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IFRS in 140 characters or less each

IAS 1 Presentation: All accounts must have P/L, SFP, Cash Flows, Notes, Comparatives
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IAS 2 Inventories: Value at the lower of cost (to get to location/condition) and Net
Realisable Value (Price less completion/selling costs)
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IAS 7 Cash Flows: 3 headings 1. Operations (Turn P/L and working capital into cash) 2.
Investments (PPE) 3. Financing (Debt/equity)
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IAS 8 Change A/C policy (recognition/presentation/measurement) retrospectively


(adjust comparatives) change A/C estimates prospectively
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IAS 10 Adjusting event happened in the A/C period so change the balance, non-
adjusting event happened after so just a note
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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
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IAS 16 Recognise Assets at Cost (of bringing to use) depreciate over UEL, may revalue
(each class/regularly) creating revaluation reserve
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IAS 17 Finance Lease if Lessee has risk/rewards of ownership (capitalise the lease and
asset) Operating Lease all others (expense payments)
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IAS 19 De ned bene t (show pension asset/liability) if Co. has obligation to fund
de cit, de ned contribution if not (expense contributions)
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IAS 20 Govt grant set against expense or show as other income. Grant for asset
deferred income or set of against NBV of asset
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IAS 21 Foreign monetary balances translated at Y/E rate, non-monetary translated on


purchase date or if revalued then rate on that date
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IAS 23 Capitalise interest costs on assets being built (Interest at effective rate less any
temporary investment income)
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IAS 24 All transactions with related partys (Managers/group entities/related to


managers) must be disclosed in a note
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IAS 28 Associate one line in SFP (Investment + P% ALL post-acq pro t) and in P/L (P%
associate pro t IN PERIOD). Same for Joint Venture
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IAS 32 Financial Asset (Cash or Contract to receive) Fin Liability (Contract to deliver
Cash) Split issued convertible debt into debt/equity
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IAS 33 EPS Earnings/W. Ave No. Ordinary Shares (adjust for issues in the year) must
disclose diluted EPS (adjust for options/conv. debt)
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IAS 34 Disclosures for Interim Reporting (Interim report not REQUIRED but if the
entity does it heres how)
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IAS 36 Impairment if Carrying Amt > Recoverable Amt(Higher of value in use & FV
less costs) Woff order -Damaged Asset -Gwill -Other Assets
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IAS 37 Provision Criteria -Legal/constructive obligation -Probable Out ow -Reliable


Measurenot probable/reliable = contingent (note to FS)
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IAS 38 Intangibles Criteria -Future economic bene t -Separable -Reliable Measure.
Expense research, capitalise development if criteria met
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IAS 40 Investment property if held for capital gain/to rent out. Either cost less depn
or Fair Value (every year gain/loss to P/L no depn)
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IAS 41 Biological Assets (Cow/pig/wheat) held at Fair Value less point of sale costs
each year with gain/loss to P/L
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IFRS 1 Adopt IFRS one year before transition date so you have comparatives, reconcile
to old balances gains/losses in reserves
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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 signi cance (accounting treatment) and risks of
Financial Instruments held
....................................

IFRS 8 Op. segment if business activities/reviewed by CEO/info available -Report if


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


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