Specialising in the training of qualified accountants for CPD he has lectured in several countries around the world as well as regular in house courses for large listed companies, SMEs and public sector entities on the subject of International Financial Reporting Standards.
The document provides an introduction and overview of illustrative financial statements prepared in accordance with FRS 102. It summarizes that the financial statements are meant to provide guidance but not be a substitute for completing disclosure checklists or consulting professional advisors. Key areas introduced by FRS 102 or differing from UK GAAP are highlighted. Appendices provide examples of alternative statement formats permitted by FRS 102. Source references for disclosures are included in the financial statements.
This document provides an introduction and overview of the FRS 102 Illustrative Financial Statements publication. It explains that the publication contains example annual financial statements for a fictional UK private company that has applied FRS 102. The introduction provides background on FRS 102 and the formats used in the illustrative financial statements. It also lists various abbreviations used in the publication.
The document discusses buyback of shares by various companies. It provides details such as company name, buyback price per share, meeting date for approval and record date for various companies. It then provides more details about Indiabulls Real Estate's buyback offer including offer size, number of shares, buyback price and type of buyback. Finally, it discusses the concept of buyback of shares by a company in general and some objectives and advantages of share buyback.
- PT SGPS contributed its telecommunications assets to Oi's capital increase in May 2014 in exchange for shares, increasing its ownership of Oi from 23.2% to 39.7%. This resulted in a gain of approximately €699 million for PT SGPS.
- In 2014, PT SGPS recorded a net loss of €175 million. It proposes transferring this loss to retained earnings.
- The main assets of PT SGPS are its equity investments in Oi and its subsidiaries. Its liabilities are mainly loans payable.
John Cronje has over 30 years of experience in financial management roles in the mining industry. He is currently the Group Financial Manager and Financial Manager of Witkop Fluorspar Mine (Pty) Ltd. He holds a B Com degree from Rhodes University and certificates in mining from Wits Business School and Katelego Fela Consulting. His responsibilities in his current role include financial reporting, budgeting, cash flow management, procurement, production cost control, and ensuring compliance. Prior to his current role, he held financial management positions of increasing responsibility with various gold and copper mining companies.
This document provides a summary of CTEEP's financial results for 2014. It highlights an increase in net operating revenue of 12.4% and EBITDA of R$488 million, with a margin of 44.3%. Net income was R$379.7 million compared to R$31.9 million in 2013. The equity income result also increased. CTEEP saw growth in its market capitalization and trading volume in 2014. The presentation reviews revenue breakdowns, cost reductions, the financial result, debt levels, investments and capital markets performance for the year.
Format for financial results for listed entities which have listed their deb...GAURAV KR SHARMA
1. The Securities and Exchange Board of India (SEBI) has issued guidelines on the format for financial results that listed entities must follow when publishing their half-yearly and annual financial results.
2. The guidelines mandate specific formats for different types of companies, including formats for companies other than banks/NBFCs, formats for banks/NBFCs, and an alternative format for some manufacturing, trading and service companies.
3. The formats include line items for income, expenditures, profits, reserves, ratios and other financial details. Limited review reports from auditors must also follow specified formats.
The document provides an introduction and overview of illustrative financial statements prepared in accordance with FRS 102. It summarizes that the financial statements are meant to provide guidance but not be a substitute for completing disclosure checklists or consulting professional advisors. Key areas introduced by FRS 102 or differing from UK GAAP are highlighted. Appendices provide examples of alternative statement formats permitted by FRS 102. Source references for disclosures are included in the financial statements.
This document provides an introduction and overview of the FRS 102 Illustrative Financial Statements publication. It explains that the publication contains example annual financial statements for a fictional UK private company that has applied FRS 102. The introduction provides background on FRS 102 and the formats used in the illustrative financial statements. It also lists various abbreviations used in the publication.
The document discusses buyback of shares by various companies. It provides details such as company name, buyback price per share, meeting date for approval and record date for various companies. It then provides more details about Indiabulls Real Estate's buyback offer including offer size, number of shares, buyback price and type of buyback. Finally, it discusses the concept of buyback of shares by a company in general and some objectives and advantages of share buyback.
- PT SGPS contributed its telecommunications assets to Oi's capital increase in May 2014 in exchange for shares, increasing its ownership of Oi from 23.2% to 39.7%. This resulted in a gain of approximately €699 million for PT SGPS.
- In 2014, PT SGPS recorded a net loss of €175 million. It proposes transferring this loss to retained earnings.
- The main assets of PT SGPS are its equity investments in Oi and its subsidiaries. Its liabilities are mainly loans payable.
John Cronje has over 30 years of experience in financial management roles in the mining industry. He is currently the Group Financial Manager and Financial Manager of Witkop Fluorspar Mine (Pty) Ltd. He holds a B Com degree from Rhodes University and certificates in mining from Wits Business School and Katelego Fela Consulting. His responsibilities in his current role include financial reporting, budgeting, cash flow management, procurement, production cost control, and ensuring compliance. Prior to his current role, he held financial management positions of increasing responsibility with various gold and copper mining companies.
