IAS 35 requires that disclosures about a discontinuing operation begin at the earlier of the following: an enterprise has entered into an agreement to sell substantially all of the assets of the discontinuing operation; or its board of directors or other similar governing body has both approved and announced the planned discontinuance. Associates should be accounted for by the equity method in consolidated financial statements. This article summarises the principles in both sets of standards and highlights where they are similar and where they are not. The revised Standard (IAS 16 (revised 1998)) became operative for annual financial statements covering periods beginning on or after 1 July 1999. Segment definition: Segments are organisational units for which information is reported to the board of directors and CEO unless those organisational units are not along product/service or geographical lines, in which case use the next lower level of internal segmentation that reports product and geographical information. International Accounting Standards (IASs) were issued by the IASC from 1973 to 2000. A net pension asset on the balance sheet may not exceed the present value of available refunds plus the available reduction in future contribution due to a plan surplus. Accrue deferred tax asset for nearly all deductible temporary differences if it is probable a tax benefit will be realised. If the revalued asset is sold or otherwise disposed of, any remaining revaluation surplus either remains as a separate component of equity or is transferred directly to retained earnings (not through the income statement). APB Opinions. Accounting standards comprise the scope of accounting by defining certain terms, presenting the accounting issues, specifying standards, explaining numerous disclosures and implementation date. The revisions: require consistent accounting for purchases and sales of financial assets for each category of financial assets using either trade date accounting or settlement date accounting; eliminated a requirement in IAS 39 as originally approved for a lender to recognise collateral received from a borrower in its balance sheet; provide more explicit requirements for impairment recognition; require consistent accounting in the consolidated financial statements for temporary investments in equity securities in accordance with IAS 39 and other International Accounting Standards; and eliminated redundant disclosure requirements for hedges in IAS 32. International Standards on Auditing (ISA) refer to professional standards dealing with the responsibilities of the independent auditor while conducting the financial audit of financial info. IAS 12: Income TaxesIAS 12 (revised 1996), Income Taxes, became effective for annual financial statements covering periods beginning on or after 1 January 1998.IAS 12 was amended in May 1999 by HYPERLINK "http://www.iasc.org.uk/cmt/0001.asp?s=1050307&sc={40FDE89D-3CAC-43AA-9631-EC6C1476599A}&n=953" IAS 10: Events After the Balance Sheet Date. IFRS is a set of international accounting standards, which state how particular types of transactions and other events should be reported in financial statements. Jointly controlled assets. Present defined benefit obligations net of plan assets. The revised Standard (IAS 22 (revised 1998)) became operative for annual financial statements covering periods beginning on or after 1 July 1999.In October 1998, the IASC staff published separately a Basis for Conclusions for IAS 38, Intangible Assets and IAS 22 (revised 1998). Although the inability to sell or pledge would suggest that the transferee has not obtained control, in this instance the transfer is a sale provided that the transferor does not have the right or ability to reacquire the transferred asset. countries and the EC require the financial statements of publicly-traded Same Guidance in IAS 39 includes the following example. Equity-method investments are reported as non-current assets in the investor's balance sheet. In exceptional cases, there is clear evidence when an enterprise that has chosen the fair value model first acquires an investment property (or when an existing property first becomes investment property following the completion of construction or development, or after a change in use) that the enterprise will not be able to determine the fair value of the investment property reliably on a continuing basis. Net realisable value is selling price less cost to complete the inventory and sell it. Summary of IAS 30 This standard prescribes special disclosures for banks and similar financial institutions. A derivative is a financial instrument— (a) - whose value changes in response to the change in a specified interest rate, security price, commodity price, foreign exchange rate, index of prices or rates, a credit rating or credit index, or similar variable (sometimes called the ‘underlying’); (b) - that requires no initial net investment or little initial net investment relative to other types of contracts that have a similar response to changes in market conditions; and (c) - that is settled at a future date. HYPERLINK "http://www.iasc.org.uk/cmt/0001.asp?s=1050307&sc={40FDE89D-3CAC-43AA-9631-EC6C1476599A}&n=963" IAS 2: Inventories, or another applicable International Accounting Standard should be applied in accounting for agricultural produce after the point of harvest; there is a presumption that fair value can be measured reliably for a biological asset. Use net income to assess whether dilutive. Compare:   Depreciation base is cost less estimated residual value. For those financial assets and liabilities that are remeasured to fair value, an enterprise will have a single, enterprise-wide option either to: (a) recognise the entire adjustment in net profit or loss for the period;or (b) recognise in net profit or loss for the period only those changes in fair value relating to financial assets and liabilities held for trading, with the non-trading value changes reported in equity until the financial asset is sold, at which time the realised gain or loss is reported in net profit or loss. Such extraordinary items are rare and beyond management control. IAS 19: Employee BenefitsIAS 19, Employee Benefits, became effective for financial statements covering periods beginning on or after 1 January 1999.Certain paragraphs were amended in May 1999 by HYPERLINK "http://www.iasc.org.uk/cmt/0001.asp?s=1050307&sc={40FDE89D-3CAC-43AA-9631-EC6C1476599A}&n=953" IAS 10: Events After the Balance Sheet Date. Recognition and Measurement biological assets should be measured at their fair value less estimated point-of-sale costs, except where fair value cannot be measured reliably; agricultural produce harvested from an enterpriseVs biological assets should be measured at its fair value less estimated point-of-sale costs at the point of harvest. No goodwill is recognised. About the International Accounting Standards Board (Board) The Board is an independent group of experts with an appropriate mix of recent practical experience in setting accounting standards, in preparing, auditing, or using financial reports, and in accounting education. OTHER EMPLOYEE BENEFITS Including vacations, holidays, accumulating sick pay, retiree medical and life insurance, etc. That book contains the current text of IAS 32 and IAS 39, SIC Interpretations related to the accounting for financial instruments as well as those IAS 39 Implementation Guidance Questions and Answers that had been approved in final form as of 1 July 2001.In November 2001, the IGC issued a document with the final versions of 17 Q&A and two illustrative examples that were issued in draft form for public comment in June 2001. A restructuring provision should exclude costs - such as retraining or relocating continuing staff, marketing or investment in new systems and distribution networks - that are not necessarily entailed by the restructuring or that are associated with the enterpriseVs ongoing activities. This requirement applies whether an intangible asset is acquired externally or generated internally. 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