Search results “The main principles of ifrs”
Basic Accounting: IFRS Financial Reporting Principles
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Views: 2674 BlueBookAcademy.com
Overview of International Financial Reporting Standard (IFRS)
http://zerotoprotraining.com Overview of International Financial Reporting Standard (IFRS) Category: ERP, Management Tags: IFRS Overview
Views: 35940 HandsonERP
IAS 12-Deferred Tax Basic Principles ( IFRS )
Get more free videos to help you pass FAC3701? Visit https://goo.gl/izdfN3 for more info. HOW DOES TABALDI HELP YOU PASS FAC3701? Tabaldi helps students pass their FAC3701 exams with affordable, easy-to-understand, bite-sized video lectures and downloadable resources. Our online classroom which is open 24/7 as well as top quality lecturer support will help you make the most of your exams. FREE DEMO COURSES FOR UNISA FAC3701 We offer free DEMO courses that are jam-packed with enormous value. When you register, you will receive free access to the first study unit of each of our accounting and auditing courses. The following is included: • World-class study-aids • Free lecture videos • Free downloadable content • Free access to our online classroom
Views: 167760 Tabaldi Education
The Difference between GAAP and IFRS
ZACH DE GREGORIO, CPA www.WolvesAndFinance.com First you need to understand what these things are. GAAP and IFRS are accounting standards. GAAP stands for Generally Accepted Accounting Principles which is the accounting framework used in the United States. IFRS stands for International Financial Reporting Standards which is the accounting framework used in the rest of the world. What is an accounting standard? They are basically a set of guidelines you need to follow for accounting in your business. It is not laws, but it is really self-regulation where accountants have gotten together and agreed on the methods to use. When we talk about GAAP and IFRS, we are describing two different accounting standards. In general, GAAP and IFRS are very similar already. The fundamentals of accounting are the same anywhere in the world. You still have the same financial statements and basic processes. However, there are still some significant differences. The biggest difference between GAAP and IFRS is that GAAP is rules based, whereas IFRS is principles based. GAAP actually writes out all these different rules that US companies are required to follow, which does not leave much room for interpretation. IFRS focuses on the principles. This means that GAAP is much longer and more detailed than IFRS. The reason that GAAP is so detailed, is there have been some pretty big accounting scandals in the US. Every time a business has a major accounting scandal, more rules get added to the list, to make sure there are no misunderstandings in the future. One of the biggest differences that has not yet been resolved is LIFO. LIFO means Last-In First-Out which is a method of valuing your inventory. US companies are allowed to use LIFO. International companies are not. A lot of US companies use LIFO, because most of the time it reduces your reported profit, which reduces your taxes. We are talking about a lot of money. No one knows for sure what the estimated tax savings is, but it is estimated at over $100 Billion in the US over 10 years. To give you an idea of how complicated this is, for treatment of LIFO to change, the US would have to change that part of the IRS tax code, which would require the US legislature to pass a law increasing corporate taxes by $100 Billion. This presents a real challenge. LIFO is just one example, but there are many more differences between GAAP and IFRS. Neither Zach De Gregorio or Wolves and Finance Inc. shall be liable for any damages related to information in this video. It is recommended you contact a CPA in your area for business advice.
Views: 7449 WolvesAndFinance
US GAAP vs. IFRS on the Financial Statements
You'll learn the key differences between US GAAP and IFRS on the 3 main financial statements (Income Statement, Balance Sheet, and Cash Flow Statement). By http://breakingintowallstreet.com/ "Financial Modeling Training And Career Resources For Aspiring Investment Bankers" You'll also learn how to adjust an international company's financial statements to make it easier to model and project over time. Table of Contents: 1:46 Why US GAAP vs. IFRS Matters 5:28 Income Statement Terminology Differences 7:34 Balance Sheet Differences 14:09 How to Adjust the Financial Statements for an IFRS Company 20:02 Recap and Summary Income Statement: The Income Statement is very similar regardless of the accounting system. Some items have different names (e.g., Revenue is often called Turnover and Net Income is often called Profit), but that's about it. Balance Sheet: There are more differences on the Balance Sheet - items are often arranged in a different order (sometimes Long-Term Assets are listed first, then Current Assets, then Equity, then Long-Term Liabilities and Current Liabilities at the end). The Balance Sheet itself is usually called the "Statement of Financial Position." Also, items within the Equity section often have different names: Common Stock is called "Share Capital" or "Issued Capital." Additional Paid-In Capital is often called the "Share Premium." Retained Earnings and Treasury Stock tend to have similar names. IFRS-based companies also have many "Reserve" categories for items such as