This article looks at the highlights of IFRS 1 First-time Adoption of IFRS and discusses some of the challenges experienced by those who have already made the transition to IFRS.

The objective of IAS 38 is to prescribe the accounting treatment for intangible assets that are not specifically dealt with in another standard. IAS 38 defines the criteria for asset recognition, specifies how carrying amounts should be measured in subsequent periods, and provides guidance on required disclosures.

The objective of IAS 37 is to ensure that provisions, contingent liabilities, and contingent assets are recognized based on appropriate criteria and measured using appropriate bases. Furthermore, the standard aims to ensure that the notes to financial statements provide...

Two of the standards covered in previous articles in this series, IAS 16 Property, Plant and Equipment, and IAS 38 Intangible Assets, require that impairment losses be reflected in the carrying value of assets. IAS 36 is the standard that specifies how an impaired asset would be identified, and how...

This article looks at the highlights of IAS 1 Presentation of Financial Statements, beginning with a refresher on the International Accounting Standards Board (IASB) Framework that sets the conceptual foundation for the rest of the International Financial Reporting Standards (IFRSs).

The objective of IFRS 2 is to specify the financial reporting by an entity when it undertakes a share-based payment transaction. In particular, it requires an entity to reflect in its profit or loss and financial position the effects of share-based payment transactions, including expenses associated with transactions in which share options are granted to employees.

This course was designed to help you understand and apply the reporting requirements prescribed by IAS 32, Financial Instruments — Presentation, and IFRS 7, Financial Instruments — Disclosures.

The objective of IFRS 7 is focused on financial instrument disclosures, and is based on the notion that entities should provide disclosures in their financial statements that enable users to evaluate the significance of financial instruments for the entity’s financial position and performance. Further, IFRS 7 places emphasis on disclosures about risks associated with holding or issuing financial instruments.

The objective of IAS 32 is twofold: first, to establish principles for presenting financial instruments as liabilities or equity and for offsetting financial assets and financial liabilities, and second, to enhance financial statement users’ understanding of the significance of financial instruments to an entity’s financial position, performance, and…

The objective of IAS 39 is to establish principles for recognizing and measuring financial assets, financial liabilities, and some contracts to buy or sell non-financial items. The principles in IAS 39 complement those of IFRS 7 Financial Instruments: Disclosures, and for presentation of information about them in IAS 32 Financial Instruments: Presentation. IAS 39 applies to all entities and to all types of financial instruments, except where it specifically defers to another Standard and/or a different accounting treatment (¶2).