the foundations of IAS and the accounting and disclosure requisites, and clarifies useful difficulties of compliance.
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Additional info for International Financial Reporting Standards, 2nd Edition
The first year is not 2005 for relevant EU companies but 2004 or even earlier if reliable comparatives are to be given. Objective and definitions from the Standard Objective An entity shall apply this IFRS in: a) its first IFRS financial statements; and b) each interim financial report, if any, that it presents under IAS 34 Interim Financial Reporting for part of the period covered by its first IFRS financial statements. Definitions Date of transition to IFRS’s is the beginning of the earliest period for which an entity presents full comparative information under IFRS’s in its first full IFRS statements.
Probable means more likely than not. Recoverable amount is the higher of an asset’s fair value less costs to sell and its value in use. Value in use is the present value of estimated future cash flows expected to arise from the continuing use of an asset and from its disposal at the end of its useful life. 4 First time adoption of international accounting standards – IFRS 1 Why needed International Accounting Standards are different from the UK Standards. Some industry results will be much more affected than others.
Subsequent expenditure should be capitalized when the costs give probable economic benefits in excess of the original (economic benefits). That is there is a genuine enhancement of the asset’s performance or life. In the UK Standard the following specific conditions have to be met: a) where the subsequent expenditure provides an enhancement of the economic benefits of the tangible asset in excess of the previously assessed Standard of performance. b) where a component of the tangible fixed asset that has been treated separately for depreciation purposes and depreciated over its individual economic life, is replaced or restored.