FX translation differences and unrealized gains and losses. For US-based companies, these items show up within Accumulated Other Comprehensive Income (AOIC) rather than being split out into separate "Reserve" categories. But the FUNCTIONALITY of the Balance Sheet is still very similar (items still flow in and change the same way), even if items have different names or are grouped differently. Cash Flow Statement There are more differences on the Cash Flow Statement, because most US-based companies use the INDIRECT method and most international companies use the DIRECT method. The Indirect Method starts with Net Income, makes non-cash adjustments, and lists the changes in Working Capital in the Cash Flow from Operations section. The Direct Method simply lists the cash received from customers and cash paid to suppliers and employees, along with income taxes and interest and other expenses, and so you don't see the full details behind the non-cash adjustments and working capital spending. When this happens, it is much, much harder to link the financial statements because changes in items such as Accounts Receivable and Accounts Payable won't flow into anything on the Cash Flow Statement. So we recommend ADJUSTING the financial statements as follows: First, find a reconciliation between this Cash Flow Statement and the company's operating income and/or net income. Then, make the Cash Flow Statement start with Net Income instead, as it normally does, and include all the line items from this reconciliation (non-cash adjustments, Working Capital changes, etc.). And if there are still remaining differences between items such as income taxes and interest expense on the Income Statement vs. Cash Flow Statement, make adjusting entries on the CFS that indicate the true cash amount that a company paid for those. Further Resources http://youtube-breakingintowallstreet-com.s3.amazonaws.com/105-09-US-GAAP-vs-IFRS.xlsx Examples of Financial Statements for US-Based Companies: http://youtube-breakingintowallstreet-com.s3.amazonaws.com/105-09-US-Chuck-E-Cheese.pdf http://youtube-breakingintowallstreet-com.s3.amazonaws.com/105-09-US-Jazz-Pharmaceuticals.pdf Examples of Financial Statements for International Companies: http://youtube-breakingintowallstreet-com.s3.amazonaws.com/105-09-Australia-Telstra.pdf http://youtube-breakingintowallstreet-com.s3.amazonaws.com/105-09-Brazil-Ambev.pdf http://youtube-breakingintowallstreet-com.s3.amazonaws.com/105-09-China-TenCent.pdf http://youtube-breakingintowallstreet-com.s3.amazonaws.com/105-09-France-Vivendi.pdf http://youtube-breakingintowallstreet-com.s3.amazonaws.com/105-09-India-Infosys.pdf http://youtube-breakingintowallstreet-com.s3.amazonaws.com/105-09-Japan-Suntory.pdf http://youtube-breakingintowallstreet-com.s3.amazonaws.com/105-09-Korea-Samsung.pdf http://youtube-breakingintowallstreet-com.s3.amazonaws.com/105-09-Mexico-FEMSA.pdf http://youtube-breakingintowallstreet-com.s3.amazonaws.com/105-09-Russia-Rostelecom.pdf http://youtube-breakingintowallstreet-com.s3.amazonaws.com/105-09-Saudi-Arabia-Saudi-Telecom.pdf http://youtube-breakingintowallstreet-com.s3.amazonaws.com/105-09-Singapore-SG-Airlines.pdf http://youtube-breakingintowallstreet-com.s3.amazonaws.com/105-09-South-Africa-PPC.pdf http://youtube-breakingintowallstreet-com.s3.amazonaws.com/105-09-UAE-DP-World.pdf http://youtube-breakingintowallstreet-com.s3.amazonaws.com/105-09-UK-Easyjet.pdf
IFRS - IAS 1 - Presentation of Financial Statements
An overview of the requirements of IAS 1 - Presentation of Financial Statements along with applicability for Indian entities under Ind AS. Courtesy: The Institute of Computer Accountants (www.icajobguarantee.com)
Views: 148030 Vikash Goel
Chapter 1 Principles of Accounting
Animated PowerPoint for chapter one
Views: 30651 Marc Christofferson
IFRS Basics  Part_1
Basic Overview of IFRS_Part 1
Views: 717 ShootFor Knowledge
PwC's IFRS 15 the basics – Introduction to the standard
Learn more at For PwC.com/IFRS please use https://pwc.to/2D78FfO The PwC revenue specialists have started a new series of videos covering IFRS 15 Revenue from Contracts with Customers. The short video series are intend to quickly help you understand IFRS 15. This first video covers the basic principles including the 5 step model in IFRS 15. PwC's Inform also provides various tools for IFRS 15. https://www.pwc.com/gx/en/services/audit-assurance/inform.html
Views: 47139 PwC's Inform
Principle of Consolidation - Part 1
This videos shows how to prepare the consolidated financial statements for group of companies
Views: 41017 Isaacs forum
IFRS 15 - Revenue with Contracts from Customers
Robert Bruce hosts an interview on some of the issues and challenges that entities may encounter when applying the IASB's new standard, IFRS 15 Revenue with Contracts from Customers. In this interview, Robert speaks with Phil Barden, a Partner in the Deloitte UK IFRS Centre of Excellence, and Amy Haworth, a Senior Manager in the Deloitte UK IFRS Centre of Excellence. They discuss in greater detail the core principles underpinning the IFRS 15 framework, and potential issues that certain IFRS reporters may encounter when implementing this standard. They additionally discuss certain guidance that IFRS 15 introduces of which IFRS reporters will need to be aware, such as disclosures, contract modifications and customer options to purchase additional goods and services, and transition options.
