AFFerguson.pptVIP

IAS 8 …contd. Change in accounting estimate is an adjustment of the carrying amount of an asset or a liability, or the amount of the periodic consumption of an asset, that results from the assessment of the present status of, and expected future benefits and obligations associated with, assets and liabilities. Changes in accounting estimates result from new information or new developments and, accordingly are not corrections of errors IAS 8 …contd. Prior period errors are omissions from, and misstatements in, the entity’s financial statements for one or more prior periods arising from a failure to use, or misuse of, reliable information that: a) was available when financial statements for those periods were authorised for issue; and b) Could reasonably be expected to have been obtained and taken into account in the preparation and presentation of those financial statements Such errors include the effects of mathematical mistakes, mistakes in applying accounting policies, oversight or misinterpretation of facts, and fraud IAS 24 … contd. Disclosure required separately for each of the following categories The parent Entities with joint control or significant influence Subsidiaries Associates JVs Key management personnel Other RPs IAS 31…contd. The Standard does not permit not to use Proportionate Consolidation or Equity method when the JV with operates under severe long-term restrictions (Joint control must be lost) Thank you IAS 21 …contd. Other changes Only prospective application required Retrospective application encouraged Special transition provisions for this change Eliminated the allowed alternative of capitalising unexpected severe devaluations All other changes resulting from the application of IAS 21 be treated under IAS 8 Primary Rules All exchange differences to go to PL with exception: When functional currency is different and translation into presentation currency is done, the exchange differences will go to equity In case of moneta