IAS 34, “Interim Financial Reporting,” provides essential guidance on the preparation of interim financial statements, emphasizing the importance of estimates in this context. Given that interim reports cover shorter periods than annual reports, the reliance on estimates can be more …
IAS 12, “Income Taxes,” plays a pivotal role in determining how tax rates affect the financial statements of companies. The standard prescribes the accounting treatment for current and deferred tax, ensuring that the financial implications of tax rates are accurately …
IAS 23, “Borrowing Costs,” provides essential guidance on the accounting treatment of borrowing costs that are directly attributable to the acquisition, construction, or production of qualifying assets. This standard mandates that such costs be capitalized as part of the asset’s …
IAS 8, “Accounting Policies, Changes in Accounting Estimates and Errors,” provides essential guidance on how entities should account for and disclose errors in their financial statements. Errors can arise from various sources, including mathematical mistakes, misapplication of accounting policies, or …
One of the practical challenges that can arise when accounting for joint arrangements is the issue of non-coterminous reporting periods between the joint operators and the joint operation itself. IFRS 11 Joint Arrangements does not provide specific guidance on how …
When entities contribute businesses to the formation of a joint venture, the accounting treatment can become complex and nuanced. IFRS 11 Joint Arrangements does not provide specific guidance on how to account for such transactions, leaving entities to navigate the …
Treatment of Dividend Interim dividends announced by the directors but unpaid at the balance sheet date Interim dividends announced by the directors but unpaid at the balance sheet date are a liability at that balance sheet date where, and only …
As we know, there has been an amendment to IFRS 3 regarding what we consider as the acquisition of the business and what is meant by the addition of an asset. In the article below we will discuss what has …