Views: 29397 Deloitte UK
Description Not Provided.
Views: 18487 Sierra Johnson
Views: 5191 Sreenivas Reddy
What is International financial reporting standards IFRS and difference with accounting standard
In this video we will discuss What is International financial reporting standards IFRS and their difference with Indian accounting standard in Hindi  this video will be beneficial for the students of class 11th CA Foundation CPT CS Foundation IPCC and for beginners I hope you will like this video if you have any doubt please ask me in the comment box  ___________________________________________  Link for the PDF and notes : https://digeshshala.blogspot.com/2018/09/international-financial-reporting.html ___________________________________________   Playlist of all classes chapterwise in hindi   Class 12th accounts lectures in hindi chapterwise https://m.youtube.com/playlist?list=PLUsUBXYVOqdATlcwk5xxuL9MTNAL9rYYx    Class 11th accounts lectures in hindi chapterwise https://m.youtube.com/playlist?list=PLUsUBXYVOqdCyPUEqE9TN3SzIkiO_gJDJ   Class 11th Business studies lectures in hindi chapterwise https://m.youtube.com/playlist?list=PLUsUBXYVOqdDSZWPBpHY78okveJI4Bhrx   GST all chapters playlist in Hindi : https://m.youtube.com/playlist?list=PLUsUBXYVOqdBIX5qqLF53derbjKsMGHW5 All Basic terms of accounting  https://m.youtube.com/playlist?list=PLUsUBXYVOqdAC3VKvwXWJr6X3oMZtbm-c   class 10thmaths from ncert book/cbse in hindi chapterwise with solutions  https://m.youtube.com/playlist?list=PLUsUBXYVOqdDs10r2RYPgYEfMYHZBCj-e     Learn all the journal entries in 5 minutes: https://youtu.be/bRxRM6a12sA   What is Asset? Expense? Capital? Liability? Income?????: https://youtu.be/S1iBPIR6umY ___________________________________________    You can contact me on:   Facebook page     :  https://www.facebook.com/Digeshshala.digeshsoni/?view_public_for=367201753757403   WhatsApp no. 9039927843   Whatsapp group : https://chat.whatsapp.com/0gSogGmkWk2AbJpP0bnpGn   Telegram group : https://t.me/joinchat/Jwr_IA7tbNG44-mdg7pvfw   Facebook profile : https://m.facebook.com/Digesh.soni.31   instagram : https://www.instagram.com/digesh.soni/   twitter : https://twitter.com/soni_digesh
Module 81 - Putting the IFRS framework into context
This module is included in the course 8 : The International Financial Reporting Standards, IFRS Learning goals : - Identify the companies that must comply with the IFRS - Determine the essential differences between the European accounting framework and the French GAAP. - Be able to present a balance sheet and a profit and loss statements under IFRS This module contains 5 chapters : - Compliance with IFRS - Major differences between IFRS and French GAAP (PCG) - Presentation of the financial statements under IFRS - Quiz – Locate the IFRS framework - Quiz – Understand the principles of IFRS More information on : www.actiononline.fr
Views: 611 Action On Line
Converting US GAAP to IFRS Financial Statements
Converting US GAAP to IFRS Financial Statements
Views: 5723 Hustona12
Master Class in IFRS 15 "Revenue from Contracts with Customers" organised by ADA University
On January 25, 2017, adjunct professor of ADA, Elshan Rahimoff appeared in front of ADA University audience with a lecture on IFRS 15. International Financial Reporting Standards (IFRS Standards) is a single set of accounting standards, developed and maintained by the International Accounting Standards Board with the intention of those standards being capable of being applied on a globally consistent basis - by developed, emerging and developing economies - thus providing investors and other users of financial statements with the ability to compare the financial performance of publicly listed companies on a like-for-like basis with their international peers. The topic that Mr. Rahimov chose for the meeting is IFRS 15, which specifies how and when an IFRS reporter will recognise revenue as well as requiring such entities to provide users of financial statements with more relevant disclosures. The standard provides a single, principles based five-step model to be applied to all contracts with customers. We would like to express our gratitude for organisation of the meeting and thank participants for coming. See you next time!