This document provides a summary of CTEEP's financial results for 2014. It highlights an increase in net operating revenue of 12.4% and EBITDA of R$488 million, with a margin of 44.3%. Net income was R$379.7 million compared to R$31.9 million in 2013. The equity income result also increased. CTEEP saw growth in its market capitalization and trading volume in 2014. The presentation reviews revenue breakdowns, cost reductions, the financial result, debt levels, investments and capital markets performance for the year.
Format for financial results for listed entities which have listed their deb...GAURAV KR SHARMA
1. The Securities and Exchange Board of India (SEBI) has issued guidelines on the format for financial results that listed entities must follow when publishing their half-yearly and annual financial results.
2. The guidelines mandate specific formats for different types of companies, including formats for companies other than banks/NBFCs, formats for banks/NBFCs, and an alternative format for some manufacturing, trading and service companies.
3. The formats include line items for income, expenditures, profits, reserves, ratios and other financial details. Limited review reports from auditors must also follow specified formats.
Annual Return - A presentation done to ICSI Hyderabad Chapter By SAS PartnersSAS Partners
KEY AREAS
Applicable Sections & Rules
Comparison between CA 1956 & 2013
Contents of Annual Return
Signing of Annual Return
Certification
Due date for filing with Roc
Non Compliance
Liability on Company Secretaries
MGT – 9 Extract to Board’s Report
Key Definitions
IFRS 10 establishes principles for the presentation of consolidated financial statements when an entity controls one or more other entities. It sets out the objective to consolidate all entities that an entity controls into a single set of financial statements. The principles of consolidation require combining similar line items from the parent and its subsidiaries, offsetting the parent's investment in subsidiaries with their equity, eliminating intragroup transactions and balances, applying uniform accounting policies, and treating non-controlling interests as separate components of equity. Extensive disclosures are also required by IFRS 12 regarding interests in other entities.
Small international Oil Companies may have no desire to invest in oil and gas...Hamdy Rashed
We started writing this draft in October 2015, we could not finished this draft due to some reasons but we are still in finalizing it. We preferred to publish it in draft form temporarily.
Anyway, we preferred to cover status of Oil investment in Yemen which is my homeland but it is not the appropriate time to go through. This paper does not provide an absolute accounting view but it provides full picture of uncertainty of cash flow from proceeds of Kurdistan Iraq oil export and how long does it take this uncertainty which lead International Oil Company (IOC) to follow conservatism principle in recognizing the revenue and disable them to recognize and record the revenue of their share of oil export when it is sold. Also, we are not supporting party's attitude against another in the political view, we just showing the facts as they are but in full picture as much as we can because it is somewhere complicated. Sometimes we may need to re-read constitutions of the area and see facts in several angles and to understand the organizational behaviors of International Oil Companies (IOCs) in upper level and to know what is the right path that should be taken.
Divisible profit refers to the profit available for distribution as dividend after providing for depreciation. Dividend can only be declared out of current year's profits or undistributed profits of previous years. Various legal provisions under the Companies Act govern the declaration and payment of dividend including transfer of a portion of profits to reserves, payment within 30 days, transfer of unpaid dividend to a separate account, and subsequent transfer to the Investor Education and Protection Fund. Dividend includes distributions of various kinds but excludes buyback of shares or distributions under schemes of amalgamation or demerger. Capital profits like profit on sale of assets cannot be treated as divisible profits.
Attached is the May 2021 publication of the Technical Brief for Investment Funds, a newsletter developed by the Loeb Smith Cayman Islands Investment Funds Technical Team. As regulatory compliance becomes increasingly a key focus for both Cayman investment funds and CIMA as regulator, this Technical Brief covers, among other things:
FATCA/CRS Summary and Update
Considerations for Directors of Cayman Regulated Open-ended Funds
Cayman Islands’ Rule on Cybersecurity for Regulated Entities
New Administrative Fines for breach of Regulatory Laws.
If you have any questions, please reach out to your usual Loeb Smith contacts or any member of our Investment Funds Technical Team shown in the Bulletin
Petroleum cost in petroleum upstream industry p1Hamdy Rashed
This document discusses accounting for acquisition, exploration, development, and decommissioning costs for oil and gas companies under GAAP, IFRS, and production sharing contracts. It outlines criteria for capitalizing versus expensing various costs such as acquisition costs, exploration well costs, development well costs, operating costs, and decommissioning costs. It also discusses treatment of costs related to incremental drilling depth, appraisal wells, and delineation of proved versus unproved reserves areas. Technical information and production sharing contract terms are important to properly classify costs as capital or expense.
- The document is an independent auditors' review report of Hyundai Commercial, Inc. and Subsidiaries' condensed consolidated interim financial statements for the period ended September 30, 2014.
- The auditor conducted a review of the interim financial statements and determined that nothing came to their attention to indicate the statements were not prepared in accordance with accounting standards.
- The auditor's responsibility is to issue a report on the condensed consolidated interim financial statements based on their review.
