IFRS 2 requires an entity to recognise share-based payment transactions in its financial statements. Equity-settled share-based payment transactions are generally those in which shares, share options or other equity instruments are granted to employees or other parties in return for goods or services.
IFRS 2 requires an entity to recognise share-based payment transactions in its financial statements. Equity-settled share-based payment transactions are generally those in which shares, share options or other equity instruments are granted to employees or other parties in return for goods or services.
IFRS 10 set the rules and principles for preparing Consolidated Financial Statements when an entity owns one or more other entities. It also includes the history and background of the IFRS 10 that how it came into existence.
IFRS 10 set the rules and principles for preparing Consolidated Financial Statements when an entity owns one or more other entities. It also includes the history and background of the IFRS 10 that how it came into existence.
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Assurance Principal Jennifer Goodman presented "What Was the FASB Thinking?," a discussion and examples of unusual accounting rules, at the 2013 Decosimo Accounting Forum hosted by the University of North Alabama on July 19.
Home Inspector's Insurance & Risk Management - July 19, 2013Gerald Brunker
Home Inspector professional liability, general liability and other applicable insurances for home inspectors. Risk management tips and hints and home inspector claim information.
Explore our most comprehensive guide on lookback analysis at SafePaaS, covering access governance and how it can transform modern ERP audits. Browse now!
Improving profitability for small businessBen Wann
In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
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It is a sample of an interview for a business english class for pre-intermediate and intermediate english students with emphasis on the speking ability.
Remote sensing and monitoring are changing the mining industry for the better. These are providing innovative solutions to long-standing challenges. Those related to exploration, extraction, and overall environmental management by mining technology companies Odisha. These technologies make use of satellite imaging, aerial photography and sensors to collect data that might be inaccessible or from hazardous locations. With the use of this technology, mining operations are becoming increasingly efficient. Let us gain more insight into the key aspects associated with remote sensing and monitoring when it comes to mining.
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Discover the innovative and creative projects that highlight my journey throu...dylandmeas
Discover the innovative and creative projects that highlight my journey through Full Sail University. Below, you’ll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
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➢CHILDREN ART EXHIBITION 2024: BEYOND BARRIERS
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➢ Korean President visits Samsung Electronics R&D Center
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"𝐄𝐯𝐞𝐫𝐲 𝐞𝐯𝐞𝐧𝐭 𝐢𝐬 𝐚 𝐬𝐭𝐨𝐫𝐲, 𝐚 𝐬𝐩𝐞𝐜𝐢𝐚𝐥 𝐣𝐨𝐮𝐫𝐧𝐞𝐲. 𝐖𝐞 𝐚𝐥𝐰𝐚𝐲𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞 𝐭𝐡𝐚𝐭 𝐬𝐡𝐨𝐫𝐭𝐥𝐲 𝐲𝐨𝐮 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐨𝐮𝐫 𝐬𝐭𝐨𝐫𝐢𝐞𝐬."
What is the TDS Return Filing Due Date for FY 2024-25.pdfseoforlegalpillers
It is crucial for the taxpayers to understand about the TDS Return Filing Due Date, so that they can fulfill your TDS obligations efficiently. Taxpayers can avoid penalties by sticking to the deadlines and by accurate filing of TDS. Timely filing of TDS will make sure about the availability of tax credits. You can also seek the professional guidance of experts like Legal Pillers for timely filing of the TDS Return.
Taurus Zodiac Sign_ Personality Traits and Sign Dates.pptxmy Pandit
Explore the world of the Taurus zodiac sign. Learn about their stability, determination, and appreciation for beauty. Discover how Taureans' grounded nature and hardworking mindset define their unique personality.
Memorandum Of Association Constitution of Company.pptseri bangash
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A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
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Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
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Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
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Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
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Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
As a business owner in Delaware, staying on top of your tax obligations is paramount, especially with the annual deadline for Delaware Franchise Tax looming on March 1. One such obligation is the annual Delaware Franchise Tax, which serves as a crucial requirement for maintaining your company’s legal standing within the state. While the prospect of handling tax matters may seem daunting, rest assured that the process can be straightforward with the right guidance. In this comprehensive guide, we’ll walk you through the steps of filing your Delaware Franchise Tax and provide insights to help you navigate the process effectively.
