IFRS in 140 characters or less each…

IAS 1 Presentation: All accounts must have P/L, SFP, Cash Flows, Notes, Comparatives

IAS 2 Inventories: Value at the lower of cost (to get to location/condition) and Net Realisable Value (Price less completion/selling costs)

IAS 7 Cash Flows: 3 headings 1. Operations (Turn P/L and working capital into cash) 2. Investments (PPE) 3. Financing (Debt/equity)

IAS 8 Change A/C policy (recognition/presentation/measurement) retrospectively (adjust comparatives) change A/C estimates prospectively

IAS 10 Adjusting event happened in the A/C period so change the balance, non-adjusting event happened after so just a note

IAS 12 Income tax in P/L = Est. Tax Due for Yr + Movement on Deferred Tax Balance (NBV of Assets less Tax Base) x Tax Rate

IAS 16 Recognise Assets at Cost (of bringing to use) depreciate over UEL, may revalue (each class/regularly) creating revaluation reserve

IAS 17 Finance Lease if Lessee has risk/rewards of ownership (capitalise the lease and asset) Operating Lease all others (expense payments)

IAS 19 Defined benefit (show pension asset/liability) if Co. has obligation to fund deficit, defined contribution if not (expense contributions)

IAS 20 Gov’t grant set against expense or show as other income. Grant for asset deferred income or set of against NBV of asset

IAS 21 Foreign monetary balances translated at Y/E rate, non-monetary translated on purchase date or if revalued then rate on that date

IAS 23 Capitalise interest costs on assets being built (Interest at effective rate less any temporary investment income)

IAS 24 All transactions with related partys (Managers/group entities/related to managers) must be disclosed in a note

IAS 28 Associate one line in SFP (Investment + P% ALL post-acq profit) and in P/L (P% associate profit IN PERIOD). Same for Joint Venture

IAS 32 Financial Asset (Cash or Contract to receive) Fin Liability (Contract to deliver Cash) Split issued convertible debt into debt/equity

IAS 33 EPS Earnings/W. Ave No. Ordinary Shares (adjust for issues in the year) must disclose diluted EPS (adjust for options/conv. debt)

IAS 34 Disclosures for Interim Reporting (Interim report not REQUIRED but if the entity does it here’s how)

IAS 36 Impairment if Carrying Amt > Recoverable Amt(Higher of value in use & FV less costs) W’off order -Damaged Asset -G’will -Other Assets

IAS 37 Provision Criteria -Legal/constructive obligation -Probable Outflow -Reliable Measure…not probable/reliable = contingent (note to FS)

IAS 38 Intangibles Criteria -Future economic benefit -Separable -Reliable Measure. Expense research, capitalise development if criteria met

IAS 40 Investment property if held for capital gain/to rent out. Either cost less dep’n or Fair Value (every year gain/loss to P/L no dep’n)

IAS 41 Biological Assets (Cow/pig/wheat) held at Fair Value less point of sale costs each year with gain/loss to P/L
IFRS 1 Adopt IFRS one year before transition date so you have comparatives, reconcile to old balances gains/losses in reserves

IFRS 2 Pay for goods with shares (measure at FV of goods) Employee share schemes spread out over vesting period based on estimates

IFRS 3 All assets/liabilities in a subsidiary measured at FV on acquisition date in order to measure goodwill

IFRS 5 Asset held for sale if planned sale/available now/reasonable price/marketed now -measure at lower of Carrying Value and FV less costs

IFRS 7 Disclose information about significance (accounting treatment) and risks of Financial Instruments held

IFRS 8 Op. segment if business activities/reviewed by CEO/info available -Report if 10% Profit or Assets or Revenue -75% Revenue by segment

IFRS 9 Fin. Assets held at Amortised cost (Bond held for term)/FVPL (any held for trading)/FVOCI (Both) -Liabilities at Amortised Cost/FVPL

IFRS 10 Investor controls investee if they have rights to variable returns (Divs) and can affect them through power over strategic decisions

IFRS 11 Joint Venture if separate legal entity Joint Operation if not. Proportional consolidation for Joint Op associate treatment for JV

IFRS 12 Disclose how you determined control of a subsidiary under IFRS 10

IFRS 13 Fair Value determined by inputs -Level 1 (high volume identical items) -Level 2 (less volume or not identical) -Level 3 (Estimate)

IFRS 15 Recognise revenue by matching up the obligations (what is required to get paid) in a contract with when they are performed

 

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