Preparation of financial statements in pakistanAshar Ahmed
Preparation of financial statements in Pakistan according to Companies Ordinance 1984 and IFRS
You can now download the full editable version of this file at following link:
http://www.scribd.com/doc/26760858/Preparation-of-Financial-Statements-in-Pakistan
This document is the annual report of Lafarge Africa Plc for the year ended 31 December 2017. It includes the directors' report, audit committee report, statements of financial position, profit or loss, changes in equity and cash flows for the year. Some key details:
- Revenue for the group increased to N299.2 billion in 2017 from N219.7 billion in 2016. However, loss before tax increased to N34 billion from N22.8 billion.
- The directors are proposing a dividend of N1.50 per share, subject to shareholder approval.
- The company has ownership of two subsidiaries, Lafarge Ready-Mix Nigeria and Lafarge South Africa Holdings. It also
Teekay Offshore Partners First Quarter 2013 Earnings PresentationAltera Infrastructure
Teekay Offshore reported strong financial results in the first quarter of 2013, generating $41.8 million in distributable cash flow. The company plans to increase its quarterly cash distribution by at least 2.5% later in the year. Teekay Offshore recently acquired the Voyageur Spirit FPSO and was offered a 50% interest in the Cidade de Itajai FPSO. It expects to take delivery of three new shuttle tankers for the BG charter between June and November 2013 and signed a contract to convert an existing shuttle tanker into an FSO for Salamander Energy. Teekay Offshore is pursuing future growth opportunities in FPSOs, shuttle tankers, and FSO
Teekay Offshore reported strong financial results in Q4-2018, with Adjusted EBITDA increasing $117 million from Q3-2018 to $290 million in Q4-2018. A key driver was a $55 million cash payment received as part of a settlement with Petrobras. Additionally, the company announced an extension of up to three years for the Piranema FPSO contract, expected to improve 2019 EBITDA by $25 million. Looking ahead, Teekay Offshore expects Adjusted EBITDA to decline in Q1-2019 primarily due to the Petrobras settlement payment recognized in Q4-2018 and several FPSO contracts ending or extending at lower rates.
The document discusses the requirements for annual returns under the Companies Act 2013. It notes that annual returns are consolidated reports submitted by companies to the Registrar of Companies each year after the AGM. They must include information such as the registered office, business activities, shareholding patterns, indebtedness, directors and other details. Companies meeting certain criteria must get the annual return certified by a practicing company secretary. It also compares the annual return provisions of the Companies Act 2013 to the previous Companies Act 1956.
This is 2nd part of IND AS 101 PPT.
I already shared Part 1 few days ago.
In Part 1 full map of IND 101 was there while in Part 2 the portion of Exemptions & Prohibitions on retrospective applications of some aspects of IND Ass has been summarised.
This is most useful for the quick view of practical applicability of IND AS 101.
Thanks!!
Chitranshu Rahul Srivastava
CA, IFRS
2015 onwards, Annual Returns of ROC have become complicated, cumbersome and detailed. Annual Return itself requires lot many information. Board's Report is required to be supported by number of annexures. An attempt has been made to go through the technicalities.
Rexlot FY2014: Impairment loss of goodwill and intangible assets asianextractor
The document is the announcement of results for the year ended 31 December 2014 from REXLot Holdings Limited. It reported a loss for the year of HK$172.1 million compared to a profit of HK$926.45 million in the previous year. Key factors contributing to the loss included an impairment loss on goodwill of HK$748.53 million and impairment losses on intangible assets of HK$121.885 million. The company operates primarily in one segment, the lottery business, which saw turnover decline to HK$1,687.953 million from HK$2,165.474 million in 2013.
The document outlines the various documents that must be submitted for approval of schemes of amalgamation/arrangement by the Calcutta Stock Exchange (CSE). It lists 20 documents generally required, such as board resolutions, the scheme details, company histories, valuation reports, shareholding details, and financial statements. It also provides additional documents required for specific cases like demergers, companies listed on other exchanges, and schemes involving capital reduction or arrangement with creditors. CSE reserves the right to request further documents or clarification as needed.
FALLACIOUS DISREGARDING OF TRANSACTIONS THAT RESULT IN A TAX BENEFIT TO THE A...DVSResearchFoundatio
Key Takeaways:
- Facts of the case
- AO's contention
- Ruling of CIT(A) and issues for consideration of the ITAT
- Observations of ITAT
- Final Ruling
- Way Forward
A renowned speaker on the subject of FRS 102, which replaces all existing accounting rules for private Irish companies from 1 January 2015. This new standard is attracting a lot of attention as these standards become applicable and John is already consulting and lecturing widely, helping firms and businesses implement the changes.
International Financial Reporting Standards, commonly called IFRS, are accounting standards issued by the IFRS Foundation and the International Accounting Standards Board
Annual Return - A presentation done to ICSI Hyderabad Chapter By SAS PartnersSAS Partners
KEY AREAS
Applicable Sections & Rules
Comparison between CA 1956 & 2013
Contents of Annual Return
Signing of Annual Return
Certification
Due date for filing with Roc
Non Compliance
Liability on Company Secretaries
MGT – 9 Extract to Board’s Report
Key Definitions
IFRS 10 establishes principles for the presentation of consolidated financial statements when an entity controls one or more other entities. It sets out the objective to consolidate all entities that an entity controls into a single set of financial statements. The principles of consolidation require combining similar line items from the parent and its subsidiaries, offsetting the parent's investment in subsidiaries with their equity, eliminating intragroup transactions and balances, applying uniform accounting policies, and treating non-controlling interests as separate components of equity. Extensive disclosures are also required by IFRS 12 regarding interests in other entities.
