This document provides an overview of IAS 12 Income Taxes. It discusses current tax, over/under provision from previous periods, and deferred tax. Current tax is the estimated tax payable for the period. Over/under provision refers to adjustments made in the following period if the previous estimate was too high or low. Deferred tax arises from temporary differences between accounting and taxable profits. The document also covers operating and finance leases under IAS 17, and the accounting for financial instruments under IAS 32 including shares, share premium, and redeemable preference shares.
IFRS-16 requires all leases to be recognized on the balance sheet except for short-term or low-value leases. For finance leases, lessees record a lease liability and right-of-use asset on the balance sheet. Lease modifications require remeasuring the lease liability and right-of-use asset. Sale-leaseback transactions require derecognizing the asset sold and recognizing a right-of-use asset and lease liability. Lessors record a net investment in leases on the balance sheet and recognize finance income over the lease term. Intermediate lessors account for sub-leases by derecognizing the head lease right-of-use asset and recognizing a net investment in the
IAS 40 provides guidance on accounting for investment property, which is property held to earn rentals or for capital appreciation rather than for use in production. It requires investment property to be initially measured at cost and then either at fair value or cost model after initial recognition. Under the fair value model, all changes in fair value are recognized in profit or loss for the period. The standard also provides guidance on transfers, disposals, disclosures and transitional provisions for investment property.
1. Departmental accounting refers to maintaining separate accounts for departments within a company to record revenues, expenses, and results.
2. Common expenses are allocated to departments on a rational basis like floor area, energy consumption, sales, purchases, time spent, etc.
3. Departments can be independent if they work separately or dependent if they transfer goods between departments for further processing.
Assurance and advisory firm Nkonki will be hosting a roundtable session exclusively for CFOs with Darrel Scott, Board Member of the IFRS Foundation. Scott, who is in Johannesburg for the occasion, will provide global and industry insights on the newly-released IFRS 16, issued on 13 January 2016, to CFOs from many of South Africa’s leading companies.
“The session is designed to share insights and deliberate on how this new accounting standard will impact processes and financial reporting, and how industries across the globe will deal with this change,” says Sindi Zilwa, CEO of Nkonki. It will also provide an update on accounting developments in the medium term.
The International Accounting Standards Board (IASB) issued IFRS 16 Leases in January 2016. IFRS 16 sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract, namely, the customer (‘lessee’) and the supplier (‘lessor’). IFRS 16 is effective from 1 January 2019. IFRS 16 completes the IASB’s project to improve the financial reporting of leases. IFRS 16 replaces the previous leases Standard, IAS 17 Leases, and related Interpretations.
IFRS 2 specifies the accounting for share-based payment transactions by entities. It requires entities to recognize goods and services received from employees or others in share-based payment transactions, and recognize a corresponding increase in equity if equity-settled, or a liability if cash-settled. The goods or services must be measured at fair value. For employees, it is the fair value of the equity instruments granted. IFRS 2 provides guidance on recognition, measurement, modifications, cancellations, and required disclosures for share-based payment transactions.
This document provides an overview of IAS 12 Income Taxes. It discusses current tax, over/under provision from previous periods, and deferred tax. Current tax is the estimated tax payable for the period. Over/under provision refers to adjustments made in the following period if the previous estimate was too high or low. Deferred tax arises from temporary differences between accounting and taxable profits. The document also covers operating and finance leases under IAS 17, and the accounting for financial instruments under IAS 32 including shares, share premium, and redeemable preference shares.
IFRS-16 requires all leases to be recognized on the balance sheet except for short-term or low-value leases. For finance leases, lessees record a lease liability and right-of-use asset on the balance sheet. Lease modifications require remeasuring the lease liability and right-of-use asset. Sale-leaseback transactions require derecognizing the asset sold and recognizing a right-of-use asset and lease liability. Lessors record a net investment in leases on the balance sheet and recognize finance income over the lease term. Intermediate lessors account for sub-leases by derecognizing the head lease right-of-use asset and recognizing a net investment in the
IAS 40 provides guidance on accounting for investment property, which is property held to earn rentals or for capital appreciation rather than for use in production. It requires investment property to be initially measured at cost and then either at fair value or cost model after initial recognition. Under the fair value model, all changes in fair value are recognized in profit or loss for the period. The standard also provides guidance on transfers, disposals, disclosures and transitional provisions for investment property.