Putting the SPARK into Virtual Training.pptxCynthia Clay
This 60-minute webinar, sponsored by Adobe, was delivered for the Training Mag Network. It explored the five elements of SPARK: Storytelling, Purpose, Action, Relationships, and Kudos. Knowing how to tell a well-structured story is key to building long-term memory. Stating a clear purpose that doesn't take away from the discovery learning process is critical. Ensuring that people move from theory to practical application is imperative. Creating strong social learning is the key to commitment and engagement. Validating and affirming participants' comments is the way to create a positive learning environment.
3. Objectives:-
Ensure that appropriate recognition
criteria and measurement bases are
applied.
Disclose sufficient information in the
notes to enable users to understand
their nature, timing and amount
4. Scope
Covers all provisions, contingent
liabilities and assets except those
covered by another standard
eg. IAS 11,12,19,21
eg. IFRS 4,9,15
5. 1. Provisions
1.1 Definition:-
Liability:- Present obligation arising from
past events, the settlement of which is
expected to result in an out flow from the
entity of resources embodying economic
benefits.
7. Present Obligation
Present obligation (Legal or Constructive)
Legal obligation derives from
A contract
Legislation
Other operations of law eg.
Warranties given by manufacturer
Legislation enacted to require past
Environmental damage to be put right
8. continued
Constructive obligations arise from
By an established pattern of past practice
Published policies
By Sufficiently specified current
statement eg.
Restructuring program
Retailers refund policy
Environmental policy
9. Past Events
Obligating Event :- Event that creates legal or
constructive obligation that result in an entity
having no realistic alternatives to settling that
obligation. eg.Sale of goods for warranty liability
Contamination of land for environmental
obligation
Construction of power station for
decommissioning liability
10. Probable out flow to Settle
Probable in this context defined
as ‘more likely than not’
If probability not more than 50%,
must not provide disclose a
contingent liability.
11. continued
Under IAS 37, if there was 40%
probability no provision would be
recognized
Under proposal in the ED A provision
would be recognized and the degree of
probability would be reflected in
measuring the amount to be recognized
12. 1.2 Recognition
Recognition Criteria:-
A provision shall be recognized when:
(a)Present obligation (Legal orConstructive)
exists as a result of past event;
(b) Probable that an out flow of resources
required to settle the obligation; and
(c)Amount of obligation can be estimated
reliably.
13. 1.3 Measurement
Measure at ‘best estimate’
• Single obligation = Most likely
outcome
• Large population = Expected value
Risk and Uncertainties are take
into account in reaching best estimate.
14. continued
If time value of money is
material, measure the provision at
Present value.
Review provisions at reporting
date and adjust to reflect best
estimate eg. Change in discount rate
15. continued
Judgment by preparers:- similar
transaction, use expert, industry
model
Consider Reimbursement
16. 1.4 Application
Do not recognize Provision for
future operating losses
Recognize onerous contract as a
provision
Recognize provision when
general recognition
17. continued
criteria are met for Restructuring
eg.
The sale or termination of line of
business
Closure/relocation of business
Changes in management
structure
18. continued
To conclude that there is present
obligation (legal or constructive) at the
ending of the reporting period for
Restructure:-
1. An entity must have a detailed formal
Plan
2. It must have raised a valid expectation in
those affected.
19. continued
Restructuring cost= only direct
expenditure i.e. does not include
Retraining or relocating continuing
staff;
Marketing;
Investment in new systems and
distribution networks
20. 1.5 Disclosures
For each class of provision, disclose
Carrying amount of the beginning and
end of period
Additional provisions made in the
period
Amounts used during the period
Un used amounts reversed during the
period
21. continued
Adjustment
Description of obligation
Amount of any expected
reimbursement
Note:- Do not have to disclose changes
for comparative period --- explicitly
stated in IAS 37
22. 2 Contingent Liabilities
2.1 Definition
Contingent liabilities:- Possible
obligation that arises from past event
whose existence will only be confirmed
by uncertain future events not wholly
within entity's control ; or
23. continued
Present obligation that arise from
past event but is not recognized
because:-
• Economic outflow is not
probable; or
• Amount cannot be reliably
measured
24. 2.2 Recognition
Do not recognize
Disclose unless possibility of
outflow is remote
25. 2.3 Disclosures
disclose
A brief description of the nature
of the contingent liability
An estimate of its financial effect
The possibility of reimbursement
26. 3 Contingent Assets
3.1 Definition
Contingent Assets:- Possible Asset that
arises from past event whose existence
will only be confirmed by uncertain
future events not wholly within entity's
control
eg. Insurance claims, legal actions
27. 3.2 Recognition
Do not recognize
An asset can only be recognized
where realization is ‘Virtually
certain’
Disclose where inflow is probable
28. 3.3 Disclosures
Disclose
A brief description of the nature
of contingent asset
An estimate of its financial effect
29. For all Disclosure
If any information not disclosed
because of impracticable, disclose that
fact
In extremely rare case need not disclose
the information but should disclose general
nature of disputes, together with the fact
that, and reason, why the information has
not been disclosed
33. Exercises and Discussions
1. Identify whether each of the following would be a
Liability, a Provision or a Contingent liability or none
of the above in the financial statement of the
company A at its reporting date of 30 June 2010.