Small international Oil Companies may have no desire to invest in oil and gas...Hamdy Rashed
We started writing this draft in October 2015, we could not finished this draft due to some reasons but we are still in finalizing it. We preferred to publish it in draft form temporarily.
Anyway, we preferred to cover status of Oil investment in Yemen which is my homeland but it is not the appropriate time to go through. This paper does not provide an absolute accounting view but it provides full picture of uncertainty of cash flow from proceeds of Kurdistan Iraq oil export and how long does it take this uncertainty which lead International Oil Company (IOC) to follow conservatism principle in recognizing the revenue and disable them to recognize and record the revenue of their share of oil export when it is sold. Also, we are not supporting party's attitude against another in the political view, we just showing the facts as they are but in full picture as much as we can because it is somewhere complicated. Sometimes we may need to re-read constitutions of the area and see facts in several angles and to understand the organizational behaviors of International Oil Companies (IOCs) in upper level and to know what is the right path that should be taken.
Divisible profit refers to the profit available for distribution as dividend after providing for depreciation. Dividend can only be declared out of current year's profits or undistributed profits of previous years. Various legal provisions under the Companies Act govern the declaration and payment of dividend including transfer of a portion of profits to reserves, payment within 30 days, transfer of unpaid dividend to a separate account, and subsequent transfer to the Investor Education and Protection Fund. Dividend includes distributions of various kinds but excludes buyback of shares or distributions under schemes of amalgamation or demerger. Capital profits like profit on sale of assets cannot be treated as divisible profits.
Attached is the May 2021 publication of the Technical Brief for Investment Funds, a newsletter developed by the Loeb Smith Cayman Islands Investment Funds Technical Team. As regulatory compliance becomes increasingly a key focus for both Cayman investment funds and CIMA as regulator, this Technical Brief covers, among other things:
FATCA/CRS Summary and Update
Considerations for Directors of Cayman Regulated Open-ended Funds
Cayman Islands’ Rule on Cybersecurity for Regulated Entities
New Administrative Fines for breach of Regulatory Laws.
If you have any questions, please reach out to your usual Loeb Smith contacts or any member of our Investment Funds Technical Team shown in the Bulletin
Petroleum cost in petroleum upstream industry p1Hamdy Rashed
This document discusses accounting for acquisition, exploration, development, and decommissioning costs for oil and gas companies under GAAP, IFRS, and production sharing contracts. It outlines criteria for capitalizing versus expensing various costs such as acquisition costs, exploration well costs, development well costs, operating costs, and decommissioning costs. It also discusses treatment of costs related to incremental drilling depth, appraisal wells, and delineation of proved versus unproved reserves areas. Technical information and production sharing contract terms are important to properly classify costs as capital or expense.
- The document is an independent auditors' review report of Hyundai Commercial, Inc. and Subsidiaries' condensed consolidated interim financial statements for the period ended September 30, 2014.
- The auditor conducted a review of the interim financial statements and determined that nothing came to their attention to indicate the statements were not prepared in accordance with accounting standards.
- The auditor's responsibility is to issue a report on the condensed consolidated interim financial statements based on their review.
Preparation of financial statements in pakistanAshar Ahmed
Preparation of financial statements in Pakistan according to Companies Ordinance 1984 and IFRS
You can now download the full editable version of this file at following link:
http://www.scribd.com/doc/26760858/Preparation-of-Financial-Statements-in-Pakistan
This document is the annual report of Lafarge Africa Plc for the year ended 31 December 2017. It includes the directors' report, audit committee report, statements of financial position, profit or loss, changes in equity and cash flows for the year. Some key details:
- Revenue for the group increased to N299.2 billion in 2017 from N219.7 billion in 2016. However, loss before tax increased to N34 billion from N22.8 billion.
- The directors are proposing a dividend of N1.50 per share, subject to shareholder approval.
- The company has ownership of two subsidiaries, Lafarge Ready-Mix Nigeria and Lafarge South Africa Holdings. It also
Teekay Offshore Partners First Quarter 2013 Earnings PresentationAltera Infrastructure
Teekay Offshore reported strong financial results in the first quarter of 2013, generating $41.8 million in distributable cash flow. The company plans to increase its quarterly cash distribution by at least 2.5% later in the year. Teekay Offshore recently acquired the Voyageur Spirit FPSO and was offered a 50% interest in the Cidade de Itajai FPSO. It expects to take delivery of three new shuttle tankers for the BG charter between June and November 2013 and signed a contract to convert an existing shuttle tanker into an FSO for Salamander Energy. Teekay Offshore is pursuing future growth opportunities in FPSOs, shuttle tankers, and FSO
Teekay Offshore reported strong financial results in Q4-2018, with Adjusted EBITDA increasing $117 million from Q3-2018 to $290 million in Q4-2018. A key driver was a $55 million cash payment received as part of a settlement with Petrobras. Additionally, the company announced an extension of up to three years for the Piranema FPSO contract, expected to improve 2019 EBITDA by $25 million. Looking ahead, Teekay Offshore expects Adjusted EBITDA to decline in Q1-2019 primarily due to the Petrobras settlement payment recognized in Q4-2018 and several FPSO contracts ending or extending at lower rates.
