IFRS Impacts on Accounting Systems: Projects, Assets, Depreciation

Dec 14, 2023

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Learn about the latest exposure draft on IFRS and how it affects accounting systems. Topics include systems impacts, general ledgers, capital projects, and CWIP.

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IFRS Impacts on Accounting Systems: Projects, Assets, Depreciation

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Acquisition of Assets

Acquisition of Assets. TEXT CHAP 10. Objectives. Prepare the entries in the acquiring company for the acquisition of assets . Applicable accounting standards. AASB 1015 Acquisition of Assets AASB 1013 Accounting for Goodwill. Acquisition of Assets. Single asset Set of Assets

751 views • 25 slides

IFRS Update Ian P.N. Hague, CA Principal, Accounting Standards Own views – not those of AcSB or other staff

IFRS Update Ian P.N. Hague, CA Principal, Accounting Standards Own views – not those of AcSB or other staff. Agenda. AcSB IFRS Strategy IFRSs – Tackling the transition Helpful resources Private Cos & NFPOs Closing & questions. All systems go for 2011 adoption. Balance of factors:

510 views • 31 slides

What is Cloud Accounting?

What is Cloud Accounting?. A SOLUTION FOR YOUR BACK-OFFICE Using today’s technology, we can run your accounting and bookkeeping department from our offices for much less than an internal bookkeeper costs.

345 views • 4 slides

SURFI Unified FInancial Reporting System Banque de France’s financial data

Secrétariat général de la Commission bancaire Direction de la Surveillance Générale du Système Bancaire. SURFI Unified FInancial Reporting System Banque de France’s financial data collecting system in XBRL. 19th XBRL International Conference June 23th, 2009 Jean-Luc Menda Deputy Director

642 views • 38 slides

Farm Management

Farm Management. Chapter 4 Depreciation and Asset Valuation. Chapter Outline. Depreciation Depreciation Methods Income Tax Depreciation Valuation of Assets. Chapter Objectives. To define depreciation and related terms To illustrate the different methods of computing depreciation

1.02k views • 25 slides

IFRS for SME’s

IFRS for SME’s. Panicos K. Charalambous 13 April 2010. Agenda-1. Introduction Basics Assets Financial Instruments. Agenda-2. Liabilities Group accounting Transition to SME-IFRS. Agenda. Introduction. SME definition. SMEs are entities that: Do not have public accountability, and

1.1k views • 70 slides

Farm Management

393 views • 25 slides

Learning Objectives

Power Notes. Chapter 10. Fixed Assets. 1. Nature of Fixed Assets 2. Accounting for Depreciation 3. Capital and Revenue Expenditures 4. Disposal of Fixed Assets. Learning Objectives. C10. Nature of Fixed Assets.

529 views • 33 slides

IFRS

IFRS. IFRS. IFRS stands for “International Financial Reporting Standards” and includes International Accounting Standards (IASs ). §IFRSs are developed and approved by IASB (International Accounting Standard Board ).

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Depreciation in Agribusiness

Depreciation in Agribusiness. Objectives. Define depreciation. List types of assets that can be depreciated. List the three main reasons for using depreciation. List and describe the various methods of depreciation. . 1. What is Depreciation?.

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Depreciation

Depreciation. Andrew Jon Myles. Definition. Depreciation is the reduction in th e value of fixed assets over it’s lifespan. This comes in two forms: Straight line – a set percentage taken from the cost of the asset

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IFRS for Long-lived Assets & R&D

IFRS for Long-lived Assets & R&D. With comparison to US GAAP. IFRS for long-lived assets including intangibles. Relevant IFRS: IAS 16, Property, Plant and Equipment IAS 38, Intangible Assets, IAS 36, Impairment of Assets IFRS 5, Non-current Assets Held for Sale and Discontinued Operations).

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Accounting

Accounting. Non Current Assets & Depreciation. Clive Vlieland-Boddy FCA FCCA MBA PhD EU 2009. Non Current Assets (NCA’s) also known as Fixed Assets. Are assets whose useful life is expected to last more than one year. Tangible Intangible Investments. Valuation of NCA’s.