Views: 3460 Barattson LLC
The Resistance to Change from USGAAP to IFRS
The purpose of this dissertation was to investigate the resistance to change from U.S. Generally Accepted Accounting Principles (GAAP) to International Financial Reporting Standards (IFRS). The study involved an in-depth examination of the technical similarities and differences that exist under GAAP and IFRS. The researcher selected a qualitative research method approach that involved triangulation of individual interviews and a focus group discussion. The focus group discussion provided a great advantage to the research study because the researcher was able to gather responses from several participants related to the issue under study at one time. Triangulation helped the researcher increase validity and reduce subjectivity in understanding the resistance to change from rules-based to principles-based standards. The number of countries that have officially adopted IFRS as a singular accounting language is 138 (IFRS Foundation, 2013). The Securities and Exchange Commission (SEC), the Financial Accounting Standard Board (FASB), and the International Accounting Standard Board (IASB) have determined that IFRS should be adopted optionally in the United States by 2016. The Results suggest IFRS should act as a singular accounting language, which will promote high transparency and a better economic position in the world financial market. Future research should focus on understanding the cross-cultural psychological effects of the adoption of principles-based and the relevance of corporate social responsibility by reshaping economic and global political forces.
Views: 490 Edel Lemus
IFRS 10 Consolidated Financial Statements - summary
http://www.ifrsbox.com This is the short summary of IFRS 10 Consolidated Financial Statements. The objective of IFRS 10 is to establish principles for the presentation and preparation of consolidated financial statements when an entity controls one or more other entities. IFRS 10: - requires to present consolidated financial statements; - defines the principle of control - sets out the accounting requirements for consolidated financial statements and - defines an investment entity and sets out an exception to consolidating particular subsidiaries of an investment entity. An investor controls an investee when It is exposed to or has rights to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Consolidated financial statements are the financial statements of a group presented as those of a single economic entity. Consolidation procedures: Step 1 – Combine like items of assets, liabilities, equity, income, expenses and cash flows of the parent with those of its subsidiaries. Step 2 - Offset or eliminate carrying amount of parent’s investment in subsidiary with parent’s portion of equity of each subsidiary. Step 3 - Offset or eliminate in full intragroup assets, liabilities, equity, income, expenses and cash flows relating to transactions between companies in the group. Investment entity is an entity that: - Obtains funds or money from one or more investors for the purpose of providing those investor(s) with investment management services; - Its business purpose is to invest funds solely for returns from capital appreciation, investment income, or both; and - It measures and evaluates the performance of substantially all of its investments on a fair value basis. If you’d like to learn how to consolidate, or anything about IFRS in general, please visit http://www.ifrsbox.com and subscribe to our free IFRS mini-course. Thank you!
Views: 102924 Silvia M. (of IFRSbox)
Class 11th Accountancy Chapter: Theory Base of Accounting
Explanation of three fundamental accounting assumptions and all the accounting principles along with examples. Please Like | Share | Comment Follow us on : https://www.facebook.com/caparagguptasir/ Visit : https://www.caparaggupta.com/
Views: 66554 CA. Parag Gupta
This video includes: What is Conceptual Framework? Objective of financial reporting Qualitative characteristics of useful financial information 1. Fundamental qualities A. Relevance (1) predictive value (2) confirmatory value B. Faithful representation (1) completeness (2) neutrality (3) free from error 2. Enhancing qualities: (1) comparability (2) verifiability (3) timeliness (4) understandability Definition, recognition and measurement of the elements from which financial The elements directly related to financial position (balance sheet) are: Assets Liabilities Equity The elements directly related to performance (income statement) are: Income Expenses Recognition, Measurement, and Disclosure Concepts ASSUMPTIONS 1. Economic Entity 2. Going Concern 3. Monetary Unit 4. Periodicity 5. Accrual PRINCIPLES 1. Measurement 2. Revenue Recognition 3. Expense Recognition 4. Full Disclosure CONSTRAINTS 1. Cost 2. Materiality
Views: 11959 Md. Azim
Introduction to Ind AS & IFRS by CA Raj K Agrawal
To Buy Complete Classes visit www.studyathome.org or Call: 8737012345. StudyAtHome.org is a Online Platform, that provides CA/ CS/ CMA classes from India's Best Professors at your Home.
Views: 49234 Study At Home
5.2b - IFRS Principles for the Income Statement
An explanation of 4 IFRS accounting principles that apply to the Income Statement.