The document discusses the requirements for annual returns under the Companies Act 2013. It notes that annual returns are consolidated reports submitted by companies to the Registrar of Companies each year after the AGM. They must include information such as the registered office, business activities, shareholding patterns, indebtedness, directors and other details. Companies meeting certain criteria must get the annual return certified by a practicing company secretary. It also compares the annual return provisions of the Companies Act 2013 to the previous Companies Act 1956.
This is 2nd part of IND AS 101 PPT.
I already shared Part 1 few days ago.
In Part 1 full map of IND 101 was there while in Part 2 the portion of Exemptions & Prohibitions on retrospective applications of some aspects of IND Ass has been summarised.
This is most useful for the quick view of practical applicability of IND AS 101.
Thanks!!
Chitranshu Rahul Srivastava
CA, IFRS
2015 onwards, Annual Returns of ROC have become complicated, cumbersome and detailed. Annual Return itself requires lot many information. Board's Report is required to be supported by number of annexures. An attempt has been made to go through the technicalities.
Rexlot FY2014: Impairment loss of goodwill and intangible assets asianextractor
The document is the announcement of results for the year ended 31 December 2014 from REXLot Holdings Limited. It reported a loss for the year of HK$172.1 million compared to a profit of HK$926.45 million in the previous year. Key factors contributing to the loss included an impairment loss on goodwill of HK$748.53 million and impairment losses on intangible assets of HK$121.885 million. The company operates primarily in one segment, the lottery business, which saw turnover decline to HK$1,687.953 million from HK$2,165.474 million in 2013.
The document outlines the various documents that must be submitted for approval of schemes of amalgamation/arrangement by the Calcutta Stock Exchange (CSE). It lists 20 documents generally required, such as board resolutions, the scheme details, company histories, valuation reports, shareholding details, and financial statements. It also provides additional documents required for specific cases like demergers, companies listed on other exchanges, and schemes involving capital reduction or arrangement with creditors. CSE reserves the right to request further documents or clarification as needed.
FALLACIOUS DISREGARDING OF TRANSACTIONS THAT RESULT IN A TAX BENEFIT TO THE A...DVSResearchFoundatio
Key Takeaways:
- Facts of the case
- AO's contention
- Ruling of CIT(A) and issues for consideration of the ITAT
- Observations of ITAT
- Final Ruling
- Way Forward
A renowned speaker on the subject of FRS 102, which replaces all existing accounting rules for private Irish companies from 1 January 2015. This new standard is attracting a lot of attention as these standards become applicable and John is already consulting and lecturing widely, helping firms and businesses implement the changes.
International Financial Reporting Standards, commonly called IFRS, are accounting standards issued by the IFRS Foundation and the International Accounting Standards Board
The document provides a summary of key aspects of various Indian Accounting Standards (Ind AS). It discusses the objectives, requirements and differences compared to previous Indian GAAP/ IFRS of various Ind AS like Ind AS 1 on presentation of financial statements, Ind AS 2 on inventories, Ind AS 7 on statement of cash flows, Ind AS 8 on accounting policies etc. For each Ind AS, it highlights important principles, disclosure requirements, and carve outs or differences between Ind AS and corresponding IFRS.
The document discusses the impact of adopting Indian Accounting Standards (Ind AS) for automobile companies. It covers key areas like revenue recognition, provisions, hedging, securitizations, deferred tax, embedded derivatives, product development costs, and property, plant and equipment. The overview section explains the transition process to Ind AS, including the requirement for an explicit compliance statement, accounting policy choices, and preparation of an opening Ind AS balance sheet. It also discusses exemptions available, such as the use of deemed cost for property valuations and relief from restating cumulative translation differences.
Accounting for Grants, Reliefs and Loans Presentation - 10th February 2021Morlai Kargbo, FCCA
This document summarizes the accounting treatment for various Covid-19 related grants, reliefs, and loans under UK GAAP. It discusses how government grants should be recognized as income and not offset against related costs. It also covers rent concessions, CBILS and bounce back loans, time to pay arrangements, and considerations for going concern assessments. Auditors must understand the revised requirements of ISA (UK) 570 for December 2020 year-end audits. Ensuring the proper accounting for Covid-19 programs and disclosing any material uncertainties is important.
1. The ICAI established the Accounting Standards Board in 1977 to issue accounting standards in India. Initially, standards were mandatory only for ICAI members acting as auditors. In 1999, standards became mandatory for companies through an amendment to the Companies Act 1956.
2. There is a need for convergence with global standards like IFRS issued by the IASB due to the increasing globalization of markets. More than 130 countries now require or permit IFRS.