1. Departmental accounting refers to maintaining separate accounts for departments within a company to record revenues, expenses, and results.
2. Common expenses are allocated to departments on a rational basis like floor area, energy consumption, sales, purchases, time spent, etc.
3. Departments can be independent if they work separately or dependent if they transfer goods between departments for further processing.
Assurance and advisory firm Nkonki will be hosting a roundtable session exclusively for CFOs with Darrel Scott, Board Member of the IFRS Foundation. Scott, who is in Johannesburg for the occasion, will provide global and industry insights on the newly-released IFRS 16, issued on 13 January 2016, to CFOs from many of South Africa’s leading companies.
“The session is designed to share insights and deliberate on how this new accounting standard will impact processes and financial reporting, and how industries across the globe will deal with this change,” says Sindi Zilwa, CEO of Nkonki. It will also provide an update on accounting developments in the medium term.
The International Accounting Standards Board (IASB) issued IFRS 16 Leases in January 2016. IFRS 16 sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract, namely, the customer (‘lessee’) and the supplier (‘lessor’). IFRS 16 is effective from 1 January 2019. IFRS 16 completes the IASB’s project to improve the financial reporting of leases. IFRS 16 replaces the previous leases Standard, IAS 17 Leases, and related Interpretations.
IFRS 2 specifies the accounting for share-based payment transactions by entities. It requires entities to recognize goods and services received from employees or others in share-based payment transactions, and recognize a corresponding increase in equity if equity-settled, or a liability if cash-settled. The goods or services must be measured at fair value. For employees, it is the fair value of the equity instruments granted. IFRS 2 provides guidance on recognition, measurement, modifications, cancellations, and required disclosures for share-based payment transactions.
This document summarizes the rules for acquisition and transfer of securities by non-residents in India. It outlines various scenarios for the transfer of capital instruments of an Indian company between residents and non-residents, including transfers by NRIs, OCIs, overseas corporate bodies, and residents. It specifies the applicable entry routes, sectoral caps, pricing guidelines, and documentation requirements for such transfers. The document also provides definitions for key terms like non-resident Indian, overseas citizen of India, and capital instruments.
The document discusses various financial ratios that can be used to analyze a company's financial statements. It provides ratio calculations and analysis for a company called D'Leon for the years 2002-2003. Key ratios like current ratio, inventory turnover, days sales outstanding, profit margin, and return on equity are presented. Limitations of ratio analysis are also discussed.
Banks record transactions using a slip system instead of primary books. Deposits are recorded using pay-in slips and withdrawals using cheques. Banks follow the Banking Regulation Act 1949 and Company Act 2013 for preparing accounts. They prepare a balance sheet according to Form A and a profit and loss account according to Form B of the Banking Regulation Act. Sources of banks' funds include share capital, deposits, borrowings, reserves and other liabilities. Funds are utilized through advances and loans, investments, balances with RBI and other banks, fixed assets and other assets. Bank incomes come from interest on various loans and investments as well as other sources like fees. Expenses include interest paid on deposits and borrowings,
Accounting for consolidated financial statements.pptJaafar47
This document discusses accounting for consolidated financial statements under IFRS 10. It provides an introduction to consolidation, defining consolidation as combining the financial statements of a parent and subsidiary as a single economic entity. The document then discusses consolidation in cases of wholly owned and partially owned subsidiaries, including how to record the initial business combination and prepare consolidated financial statements in subsequent periods using the equity method of accounting. Examples are provided to illustrate consolidation for both wholly owned and partially owned subsidiaries at the date of acquisition and in later periods.
IAS 8 Accounting Policies, Changes In Accounting Estimates And Errorsuktaxandaccounts.com
This document summarizes the key principles from IAS 8 regarding accounting policies, changes in estimates and errors. It outlines that IAS 8 prescribes criteria for selecting and changing accounting policies, and the accounting treatment for changes in policies, estimates and errors. It defines various terms and concepts. It also discusses the requirements for applying changes retrospectively or prospectively, and disclosure requirements for changes.
Ledgers record entries classified into accounts. The ledger determines the balance of each account. Posting transfers journal entries to the appropriate accounts in the ledger. Accounts are balanced by determining if they have a debit or credit balance at period end. Nominal accounts do not show balances but are transferred to profit and loss. A trial balance shows the debit and credit balances of all accounts and ensures accuracy by making totals equal. While a trial balance checks arithmetic, errors may remain. Methods for preparing a trial balance include the total method, balance method, and total and balance method. A suspense account can be used to temporarily adjust differences making a trial balance balance.