IFRS 1: First Time Adoption of IFRS | International Financial Reporting Standard | ACCA Dip.IFRS
The session briefly discusses the major implications of IFRS 1: First Time Adoption of IFRS (International Financial Reporting Standard). International Financial Reporting Standards (IFRS) are accounting standards and principles set by the International Accounting Standard Board (IASB) and are becoming global standards for preparation of financial statements. Most countries are converging their standards towards IFRS or adopting IFRS as they are, to enable uniform reporting. India, as a step closer to convergence with IFRS, has adopted Ind-AS. Benefits of Studying Dip.IFRS • Various IFRS profiles are being offered in several sectors of the industry that include ITES, software, pharmaceutical, auto spare part, professional advisory companies, auditing firms, banking industry, the Insurance industry, KPOs, etc. • Skilled and experienced IFRS experts can establish their own consultancies to help companies migrate to IFRS • Practical knowledge of these universal standards will open doors across the globe as more than 100 countries have given a green signal in their accounting boundaries. • Application of these standards is complex and time consuming which underlines the significance of IFRS professionals • Continuous amendments to these standards by regulators is creating need for IFRS professionals with thorough understanding of these standards • Currently, more than 150 countries have already adopted & the number will touch 200 by the end of 2017 • IFRS implementation for Indian accounting professionals will be what Y2K was for the software professionals, in other words, huge earning potential • Hence, there is a huge need to train professionals about IFRS in India in order to get prepared for IFRS convergence To buy this course follow the link below:- https://www.takshilalearning.com/course/acca-diploma-ifrs-online-classes-course/ For further assistance please call us at: 8800-999-280/011-45639131 Follow us :- Facebook:-https://www.facebook.com/takshilalearn/ Twitter:-https://twitter.com/TakshilaLearn Linkedin:-https://www.linkedin.com/company/takshila-learning-pvt.-ltd.?trk=biz-companies-cym
Views: 13165 takshila learn
IFRS Standards - why do they matter?
A short educational video to introduce you to the work of the IFRS Foundation and the role IFRS® Standards, used by companies in over 100 countries around the world when reporting on their finances, play in the global economy. More information about the IFRS Foundation, its independent standard-setting body, the International Accounting Standards Board®, and IFRS Standards can be found on http://www.ifrs.org/
Views: 24436 IFRS Foundation
This video is about IFRS vs GAAP
Views: 75 Ahmeer Gibson
How To Memorize All Accounting Standards in Just 10 Minutes
Download The PDF of this video http://www.caclubindia.com/share_files/how-to-memorize-all-accounting-standards-in-a-fun-way-71829.asp “Welcome To Sumit Solution” In This Video, I am trying to build a story based memory technique to remember all the names of Accounting Standards in a fun way. I am pretty sure that after watching this video 3-4 times you will never forget any name of the ASs. The major part of the background narration in this video is in Hindi, BUT still is very useful for those who don’t understand Hindi. They can easily understand by watching the visuals. Note: Those who don’t understand Hindi may MUTE the audio and watch Video only. I Hope you guys will be surely benefited from this video. Please Like, Share and Comment on this video
Views: 158504 Sumit Swarnakar
What is GAAP?
GAAP stands for Generally Accepted Accounting Principles; these are the standard and commonly accepted ways of recording and reporting accounting. GAAP is the acronym for generally accepted accounting principles. That means the basic accounting principles and guidelines such as the cost principle, matching principle, full disclosure, etc., the detailed standards and other rules issued by the Financial Accounting Standards Board and its predecessor the Accounting Principles Board, and generally accepted industry practices. GAAP must be adhered to when a company distributes its financial statements outside of the company. If a corporation's stock is publicly traded, the financial statements must also adhere to rules established by the overseeing governmental agency. This includes having its financial statements audited by an independent accounting firm. Accountants use generally accepted accounting principles to guide them in recording and reporting financial information. GAAP comprises a broad set of principles that have been developed by the accounting profession. In 2008, the Securities and Exchange Commission issued a preliminary "roadmap" that may lead the United States to abandon Generally Accepted Accounting Principles in the and to join more than 100 countries around the world instead in using the London-based International Financial Reporting Standard. The SEC expressed their aim to fully adopt International Financial Reporting Standards in the U.S. by 2014. With the convergence of the U.S. GAAP and the international IFRS accounting systems, as the highest authority over International Financial Reporting Standards, the International Accounting Standards Board is becoming more important in the United States. By Barry Norman, Investors Trading Academy
US Gaap Versus IFRS - Overview
Video by SSK Advisory Website : www.sskadvisory.com Check out our knowledge page on http://www.siddharthkadakia.com/ Subscribe to us YouTube on https://www.youtube.com/channel/UCAnTXIXnZH5vlnfxbbl47OQ Like us on Facebook at https://www.facebook.com/SSKAdvisory Follow us on Twitter at https://twitter.com/AdvisorySsk Read our blogs on http://sskadvisory.blogspot.com/ Contact us on +91 9987903701 Email us on [email protected] You are watching US Gaap Versus IFRS - Overview on https://youtu.be/kbyL7rUv_vI It is often said that US GAAP employs a “rules”-based approach. IFRS, on the other hand, is considered a “principles”-based approach. US GAAP standards are usually explicit as to precise rules that must be followed for recognition, measurement, and financial statement presentation. IFRS attempts to set general principles for recognition, measurement and reporting, and allows professional judgment in applying these principles. In 2002, the FASB and the IASB agreed to work toward convergence in the accounting standards. Therefore, you will find some IFRS accounting treatments identical, some similar, and others different from US GAAP. But still differences exists in three areas. Differences can be grouped into Vocabulary or definition differences, Recognition and measurement differences and Presentation and disclosure differences.