3. Rather than adopt IFRS wholesale, India has formulated IFRS-converged standards called Indian Accounting Standards (Ind AS) which have been notified by the MCA. A phased implementation of Ind AS for companies
This document provides an agenda and overview for a financial reporting and audit update presentation on April 2018. The presentation will cover new accounting standards for June 30, 2018 financial reports, reminders about new standards such as AASB 9, AASB 15, and AASB 16, and other topics such as the ACNC legislative review and standards issued but not yet effective. The presentation will be split into two parts, with the first part covering new standards and reminders, and the second part discussing additional topics such as crypto-currencies and new audit reports.
Annual update course covering:
IFRS 15 Revenue from Contracts with Customers
IFRS 16 Leases
IFRICs 22 Foreign Currency Transactions and Advance Consideration
IFRIC 23 Uncertainty over Income Tax Treatments
Amongst other updates to standards during the past year.
The document provides an overview of Ind AS and its implementation roadmap in India. Some key points:
- Ind AS converges Indian accounting standards with IFRS and will be implemented in phases starting 2016 for large companies and 2017 for others.
- Ind AS differs from IFRS in some areas like foreign exchange fluctuations and property, plant and equipment to accommodate Indian business needs.
- Transitioning to Ind AS will impact many business functions beyond accounting like IT, tax, business processes and require strong project management.
- Key differences from Indian GAAP include revenue recognition, financial instruments, business combinations and consolidated financial statements. Transition requires changes to processes, systems and financial reporting.
FASB Proposals Affecting Government ContractorsDecosimoCPAs
Robert Belcher and Ken Conner co-presented this PowerPoint at the 2012 RocketCity GovCon Conference hosted by Solvability in Huntsville, Ala. on Sept. 20, 2012.
The document provides an overview of key Indian Accounting Standards (Ind AS) and their implications for Coal India Limited. It discusses various Ind AS such as Ind AS 1 on presentation of financial statements, Ind AS 8 on accounting policies and errors, Ind AS 16 on property, plant and equipment, Ind AS 37 on provisions, contingent liabilities and contingent assets amongst others. It also provides highlights on the accounting treatment of various items according to different Ind AS. Finally, it discusses the outlook for Coal India Limited and provides an example calculation of site restoration provision.
Here are the answers to the objective type questions on corporate accounting:
1. Payment of dividend.
2. Redemption of Preference shares.
3. Dividend is not payable on the calls paid in advance by a shareholder.
4. Share premium Account appears on the liability side of the balance sheet.
5. Amount called by the company and paid for is forfeited.
6. Capital Reserve.
7. Called up amount.
8. Writing-off Preliminary expense.
9. A company can redeem only fully paid preference share.
10. Issue fully paid bonus shares.
11. At a pre-determined fixed rate.
12. Premium on issue of
6. Transformation to IFRS accounting and financemastewalkassa702
This document provides an overview of the transition to adopting International Financial Reporting Standards (IFRS) in Ethiopia. It outlines the objectives of IFRS 1 for first-time adoption, including providing suitable starting point for IFRS accounting and generating comparable financial reports. It details Ethiopia's roadmap for IFRS adoption by different entity types between 2015-2016. Key requirements of IFRS 1 like preparing an opening IFRS statement of financial position and selecting accounting policies are also summarized.
IFRS and UK GAAP Update covers recent changes to international and UK reporting standards. Major changes to IFRS include new standards on consolidation, joint arrangements, and fair value measurement effective 2013. Projects underway address revenue recognition and leases. UK is replacing existing GAAP with 3 new standards - FRS 100, 101, and 102 effective 2015. FRS 101 allows reduced disclosure for qualifying entities. FRS 102 is a simplified, principles-based standard aligned with but not identical to IFRS for SMEs. Transition involves reconciling equity and profit under the new standards.
Income computation and disclosure standard (icds) Akash Gupta
The document provides an overview of the key Income Computation and Disclosure Standards (ICDS) introduced by the Central Board of Direct Taxes effective from Assessment Year 2017-18. It summarizes 10 ICDS covering topics such as accounting policies, inventories, construction contracts, revenue recognition, tangible assets, foreign exchange rates, government grants, securities and borrowing costs. For each ICDS, it highlights significant deviations from existing Accounting Standards in areas like recognition of losses, valuation of inventories, and measurement of contract revenue and borrowing costs. The document also notes that in cases of conflict, provisions of the Income Tax Act will prevail over the ICDS.
Revised ICDS ppt - CIRC Noida Branch by CA Parul Mittalparul mittal
With effect from April 01, 2016, Income Computation and Disclosure Standards have become effective on Indian Taxpayer. Hence, it is important to understand the concept of standards, the recognition principles, disclosure requirements and transitional provisions. This presentation explains the basic structure of ICDS and contains the explanations issued by CBDT in March 2017.
3 Simple Steps To Buy Verified Payoneer Account In 2024SEOSMMEARTH
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Brian Fitzsimmons on the Business Strategy and Content Flywheel of Barstool S...Neil Horowitz
On episode 272 of the Digital and Social Media Sports Podcast, Neil chatted with Brian Fitzsimmons, Director of Licensing and Business Development for Barstool Sports.