Deferred Tax,
By: Mahima Pahwa (IBS Gurgaon)
Differences between Accounting Income and Taxable Income
TYPES OF DEFERRED TAX
DEFERRED TAX LIABILITY
FINANCIAL STATEMENTS PRESENTATION
IAS 21 outlines the accounting treatment for transactions involving foreign currencies and foreign operations. It addresses how to determine the functional currency, translate foreign currency transactions and financial statements, recognize exchange differences, and disclose related information. The standard provides guidance on translating the results and financial position of foreign operations, recognizing exchange differences from monetary items, and presenting financial statements with a different functional and presentation currency.
This document presents an introduction to a presentation on IAS 8 Accounting Policies, Changes in Accounting Estimates, and Errors. It lists the names and IDs of the presentation team members and provides an overview of the objectives and requirements of IAS 8. It discusses accounting policies, changes in estimates, and errors, including examples. It also includes sample financial statement extracts and solutions to demonstrate the accounting treatment for changes in policies, estimates, and corrections of prior period errors.
Summary of Ind AS 28 for the students and who are new to Ind AS. They can make a basic understanding about the words, definition, terms, provisions used in the actual Ind AS 28.
Pass Through Certificates (PTCs) are financial instruments issued by banks to transfer some of their long-term mortgaged assets and risks to other investors like mutual funds and NBFCs. PTCs ensure loan repayments are made to investors rather than banks. They allow banks to share risks, release capital, and continue lending while maintaining statutory liquidity guidelines.
Investment management chapter 4.2 the capital asset pricing modelHeng Leangpheng
The document summarizes the key aspects of the Capital Asset Pricing Model (CAPM). It outlines the three main assumptions of CAPM: 1) investors can trade securities without costs, 2) investors only hold efficient portfolios, 3) investors have homogeneous expectations. It then explains how given these assumptions, the market portfolio of all risky securities becomes the efficient portfolio. It defines beta and shows how an asset's expected return is determined based on the market risk premium and its beta. Examples are provided to illustrate how to calculate betas and expected returns for individual stocks and portfolios using CAPM.
This document defines and explains the bank reconciliation statement. [1] It reconciles the differences between the bank balance shown in a business's cash book and the balance in their bank statement or passbook. [2] Common causes of differences include outstanding checks and deposits, as well as bank charges and interest that have been applied. [3] Preparing the reconciliation statement regularly helps ensure accurate accounting records and identifies potential errors or fraud.
This document provides an overview of IAS 2 on inventories. The objectives of IAS 2 are to prescribe the accounting treatment for inventories and determine the amount of cost to be recognized as an asset. Inventories are assets held for sale, in production, or in the form of materials used in production. Inventories must be measured at the lower of cost or net realizable value. Cost includes all purchase, conversion and other costs to bring inventories to their present condition. Inventories are recognized as an expense when sold. Financial statement disclosures on inventories are also required.
1. Losses from various income sources can be set off against income from other heads in the same assessment year.
2. A businessman with a business loss of Rs. 200,000 can set it off against a profit of Rs. 500,000 from another business, resulting in a taxable income of Rs. 300,000.
3. Net losses from different heads can be set off against income from other heads in the same assessment year. Unabsorbed losses can be carried forward for different periods depending on the head.
IAS 12 provides guidance on accounting for income taxes. It aims to ensure that entities account for deferred tax liabilities and assets for temporary differences between the carrying amount of assets and liabilities and their tax bases. Key aspects covered include defining temporary differences, recognizing deferred tax assets and liabilities, offsetting current tax assets and liabilities, and presenting current and deferred taxes. Entities must also disclose information related to income taxes in their financial statements.
A bank reconciliation statement is prepared to reconcile the differences between the balances as per the cash book and as per the bank statement/pass book. It identifies timing differences in recording transactions as well as errors in the cash book or pass book. When preparing a bank reconciliation statement, all errors and omissions in the cash book as well as timing differences between the two statements are taken into consideration.
This document discusses key concepts in bank management including:
- The features of a bank balance sheet including assets like loans and securities, and liabilities like deposits and capital.