Views: 4571 Knowledge Platter
IFRS 3 - Business Combinations
Mind map revision of IFRS 3 - Business Combinations. -------------------------- EruditeApe is now Chartered Education! For full course information, please visit: http://www.charterededucation.com/ To connect with us on Facebook, like our page: https://www.facebook.com/CharteredEd To stay in the loop with our chartered accountant course update, follow us on Twitter: http://twitter.com/Chartered If you prefer using LinkedIn, follow our updates on: https://www.linkedin.com/company/chartered-education
CFA Level I - US GAAP vs IFRS - Part I (of 2)
Part II of this video series is available to FinTree On-line Program Subscribers. To know more visit us at : FinTree website link: http://www.fintreeindia.com FB Page link :http://www.facebook.com/Fin... We love what we do, and we make awesome video lectures for CFA and FRM exams. Our Video Lectures are comprehensive, easy to understand and most importantly, fun to study with! This Video lecture was recorded by our popular trainer for CFA, Mr. Utkarsh Jain, during one of his live CFA Level I Classes in Pune (India). This Video Lecture series covers following key differences between US GAAP vs IFRS which can be tested on CFA Level I Exams. 1. Statement of Comprehensive Income IFRS : Income Statement can be Combined with Other Comprehensive Income and presented a Single Statement of Comprehensive Income i.e. IS + OCI = CI OR IS and CI can be presented separately US GAAP: Similar Presentation except that firms can choose to report Comprehensive Income in Statement of Shareholders Equity 2. Elements Related to Performance IFRS : Income , Expenses US GAAP : Revenues, Expenses, Gains, Losses, Comprehensive Income 3. Revenue Recognition Criteria for Sale of Goods IFRS : Risk and Reward is transferred No control over the goods Revenue reliably measured Probable flow of economic benefits Cost can be reliably measured US GAAP : Revenue is realized/ realizable Earned 4. Long Term Contracts IFRS : When outcome can’t be reliably measured-revenue is recognized to the extent of cost, cost are expenses when incurred, profit recognized on completion US GAAP : When outcome can’t be reliably measured- Completed Contract Method, Revenue, expenses and profit is recognized when the contract is complete 5. Barter Transactions IFRS : Revenue must be based on fair value of revenue from similar non barter transaction with non related parties US GAAP : Revenue can be recognized at fair value only if firm has historically received cash payments for such goods/services 6. Extraordinary Items IFRS : Does not allow extraordinary items to be reported separately US GAAP : Unusual and Infrequent items- Reported separately in the income statement , net of tax, after income from continuing operations 7.Balance Sheet Presentation IFRS : IFRS does not specify the order in which current or non current assets/ liability should be presented Generally, Companies using IFRS order balance sheet information from least liquid to most liquid. US GAAP : Generally, Companies using U.S. GAAP (e.g., Colgate) order items on the balance sheet from most liquid to least liquid 8. Cash Flow Statement Items- Non Financial Firm IFRS : Dividend Paid: CFO/CFF Interest Paid: CFO/CFF Dividend Received: CFO/CFI Interest Received: CFO/CFI Taxes Related to Operating activities: CFO Taxes related to Financing Activities: CFF Taxes Related to Investing activities: CFI US GAAP : Dividend Paid: CFF Interest Paid: CFO Dividend Received: CFO Interest Received: CFO Taxes Related to Operating activities: CFO Taxes related to Financing Activities: CFO Taxes Related to Investing activities: CFO 9.Cash Flow Statement Presentation US GAAP: If direct method is used, Firm must add a disclosure of indirect method Most companies use indirect method IFRS: No such disclosure required 10. Inventory Valuation Methods IFRS: Specific Identification Weighted Average FIFO US GAAP: Specific Identification Weighted Average FIFO LIFO 11. Inventory Write Downs Explained through a Flow Chart. 12. Capitalized Interest IFRS: Income earned by temporary investing borrowed funds reduces the interest that is eligible for capitalization US GAAP: No such reduction 13. Research and Development cost IFRS : Research cost - Expensed Development Cost - Capitalized US GAAP : Research Cost- Expensed Development Cost – Expensed (* Software Development Cost ) 14.Software Development Cost Explained through a Flow Chart. 