What follows is a collection of snippets from the podcast. To hear the full interview and more, check out the podcast on all podcast platforms and at www.dsmsports.net
Digital Marketing with a Focus on Sustainabilitysssourabhsharma
Digital Marketing best practices including influencer marketing, content creators, and omnichannel marketing for Sustainable Brands at the Sustainable Cosmetics Summit 2024 in New York
[To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
This PowerPoint compilation offers a comprehensive overview of 20 leading innovation management frameworks and methodologies, selected for their broad applicability across various industries and organizational contexts. These frameworks are valuable resources for a wide range of users, including business professionals, educators, and consultants.
Each framework is presented with visually engaging diagrams and templates, ensuring the content is both informative and appealing. While this compilation is thorough, please note that the slides are intended as supplementary resources and may not be sufficient for standalone instructional purposes.
This compilation is ideal for anyone looking to enhance their understanding of innovation management and drive meaningful change within their organization. Whether you aim to improve product development processes, enhance customer experiences, or drive digital transformation, these frameworks offer valuable insights and tools to help you achieve your goals.
INCLUDED FRAMEWORKS/MODELS:
1. Stanford’s Design Thinking
2. IDEO’s Human-Centered Design
3. Strategyzer’s Business Model Innovation
4. Lean Startup Methodology
5. Agile Innovation Framework
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1. FRS 102
The Main Differences from previous Irish Gaap
and the Transition rules
Presenter
Robert Kirk
Professor of Financial Reporting
2.
3. Differences between current Irish Gaap
and FRS 102
• Inclusion of basic concepts and principles (Section 2)
• Marriage of EU Law in Companies Act with IFRSSME need for major
headings in B/S – current/non current and equity
• Need for multi column reporting in profit and loss account for
discontinued operations
4.
5. Differences between current Irish Gaap
and FRS 102
• Inclusion of Statement of Changes in Equity
• Possible option of Statement of Income and Retained
Earnings
• Compulsory Cash Flow Statement
(reconcile to cash and cash equivalents)
(only three headings – operating, investing and financing)
(direct and indirect methods – operating activities)
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19. Differences from Irish Gaap
and FRS 102
• Introduction of two options in accounting for grants – accruals and
performance models
• Need to disclose other government assistance
• Introducing a specific section on Revenue which includes construction
contracts
• Inclusion of employee benefits section NOT just retirement benefits
20. Differences from Irish Gaap
and FRS 102
• Implementation of the concept of Functional Currency and
death of the temporal method
• Use of weighted average method only for translating profit and
loss
• Single line for associates after tax in pre tax profit and loss
• Use of effective interest rate model for most financial
instruments
21. Differences from Irish Gaap
and FRS 102
• Deferred tax – timing differences +
• VAT and withholding tax
• Material NOT fundamental errors
• Information about judgments and key sources of estimation uncertainty
• Introduction of two models for agriculture – cost and fair value
22. Differences from Irish Gaap
and FRS 102
• Operating lease disclosure – total commitments NOT annual
• No 90% test for finance leases – more subjective judgment
• Investment property – more fair values – gains and losses through
profit
23. Differences from Irish Gaap
and FRS 102
• Death of merger accounting for business combinations
• More intangibles in business combinations
• Ability to reverse inventory writedowns
• More emphasis on component accounting
24. Differences from Irish Gaap
and FRS 102
• Goodwill – max 10 yr life if no reliable EU
• Impairment writedown - first to goodwill then other assets pro rata
basis and no reversal of goodwill impairment
• New section on hyperinflation
• Need to split hybrid financial instruments into debt and equity
25. Differences from Irish Gaap
and FRS 102
• Service concessions – introduced
• Financial institutions – additional disclosures
• Retirement benefits plans – content
• PBEs - Concessionary loans, non exchange transactions, mergers
26. Topics excluded from the IFRS for SMEs
but under FRS 102 must follow full
standard if adopt
• Operating Segments
• Earnings Per Share
• Interim Financial Reporting
27. First Time Adoption of FRS 102
• Must apply Section 35
• Explicit and Unreserved Statement of Compliance
EXAMPLE – STATEMENT OF COMPLIANCE
The financial statements have been prepared under the historical cost convention as
modified by the revaluation of certain assets. The financial statements of the
company for the year ended 31 December 2015 have been prepared in accordance
with the Financial Reporting Standard applicable in the United Kingdom and Republic
of Ireland (FRS 102) issued by the Financial Reporting Council and endorsed by The
Institute of Chartered Accountants in Ireland. These are the company’s first set of
financial statements prepared in accordance with FRS 102
28. Transition Date - 31 December year end
Comparative
year
1st year of
adoption
Transition
Date
1.1.14 31.12.14 31.12.15
First full FRS
102 accounts
29. Transitional Arrangements
Requirements
• Opening Balance Sheet (i.e. equity) as at 1st January 2014 and
reconciled to UK Gaap (Date of Transition)
• Closing Balance Sheet (i.e. equity) as at 31st December 2014
and reconciled to UK Gaap
• Reconcile profit and loss for year ended 31st December 2014
• Fully into FRS 102 year ended 31st December 2015
30. RECONCILIATIONS at TRANSITION
Four Steps
(i) Recognise assets and/or liabilities previously not recognised – e.g. forward
exchange contracts, holiday pay accrual;
(ii) Derecognise items as assets or liabilities if FRS 102 does not permit their
recognition – e.g. homegrown brand names;
(iii) Restate certain assets and liabilities at a different value – e.g. financial
instruments measured at amortised cost using the effective interest rate,
which may vary from a previously used historical cost, deferred tax under
timing differences + method;
(iv) Reclassify items – e.g. into different groupings within equity (revaluation
reserve on investment property into retained earnings
Adjustments on transition are usually recognised in retained profit (or loss), or where
appropriate another category within capital and reserves.