- How banks attempt to maximize profits through asset and liability management, managing liquidity, credit risk, and interest rate risk.
- Off-balance sheet activities allow banks to generate fee income but also expose them to additional risks if not properly controlled.
Dear members,
We would like to thank everybody for joining us on our last seminar which was held last Oct 15,2018 about " The Updates on IFRS 16 "
For Those who was not able to join us, Please have a look over the presentation.
Big Thanks to Mr. Paul Raftery - SVP Platform Finance Healthcare for Mubadala- who was the main speaker.
This document summarizes the rules for acquisition and transfer of securities by non-residents in India. It outlines various scenarios for the transfer of capital instruments of an Indian company between residents and non-residents, including transfers by NRIs, OCIs, overseas corporate bodies, and residents. It specifies the applicable entry routes, sectoral caps, pricing guidelines, and documentation requirements for such transfers. The document also provides definitions for key terms like non-resident Indian, overseas citizen of India, and capital instruments.
The document discusses various financial ratios that can be used to analyze a company's financial statements. It provides ratio calculations and analysis for a company called D'Leon for the years 2002-2003. Key ratios like current ratio, inventory turnover, days sales outstanding, profit margin, and return on equity are presented. Limitations of ratio analysis are also discussed.
Banks record transactions using a slip system instead of primary books. Deposits are recorded using pay-in slips and withdrawals using cheques. Banks follow the Banking Regulation Act 1949 and Company Act 2013 for preparing accounts. They prepare a balance sheet according to Form A and a profit and loss account according to Form B of the Banking Regulation Act. Sources of banks' funds include share capital, deposits, borrowings, reserves and other liabilities. Funds are utilized through advances and loans, investments, balances with RBI and other banks, fixed assets and other assets. Bank incomes come from interest on various loans and investments as well as other sources like fees. Expenses include interest paid on deposits and borrowings,
Accounting for consolidated financial statements.pptJaafar47
This document discusses accounting for consolidated financial statements under IFRS 10. It provides an introduction to consolidation, defining consolidation as combining the financial statements of a parent and subsidiary as a single economic entity. The document then discusses consolidation in cases of wholly owned and partially owned subsidiaries, including how to record the initial business combination and prepare consolidated financial statements in subsequent periods using the equity method of accounting. Examples are provided to illustrate consolidation for both wholly owned and partially owned subsidiaries at the date of acquisition and in later periods.
IAS 8 Accounting Policies, Changes In Accounting Estimates And Errorsuktaxandaccounts.com
This document summarizes the key principles from IAS 8 regarding accounting policies, changes in estimates and errors. It outlines that IAS 8 prescribes criteria for selecting and changing accounting policies, and the accounting treatment for changes in policies, estimates and errors. It defines various terms and concepts. It also discusses the requirements for applying changes retrospectively or prospectively, and disclosure requirements for changes.
Ledgers record entries classified into accounts. The ledger determines the balance of each account. Posting transfers journal entries to the appropriate accounts in the ledger. Accounts are balanced by determining if they have a debit or credit balance at period end. Nominal accounts do not show balances but are transferred to profit and loss. A trial balance shows the debit and credit balances of all accounts and ensures accuracy by making totals equal. While a trial balance checks arithmetic, errors may remain. Methods for preparing a trial balance include the total method, balance method, and total and balance method. A suspense account can be used to temporarily adjust differences making a trial balance balance.
Deferred Tax,
By: Mahima Pahwa (IBS Gurgaon)
Differences between Accounting Income and Taxable Income
TYPES OF DEFERRED TAX
DEFERRED TAX LIABILITY
FINANCIAL STATEMENTS PRESENTATION
IAS 21 outlines the accounting treatment for transactions involving foreign currencies and foreign operations. It addresses how to determine the functional currency, translate foreign currency transactions and financial statements, recognize exchange differences, and disclose related information. The standard provides guidance on translating the results and financial position of foreign operations, recognizing exchange differences from monetary items, and presenting financial statements with a different functional and presentation currency.
This document presents an introduction to a presentation on IAS 8 Accounting Policies, Changes in Accounting Estimates, and Errors. It lists the names and IDs of the presentation team members and provides an overview of the objectives and requirements of IAS 8. It discusses accounting policies, changes in estimates, and errors, including examples. It also includes sample financial statement extracts and solutions to demonstrate the accounting treatment for changes in policies, estimates, and corrections of prior period errors.
