by admin | Sep 13, 2017 | Accounting, Tech News
The International Accounting Standards Board (IASB) has proposed an Exposure Draft IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors for public consultation and comments by 15 January 2018. The purpose of the Exposure Draft is to help companies...
by admin | Sep 6, 2017 | Accounting, Tech News
The Accounting Standards Council (ASC) has submitted comment letters to the SME Implementation Group on IFRS for SMEs Draft Q&A Accounting for financial guarantees in parent’s separate financial statements. Draft Q&As which was developed in June 2017 provide...
by admin | Aug 31, 2017 | Accounting, Tech News
The new revenue recognition model 4.1 (IFRS 15) FRS 115 Revenue from Contracts with Customers introduces a 5-steps model that is to be applied to all revenue transactions irrespective of the nature of the entity’s business. The new model therefore applies to revenue...
by admin | Jul 31, 2017 | Accounting, Tech News
Overview 1.1 Revenue recognition has been a contentious area for financial reporting. 1.2 In the previous revenue standards, there are significant diversity in revenue recognition due to limited guidance: (a) Timing of revenue recognition – whether a company...
by admin | Jul 22, 2017 | Accounting, Tech News
The International Financial Reporting Standards (IFRS) has published illustrative tagging for the proposed IFRS Taxonomy Update IFRS Taxonomy 2017 — IFRS 17 Insurance Contracts. The illustrative tagging shows how selected information from the Illustrative Examples...
by admin | Jun 21, 2017 | Accounting, Tech News
The International Accounting Standard Board (IASB) has proposed narrow-scope amendments to be made to IAS 16 Property, Plant and Equipment to reduce the diversity in application of the Standard. IAS 16 establishes principles for recognising and measuring items of...