31. List of Mandatory Exceptions to Retrospective Application of
FRS 102
• Derecognition of
financial assets &
financial liabilities
• Hedge accounting
• Accounting estimates
• Discontinued operations
• Measuring Non
Controlling Interests
FRS 102 prohibits retrospective application of these items.
32. List of Possible Exemptions
• Business combinations
• Share based payment
• Fair value or revaluations at
deemed cost
• Individual or separate financial
statements
• Dormant companies
• Deferred development costs
• Compound financial instruments
• Service concessions
• Extractive Industries
• Arrangements containing a lease
• Decommissioning liabilities in
PP&E
Entities may elect to apply these exemptions.
33. (a) Business combinations including group reconstructions
Business combinations after the transition date must be accounted for under
FRS 102. This includes the treatment and measurement of intangible assets and
NCIs.
The entity may elect not to apply FRS 102 to business combinations before
the date of transition, but if it elects to apply FRS 102 to some transactions
before the transition date, it must apply it to all later business combinations,
but is not required to apply it to earlier ones.
(b) Share based payment transactions
A first-time adopter is not required to Section 26 (Share based payments) to
equity instruments that were granted before the date of transition, or to liabilities
that were settled before the date of transition. However if the first time adopter
has previously followed FRS 20 or IFRS 2, no amendment can be made on
transition.
(c) Fair value as deemed cost
A first-time adopter may elect to measure an item of P,P & E, investment property
or Intangible asset at the date of transition at its fair value and use that fair value
as its deemed cost at the date of transition. This may be of interest to an entity
which has previously revalued property but has not kept the valuations up to
date, and does not wish to keep valuations up to date.
34. (d) Revaluation as deemed cost
On a similar basis to (c) above, a previous revaluation may be used as deemed cost
revaluation may be used as deemed cost.(e) Not used
(f) Individual and separate financial statements
In a parent company accounts investments in subsidiaries, associates and joint
ventures may be carried at cost or valuation. A first time adopter may use previous
GAAP as deemed cost.
(g) Compound financial instruments
Section 22 requires a compound financial instrument to be split into liability and
equity elements. Where the liability component is not outstanding at the date of
transition, a first-time adopter need not separate the elements.
(h) Not used
(i) Service concession arrangements – accounting by operators
No requirement to apply sections 34.12J to 34.16A to service concessions
entered into before the date of transition. Such concession should continue to be
accounted for under previous GAAP.
(j) Extractive industries
Special transitional rules may apply
35. (k) Arrangements containing a lease
May elect to determine whether an arrangement existing at the date of transition contains a
lease on the basis of facts and circumstances existing at that date, rather than when the
arrangement was entered into.
(l) Decommissioning liabilities included in the cost of property, plant and equipment
May elect to measure initial estimate of the costs of dismantling and removing the item and
restoring the site in the cost of an item of property, plant and equipment at the date of
transition to this FRS, rather than on the date(s) when the obligation initially arose.
36. (m) Dormant companies
May elect to retain its accounting policies for measurement until there is any change to the
balances or the company undertakes any new transactions. This ensures that, in general,
the adoption of FRS 102 does not of itself trigger a transaction which needs to be
recorded and therefore causes the company to cease to be dormant. However, where
FRS 102 required the recognition of a new asset or liability, this would need to be
recorded and the company would cease to be dormant.
(n) Deferred development costs as deemed cost
A first-time adopter may use the deferred development costs under SSAP 13 as deemed
cost for the purposes of section 18 of FRS 102.
(o) Borrowing costs
The date of transition may be the date on which capitalisation of borrowing costs
commences.
(p) Lease incentives
Not to apply requirements of section 20.15 where term of lease commenced before date of
transition.
37. (q) Public benefit entity combinations
May elect not to apply paragraphs PBE34.75 to PBE34.86 relating to PBE entity combinations to
combinations that were effected before the date of transition to this FRS. However, if on first-time adoption
a public benefit entity restates any entity combination to comply with this section, it shall restate all later
entity combinations.
(r) Assets and liabilities of subsidiaries, associates or joint ventures
This exemption relates to subsidiaries, joint ventures and associates which become first time adopters later
than the parent entity, and allows them to use date of parent transition for consolidation purposes, but own
date of transition for other requirements of FRS 102.
(s) Designation of previously recognised financial instruments
Permitted to designate, as at the date of transition to this FRS, any financial asset or financial liability at fair
value through profit or loss provided the asset or liability meets the criteria in paragraph 11.14(b) at that
date.
(t) Hedge accounting
Detailed transition rules apply