Summary of Ind AS 28 for the students and who are new to Ind AS. They can make a basic understanding about the words, definition, terms, provisions used in the actual Ind AS 28.
Pass Through Certificates (PTCs) are financial instruments issued by banks to transfer some of their long-term mortgaged assets and risks to other investors like mutual funds and NBFCs. PTCs ensure loan repayments are made to investors rather than banks. They allow banks to share risks, release capital, and continue lending while maintaining statutory liquidity guidelines.
Investment management chapter 4.2 the capital asset pricing modelHeng Leangpheng
The document summarizes the key aspects of the Capital Asset Pricing Model (CAPM). It outlines the three main assumptions of CAPM: 1) investors can trade securities without costs, 2) investors only hold efficient portfolios, 3) investors have homogeneous expectations. It then explains how given these assumptions, the market portfolio of all risky securities becomes the efficient portfolio. It defines beta and shows how an asset's expected return is determined based on the market risk premium and its beta. Examples are provided to illustrate how to calculate betas and expected returns for individual stocks and portfolios using CAPM.
This document defines and explains the bank reconciliation statement. [1] It reconciles the differences between the bank balance shown in a business's cash book and the balance in their bank statement or passbook. [2] Common causes of differences include outstanding checks and deposits, as well as bank charges and interest that have been applied. [3] Preparing the reconciliation statement regularly helps ensure accurate accounting records and identifies potential errors or fraud.
This document provides an overview of IAS 2 on inventories. The objectives of IAS 2 are to prescribe the accounting treatment for inventories and determine the amount of cost to be recognized as an asset. Inventories are assets held for sale, in production, or in the form of materials used in production. Inventories must be measured at the lower of cost or net realizable value. Cost includes all purchase, conversion and other costs to bring inventories to their present condition. Inventories are recognized as an expense when sold. Financial statement disclosures on inventories are also required.
1. Losses from various income sources can be set off against income from other heads in the same assessment year.
2. A businessman with a business loss of Rs. 200,000 can set it off against a profit of Rs. 500,000 from another business, resulting in a taxable income of Rs. 300,000.
3. Net losses from different heads can be set off against income from other heads in the same assessment year. Unabsorbed losses can be carried forward for different periods depending on the head.
IAS 12 provides guidance on accounting for income taxes. It aims to ensure that entities account for deferred tax liabilities and assets for temporary differences between the carrying amount of assets and liabilities and their tax bases. Key aspects covered include defining temporary differences, recognizing deferred tax assets and liabilities, offsetting current tax assets and liabilities, and presenting current and deferred taxes. Entities must also disclose information related to income taxes in their financial statements.
A bank reconciliation statement is prepared to reconcile the differences between the balances as per the cash book and as per the bank statement/pass book. It identifies timing differences in recording transactions as well as errors in the cash book or pass book. When preparing a bank reconciliation statement, all errors and omissions in the cash book as well as timing differences between the two statements are taken into consideration.
This document discusses key concepts in bank management including:
- The features of a bank balance sheet including assets like loans and securities, and liabilities like deposits and capital.
- How banks attempt to maximize profits through asset and liability management, managing liquidity, credit risk, and interest rate risk.
- Off-balance sheet activities allow banks to generate fee income but also expose them to additional risks if not properly controlled.
Dear members,
We would like to thank everybody for joining us on our last seminar which was held last Oct 15,2018 about " The Updates on IFRS 16 "
For Those who was not able to join us, Please have a look over the presentation.
Big Thanks to Mr. Paul Raftery - SVP Platform Finance Healthcare for Mubadala- who was the main speaker.
Dear members,
We would like to thank everybody for joining us on our last seminar which was held last Oct 15,2018 about " The Updates on IFRS 16 "
For Those who was not able to join us, Please have a look over the presentation.
Big Thanks to Mr. Paul Raftery - SVP Platform Finance Healthcare for Mubadala- who was the main speaker.
The document discusses accounting for leases according to IAS 17. It defines a lease as an agreement where a lessor conveys to a lessee the right to use an asset for an agreed period of time in return for payments. Leases are classified as either finance leases or operating leases. For finance leases, substantially all risks and rewards of ownership are transferred, while operating leases do not transfer substantially all risks and rewards. The document provides examples of accounting entries for lessees and lessors for both finance and operating leases.