15. Component Depreciation IFRS : IFRS Requires firms to depreciate component of Assets separately Requiring useful life estimates for each component US GAAP: Component Depreciation is allowed, but seldom used. 16. Cost vs. Revaluation Model IFRS : Firms can either use Cost or Revaluation Model However, same model should be asset for entire asset class Revaluation model is rarely used in practice US GAAP : Assets are reported at Cost (–) Accumulated Depreciation 17.Impairment of PPE Explained through a Flow Chart/ 18. Investment PPE IFRS : Property owned for the purpose of collecting rental income or capital appreciation is classified as Investment PPE. Gives a choice of Cost or Fair Value for Investment PPE Use same valuation model for all PPE 19. Long Term Bond Liability- Calculation 20. Bond Issuance Cost 21. Deferred Tax Assets/ Deferred Tax Liabilities 22. Classification of Lease- Books of Lessee 23. Classification of Lease- Books of Lessor 24. Component of Pension Expense
Views: 45129 FinTree
NFRA, GAAP, AS, IND AS, IFRS all Concepts | in hindi
Free Study Material for paper 1, 2 https://youtu.be/sLn6SJqhiMU For notes and PDF: https://navclasses.blogspot.in/2018/03/gaap-as-ind-as-ias-ifrs-nfra-notes.html Full Study Playlist for CBSE UGC NET in Hindi: https://goo.gl/1NvyMk Paper 1 Important topics and time table for UGC NET June 2018: https://youtu.be/-MKDioVT0Zk Human resource management in Hindi: https://goo.gl/v96yPm If any one wants to get PDFs by Navclasses then click here: https://www.facebook.com/groups/navclasses/files/ Subscribe Nav Classes for regular lectures Ask you doubts here in comment box If any one wants to get PDFs by Navclasses then click here: https://www.facebook.com/groups/navclasses/files/ Nav classes Videos in English language: https://goo.gl/iXUuG8 CBSE UGC NET in Hindi: https://goo.gl/1NvyMk Data Interpretation tricks: https://goo.gl/Or5lWg HRD lectures in Hindi: https://goo.gl/MiPZLF HRD lectures in English: https://goo.gl/Hg7cWg Reasoning Tricks in Hindi: https://goo.gl/WULwTn Math Tricks: https://goo.gl/3WYJDu CBSE UGC NET: https://goo.gl/j4qvzZ SHRM: https://goo.gl/oMU6IP Human resource management in English: https://goo.gl/2E4Py8 Human resource management in Hindi: https://goo.gl/v96yPm Arrangement puzzles: https://goo.gl/xWFWSP Syllogisms: https://goo.gl/chw3Vq Nav Online Classes for all commerce Lectures & tricks to crack exams All carve for Knowledge ends here Here you will get all possible help and personal assistance Procedure 1. Subscribe https://goo.gl/r6rSqV and Ring Bell with it to get all lectures on your inbox 2. New lecture Daily Featured Sunday for CBSE UGC NET, SSC, CGL, BANK PO, IBPS, Railway, CPO, UPSC, BOB & NIACL AO and ASSISTANT, DENA BANK, SBI PO MAINS 3. Google Group for more interaction: https://groups.google.com/d/forum/navclasses 4 like Facebook Page: https://www.facebook.com/navclassesonline/ 5 Join Fb Group https://www.facebook.com/groups/navclasses/ Subscribe to http://navclasses.blogspot.in/ for written notes and MCQs
Views: 11195 Nav classes
The Conceptual Framework for the Financial Reporting in a few minutes
http://www.ifrsbox.com IFRS Framework summary explains current Framework developments, focusing on qualitative characteristics of financial reporting, its purpose, measurement, recognition, elements of the financial statements and many more. Get "Top 7 IFRS Mistakes" report and e-mail updates at http://www.ifrsbox.com
Views: 146248 Silvia M. (of IFRSbox)
IFRS 3 / IFRS 10 Introduction to Consolidation and Group Accounts
http://www.ifrsbox.com Introduction to consolidation and group accounts: There are 6 IFRS dealing with group accounts and consolidation: IAS 27 Separate Financial Statements IAS 28 Investments in Associates IFRS 3 Business Combinations IFRS 10 Consolidated Financial Statements IFRS 11 Joint Arrangements IFRS 12 Disclosure of Interests in Other Entities First, we need to determine what type of investment we have. Then we need to apply the accounting method based on the type of investment: 1. Subsidiaries -- acquisition method + full consolidation 2. Associates -- equity method 3. Joint arrangements -- based on the type: joint venture using equity method and joint operation -- only own share on assets, liabilities, revenues and expenses 4. Other investments -- financial instruments Subscribe to http://www.ifrsbox.com and learn more!