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DEPRECIATION

DEPRECIATION. Depreciation of Fixed Assets (Nature and Calculations). Content. Revision: What are Fixed Assets? What is Depreciation ? Causes of Depreciation 2 Methods of Calculating Depreciation Charge per year. Example 1. Example 2. Straight line Method Reducing Balance Method.

6.58k views • 51 slides

Intro to IFRS XBRL - 2013S -

Intro to IFRS XBRL - 2013S -. Clinton E. White, Jr Professor of Accounting & MIS Lerner College of Business University of Delaware. IFRS Taxonomy. www.ifrs.org Go to the IFRS 2013 taxonomy Then viewing tools Use CoreFiling (Yeti) viewer Use IFRS 2013 core Full taxonomy.

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PLANT ASSETS

e. PLANT ASSETS. Study Objective. Describe the practice of cost of account to plant assets. The explanation about the depreciation opinion. The computing the depreciation period with different methods. Describe the rule of changing depreciation period.

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Overview of Accounting for Defined Benefit Plans Under IFRS

Pensions and Post-Retirement Benefits IAS 19 vs. APB 12, FAS 43, 87, 88, 106, 112, 146 and related guidance. Overview of Accounting for Defined Benefit Plans Under IFRS. Funded Status Reconciliation. Components of Net Periodic Pension Costs. Defined Benefit Obligation <FV of Plan Assets>

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IFRS for Long-lived Assets & R&D

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IFRS A U.S. Preparer’s Perspective

IFRS A U.S. Preparer’s Perspective. Kevin McBride Accounting Policy Controller Intel Corporation. Challenges To IFRS Adoption. Substantial differences in certain areas Considerable work to adopt IFRS Convergence projects adds uncertainty and complexity Not just an accounting exercise

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IFRS for Long-lived Assets & R&D

643 views • 36 slides

CHAPTER 3

CHAPTER 3. ADJUSTING THE ACCOUNTS. Accounting Principles, Eighth Edition. Adjusting Entries for “Prepaid Expenses”. Depreciation Buildings, equipment, and vehicles (long-lived assets) are recorded as assets, rather than an expense, in the year acquired.

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ACC 291 NEW Course Tutorial / Tutorialoutlet

For more course tutorials visit www.tutorialoutlet.com ACC 291 Final Exam Study Guide Question 207 On January 1, a machine with a useful life of five years and a residual value of $40,000 was purchased for $120,000. What is the depreciation expense for year 2 under the double-declining-balance method of depreciation? IFRS Multiple Choice Question 01 As a recent graduate of State University you're aware that IFRS requires component depreciation for plant assets. A friend has asked you to succinctly explain what component depreciation means. Which of the following correctly describes component depreciation? Multiple Choice Question 198 Given the following account balances at year end, compute the total intangible assets on the balance sheet of Janssen Enterprises. Cash $1,500,000 Accounts Receivable 4,000,000 Trademarks 1,000,000 Goodwill 2,500,000 Research & Development Costs 2,000,000 Explanation: Intangible Assets = Goodwill Trademarks = 3,500,000 Multiple Choice Question 146

473 views • 33 slides

More Related

IFRS Impacts on Accounting Systems: Projects, Assets, Depreciation

IFRS Impacts on Accounting Systems: Projects, Assets, Depreciation

Presentation Transcript

Acquisition of Assets

IFRS Update Ian P.N. Hague, CA Principal, Accounting Standards Own views – not those of AcSB or other staff

What is Cloud Accounting?

SURFI Unified FInancial Reporting System Banque de France’s financial data

Farm Management

IFRS for SME’s

Farm Management

Learning Objectives

IFRS

Depreciation in Agribusiness

Depreciation

IFRS for Long-lived Assets &amp; R&amp;D

Accounting

DEPRECIATION

Intro to IFRS XBRL - 2013S -

PLANT ASSETS

Overview of Accounting for Defined Benefit Plans Under IFRS

IFRS for Long-lived Assets &amp; R&amp;D

IFRS A U.S. Preparer’s Perspective

IFRS for Long-lived Assets &amp; R&amp;D

CHAPTER 3

ACC 291 NEW Course Tutorial / Tutorialoutlet

IFRS for Long-lived Assets & R&D

IFRS for Long-lived Assets & R&D

IFRS for Long-lived Assets & R&D