IND AS 116 establishes new principles for the recognition, measurement, presentation and disclosure of leases. It introduces a single lessee accounting model and requires a lessee to recognize assets and liabilities for all leases with a term of more than 12 months, unless the underlying asset is of low value. The standard also contains revised requirements for lessor accounting. The key changes introduced by IND AS 116 include bringing most operating leases onto a lessee's statement of financial position in a similar way to finance leases, enhancing the required disclosures to help users better understand the amount, timing and uncertainty of cash flows arising from leases, and aligning lease accounting according to the underlying right of use asset.
This document summarizes key aspects of Accounting Standard 19 (AS-19) related to accounting for leases in India. It discusses the differences between finance and operating leases, and the accounting treatment for lessors and lessees under each. It also covers sale and leaseback transactions, tax implications, and disclosure requirements as per AS-19.
This document discusses the process of conducting a feasibility study for a new business project. It covers:
- Conducting a market study to establish demand for the product before undertaking a costly feasibility study.
- The feasibility study involves technical and economic feasibility analyses to evaluate the project's location, manufacturing process, costs, and viability.
- After feasibility is established, the promoter determines the project's total cost and financing plan, which includes equity, debt, and other sources of long-term capital.
- Various methods of evaluating investment returns, like payback period and internal rate of return, are used to assess the project's attractiveness.
The document discusses various types of leases including finance leases and operating leases. It covers the rationale for leasing, mechanics of leasing including legal and tax aspects, and accounting treatment. Leasing is treated as a financing decision. Project finance is discussed as raising funds for capital projects through contractual arrangements that allocate risks to various parties.
IAS 17 provides guidance on accounting for leases and outlines two types of leases: operating leases and finance leases. It defines key terms and sets out the accounting treatment for lessors and lessees for each type of lease. For operating leases, the leased asset is not recognized on the statement of financial position, whereas for finance leases the leased asset is recognized along with a liability.
The document provides an outline for a conference presentation on lease accounting. It covers the definition of a lease, the lease versus buy decision, types of leases including operating, capital/finance, and sales-type leases. It discusses lease classification criteria and provides examples of accounting entries and financial statement presentation for operating and direct finance/capital leases. The presentation aims to explain the basics of lease accounting for both lessors and lessees.
The document provides an overview of IAS 17 which prescribes accounting policies and disclosures for leases. Some key points:
- IAS 17 distinguishes between a finance lease and an operating lease based on whether substantially all risks and rewards of ownership are transferred.
- For a finance lease, the lessee recognizes an asset and liability at an amount equal to the lower of fair value or present value of minimum lease payments. The asset is depreciated over its useful life.
- For an operating lease, the lessee recognizes lease payments as an expense on a straight-line basis over the lease term.
- A finance lease results in the recognition of an interest expense, while an operating lease
This document summarizes the key aspects of Accounting Standard (AS) 19 regarding the accounting treatment of leases. It defines leases and the different types of leases - operating and finance leases. For finance leases, it outlines that the asset and liability should be recorded on the lessee's balance sheet. For operating leases, the lease payments should be recorded as expenses. It also discusses the accounting treatment for sale and leaseback transactions, required disclosures for lessees and lessors, and the differences between AS 19 and IND AS 17 regarding leases.
Askari Leasing Limited has various departments to efficiently manage its operations. The key departments include the Operations Department, Marketing Department, MIS Department, COI's Department, and Administration Department. During the internship, the author learned the in-depth working of these departments. The staff was found to be very cooperative and the working environment was congenial. Proper departmentalization and division of labor allows Askari Leasing to provide good client satisfaction and steady growth.
LIVE EVENT - 3rd Annual Fall Construction Risk Update - September 30Rea & Associates
If the last two years have taught us anything, it’s that you can never be too prepared. Rea & Associates is proud to present the 3rd Annual Fall Construction Risk Update event, jam packed with expert commentary and exclusive content for business owners in the construction industry. This year, we’re here to guide you through the changes 2021 brought to taxes, finances, liability, and more and give you a glimpse into future considerations for construction industry leaders.