Assume that company A’s financial statements are
authorized for issue on 24 August 2010.
A= An amount of Birr 35,000 owing to company Z for
services rendered during May 2010
34. continued
B= Long service leave, estimated to be Birr 500,000
owing to employees in respect of past service
35. continued
C= Cost of Birr 26,000 estimated to be incurred for
relocating employee D from company A’s head office
location to another city. The staff will physically
relocate during July 2010
36. continued
D= provisions of birr 50,000 for the overhaul of a
machine. The overhaul is needed every 5 years and
the machine was five years old as at 30 June 2010
37. continued
E= Damages awarded against company A resulting
from a court case decided on 26 June 2010. The judge
has announced that the amount of damages will be
set at a future date, expected to be in September
2010.
Company A has received advice from its lawyers that
the amount of damages could be anything between
Birr 20,000 and birr7million
38. continued
2. Determine the amount of provision to recognize.
Identify the considerations you used in arriving at the
‘best estimate’ of outflow of economic benefits.
39. continued
A= An entity faces 100 legal claims each with a 40%
likelihood of success with no cost, and a 60%
likelihood of failure with a cost of each claim Birr 1
million.
40. continued
B= An entity faces a single legal claim, with a 40%
likelihood of success with no cost, and a 60%
likelihood of failure with a cost of each claim Birr 1
million.
41. continued
C= An entity is required to replace a major component
in an asset under a warranty. Each replacement cost
Birr 1 million. From experience, there is a 30% chance
a single failure, 50% chance of two failures, and 20%
chance of three failures.
42. continued
D= An entity is required to replace a major
component in an asset under a warranty. Each
replacement cost Birr 1 million. From experience,
there is a 40% chance a single failure, 30% chance of
two failures, and 30% chance of three failures.
43. continued
3. Provisions
All entities A to F below have reporting dates of 31
December. Assume that reliable estimates can be
made of the obligations. Determine for each situation
whether a provision should be recognized.
44. continued
A = warranties
A manufacturer gives warranties at the time of sale to
purchasers of its product. Under the terms of the sale
contract the manufacturer undertakes to make good,
by repair or replacement, manufacturing defects that
may become apparent with in three years of sale.
On past experience, its probable that there will be
some claims under warranty.
45. continued
B= Refund Policy
A retail store has a policy of refunding purchases by
dissatisfied customers, even though its under no legal
obligation to do so. Its refund policy is generally
known.
46. continued
C = Closure of division
On 12 December the board of directors decided to
close down a division of the entity. Before the
reporting date (31 December) the decision was not
communicated to any of those affected and no other
steps were taken to implement the decision.
47. continued
C = Closure of division
On 12 December the board of directors decided to
close down a division of the entity. On 20 December a
detailed plan for closing down the division was agreed
by the board of directors .
Letters were sent to customers warning them to seek
an alternative source of supply and redundancy
notice were sent to the staff affected.
48. continued
D= Onerous contract
An entity operates profitably from property leased
under operating lease. During December the entity
relocates its operations to new premises. The lease on
the old property has four years to run from the end of
December and is non-cancellable.
49. continued
E= Court case
Customers have begun legal proceedings against the
entity and are seeking damages. Up to date of
authorization of the financial statement for 2010 for
issue, the entity’s lawyers advise that its probable that
the entity will not be found liable. How ever when the
entity prepares its financial statement for the 2011 , the
lawyers advice has changed; they believe that
developments in the case in 2011 are likely to result in
the case being decided against the entity.
What accounting treatment are required for 2010 and
2011 financial statement?
50. continued
F = Cost of major overhaul
An airline is required by law to overhaul its aircraft
once every three years. At 31 December two years
remained before the next overhaul was due.