UPDATES ON IFRS 16 LEASES FOR 2013 GROUP.pptKooDwomoh
This document provides an overview of IFRS 16 Leases, which replaced IAS 17 Leases and related interpretations. Key points include:
- IFRS 16 aims to ensure leases are recognized on balance sheets by requiring lessees to recognize assets and liabilities for most leases.
- It establishes a single lessee accounting model, requiring lessees to recognize right-of-use assets and lease liabilities for all leases, unless they qualify for certain recognition exemptions.
- For lessors, IFRS 16 retains the finance and operating lease classifications under IAS 17, with different accounting depending on the classification.
CA Varun Sethi - ICAI IFRS training - IAS 17 & IAS 23 - Oct 2015Varun Sethi
Presentation by CA Varun Sethi at ICAI certificate course on IFRS/ IndAS - 2015
Covered
IAS 17/ IndAS 17 / IFRIC 4 - Leases and Embedded Leases
IAS 23/ IndAS 23 - Borrowing costs
Contains
1. Comparison with ICDS, AS, IAS
2. Updates from IASB - New standard on leases
3. Industry/ sector relevant practical questions, problems and solutions including first time adoption issues etc
Contains the India/ US/ IFRS financial reporting framework for various sectors/ entities for Lease transactions and borrowing costs.
CA Varun Sethi - ICAI IFRS training - IAS 17 & IAS 23 - Oct 2015Varun Sethi
This document provides information about an upcoming ICAI Certificate course on IFRS/IndAS accounting for leases and borrowing costs to be presented by CA Varun Sethi in October 2015. It includes contact details for CA Varun Sethi as the course faculty. The document then provides an outline of the topics to be covered, including the global accounting framework, sectors impacted, and accounting treatment for lessees, lessors, borrowers, and examples of sector-specific reporting and accounting.
Similar to Finance lease vs Operating lease - IFRS 16 - ACCA Video Lectures (20)
A Strategic Approach: GenAI in EducationPeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
Thinking of getting a dog? Be aware that breeds like Pit Bulls, Rottweilers, and German Shepherds can be loyal and dangerous. Proper training and socialization are crucial to preventing aggressive behaviors. Ensure safety by understanding their needs and always supervising interactions. Stay safe, and enjoy your furry friends!
A workshop hosted by the South African Journal of Science aimed at postgraduate students and early career researchers with little or no experience in writing and publishing journal articles.
Physiology and chemistry of skin and pigmentation, hairs, scalp, lips and nail, Cleansing cream, Lotions, Face powders, Face packs, Lipsticks, Bath products, soaps and baby product,
Preparation and standardization of the following : Tonic, Bleaches, Dentifrices and Mouth washes & Tooth Pastes, Cosmetics for Nails.
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বাংলাদেশের অর্থনৈতিক সমীক্ষা ২০২৪ [Bangladesh Economic Review 2024 Bangla.pdf] কম্পিউটার , ট্যাব ও স্মার্ট ফোন ভার্সন সহ সম্পূর্ণ বাংলা ই-বুক বা pdf বই " সুচিপত্র ...বুকমার্ক মেনু 🔖 ও হাইপার লিংক মেনু 📝👆 যুক্ত ..
আমাদের সবার জন্য খুব খুব গুরুত্বপূর্ণ একটি বই ..বিসিএস, ব্যাংক, ইউনিভার্সিটি ভর্তি ও যে কোন প্রতিযোগিতা মূলক পরীক্ষার জন্য এর খুব ইম্পরট্যান্ট একটি বিষয় ...তাছাড়া বাংলাদেশের সাম্প্রতিক যে কোন ডাটা বা তথ্য এই বইতে পাবেন ...
তাই একজন নাগরিক হিসাবে এই তথ্য গুলো আপনার জানা প্রয়োজন ...।
বিসিএস ও ব্যাংক এর লিখিত পরীক্ষা ...+এছাড়া মাধ্যমিক ও উচ্চমাধ্যমিকের স্টুডেন্টদের জন্য অনেক কাজে আসবে ...
This presentation was provided by Steph Pollock of The American Psychological Association’s Journals Program, and Damita Snow, of The American Society of Civil Engineers (ASCE), for the initial session of NISO's 2024 Training Series "DEIA in the Scholarly Landscape." Session One: 'Setting Expectations: a DEIA Primer,' was held June 6, 2024.
Strategies for Effective Upskilling is a presentation by Chinwendu Peace in a Your Skill Boost Masterclass organisation by the Excellence Foundation for South Sudan on 08th and 09th June 2024 from 1 PM to 3 PM on each day.
Main Java[All of the Base Concepts}.docxadhitya5119
This is part 1 of my Java Learning Journey. This Contains Custom methods, classes, constructors, packages, multithreading , try- catch block, finally block and more.
3. • Finance Leases
• Operating Leases
2 types of leases:
Transfers substantially all the
risks and rewards incidental to
ownership of an underlying asset
4. (I) The lease transfers ownership to the lessee by the
end of the lease term
5 examples of a Finance lease
5. (II) The lessee has the option to purchase at a price
sufficiently lower than Fair value at the exercise date
5 examples of a Finance lease
6. (III) The lease term is for a major part of the economic
life of the underlying asset even if title is not
transferred
5 examples of a Finance lease
7. (IV) The present value of the lease payments at the
inception date amounts to at least substantially all of
the fair value of the underlying asset
5 examples of a Finance lease
8. (V) The underlying asset is of such specialised nature
that only the lessee can use it without major
modifications
5 examples of a Finance lease
9. • Any losses on cancellation are borne by the lessee
3 situations which could lead to a finance lease
•Gains or losses on changes in residual value accrue to
the lessee
•Continue to lease for a 2nd term at a rent substantially
lower than market rent
11. HOW TO ACCOUNT
FOR A FINANCE LEASE
UNDER IFRS 16 ?
To watch the video, visit my youtube channel: https://youtu.be/fqWVDMaIcZQ
12. General principles
• De-recognizes the underlying asset
• Recognizes the lease receivable
• Recognizes the finance income over the lease term
13. Entry DEBIT Account CREDIT Account
[1]
Lease Receivable
(Net investment in the lease)
PPE
(Carrying amount of the underlying asset)
COGs
(Carrying amount - PV of unguaranteed
residual value)
Revenue
(FV or PV of lease payments if lower)
[2]
Lease Receivable
(Outstanding balance * % Interest)
Finance Income
[3] Cash Lease Receivable
14. Lease Receivable = The net investment in the lease
The lease payments receivable by a lessor
Any unguaranteed residual value
Any initial direct costs
The Present Value
(discounted at the interest
rate implicit)
15. EXAMPLE 1 - FINANCE LEASE
•1.1.20X1: A Co (lessor) enters into a 5 year lease contract with B Co
•Annual lease payments of $20,000 are made at year end
•Fair value: $95,000 & Carrying amount: $90,000
•Economic useful life of the equipment: 7 years
•The estimated residual value: $25,000
•In which $15,000 is guaranteed by B Co
•The interest rate implicit in the lease: 8.66%
16. Step 1. Calculate the net investment in the lease
Term Date Payment Discount factor Present value
1 31/12/20X1 20,000 0.9205 18,410
2 31/12/20X2 20,000 0.8471 16,943
3 31/12/20X3 20,000 0.7796 15,593
4 31/12/20X4 20,000 0.7173 14,347
5 31/12/20X5 20,000 0.6602 13,203
5 31/12/20X5 15,000 0.6602 9,902
5 31/12/20X5 10,000 0.6602 6,602
Total 95,000
88,398
20. HOW TO ACCOUNT
FOR AN OPERATING LEASE
UNDER IFRS 16 ?
To watch the video, visit my youtube channel: https://youtu.be/fqWVDMaIcZQ
21. General principles
•Keeps recognizing the leased asset in BS
•Lease income shall be recognized as an income on a
straight-line basis over the lease term
22. EXAMPLE 2 - OPERATING LEASE
•A Co enters into a 3-year lease agreement for its motor vehicles
•Customer decides how to use the vehicle within certain limitations
•The maximum mileage is 10,000 miles/year without penalty
•A Co is responsible for the maintenance
•The vehicle cannot be modified in any way
•At the end, the customer can purchase at a price > market price
•If the vehicle is returned, A Co will then sell on to the public
23. Step 1. Classify the contract into finance lease or operating lease
Step 2. Explain how the lease should be accounted for
•What is a finance lease? a operating lease?
•Analyze information to make a conclusion
•Initial recognition
•Subsequent recognition
24. Https://Tuonthi.com
#Học đơn giản #Thi hiệu quả
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To watch the video, visit my youtube channel: https://youtu.be/fqWVDMaIcZQ