Views: 107723 Silvia M. (of IFRSbox)
Accounting concepts principle convension assumptions accounting standards ifrs class 11th in-hindi
In this video we will discuss what is accounting concept accounting assumption accounting principle accounting standards in Hindi this video will be beneficial for the students of class 11th CA Foundation CPT CS Foundation IPCC and for beginners I hope you will like this video if you have any doubt please ask me in the comment box #accounting #principle #standards #assumption #concept ___________________________________________ Link for the PDF and notes : https://digeshshala.blogspot.com/2018/09/accounting-concept-principles-and.html?m=1 ___________________________________________ Playlist of all classes chapterwise in hindi Class 12th accounts lectures in hindi chapterwise https://m.youtube.com/playlist?list=PLUsUBXYVOqdATlcwk5xxuL9MTNAL9rYYx Class 11th accounts lectures in hindi chapterwise https://m.youtube.com/playlist?list=PLUsUBXYVOqdCyPUEqE9TN3SzIkiO_gJDJ Class 11th Business studies lectures in hindi chapterwise https://m.youtube.com/playlist?list=PLUsUBXYVOqdDSZWPBpHY78okveJI4Bhrx GST all chapters playlist in Hindi : https://m.youtube.com/playlist?list=PLUsUBXYVOqdBIX5qqLF53derbjKsMGHW5 All Basic terms of accounting  https://m.youtube.com/playlist?list=PLUsUBXYVOqdAC3VKvwXWJr6X3oMZtbm-c class 10thmaths from ncert book/cbse in hindi chapterwise with solutions https://m.youtube.com/playlist?list=PLUsUBXYVOqdDs10r2RYPgYEfMYHZBCj-e    Learn all the generalentries in 5 minutes: https://youtu.be/bRxRM6a12sA What is Asset? Expense? Capital? Liability? Income?????:https://youtu.be/S1iBPIR6umY ___________________________________________ You can contact me on: Facebook page : https://www.facebook.com/Digeshshala.... WhatsApp no. 9039927843 Whatsapp group : https://chat.whatsapp.com/0gSogGmkWk2... Telegram group : https://t.me/joinchat/Jwr_IA7tbNG44-m... Facebook profile : https://m.facebook.com/Digesh.soni.31 instagram : https://www.instagram.com/digesh.soni/ twitter : https://twitter.com/soni_digesh
EuroMaTech International Financial Reporting Standards (IFRS)
The diminishing differences between generally accepted accounting principles (GAAP), principally established by the Financial Accounting Standards Board (FASB), and international financial reporting standards (IFRS), as established by the International Accounting Standards Board (IASB”, is narrowing at a faster pace. IFRS are now the world’s most widely accepted and applied accounting standards with more than 100 countries now requiring or permitting their use. EuroMaTech is a trustful and reliable training company with multiple locations.Check out our video #Euromatech #euromatechtraining #training #trainingcourse #trainingseminar #trainingprogramme #trainingprogram #managementandleadership #projectmanagement #oilandgas #financeandaccounting #administrationandsecretarial #consulting #management #leadership #maintenacemanagement #humanresources #hr #dubai #uk #london #amsterdam #geneva #newyork #oman #dubaitraining #managementtraining #corporatetraining #worldclasstraining #audittraining #finanace #contractsmanagement #healthandsafetytraining #instrumentationtraining #hrtraining #leadershiptraining
Views: 6880 EuroMaTech
IFRS VS Indian GAAP - Part 1
In the first part of difference between IFRS and Indian GAAP or Indian accounting standards, we will clear following concepts 1. Difference in preparation of balance sheet under format 2. Difference for showing preference share capital in balance sheet 3. Difference of showing changing in equity in Annual financial statements. Just watch above video and understand the concepts. If you want to enrol our online accounting course, please talk me at email [email protected] Buy Financial Accounting eBook at https://www.krantikari.org/2016/09/financial-accounting-ebook.html
Financial Accounting: GAAP Principles and Concepts
For best viewing, switch settings to 1080p Help us caption & translate this video! http://amara.org/v/FgKs/
Views: 29241 ProfAlldredge
IAS 28 Investments in Associates and Joint Ventures
http://www.ifrsbox.com This is the short summary of the standard IAS 28 Investments in Associates and Joint Ventures .The objective of IAS 28 is: • To prescribe the accounting for investments in associates, and • To set out the requirements for the application of the equity method when accounting for investments in associates and joint ventures. Standard IAS 28 defines significant influence as the power to participate in the financial and operating policy decisions of the investee, but is NOT a control or joint control of those policies. The main indicator of significant influence is holding (directly or indirectly) more than 20% of the voting power of the investee. The basic principles of equity method are: 1. The investment in an associate or joint venture is recognized at cost on initial recognition (acquisition date). 2. The carrying amount of the investment is increased or decreased by the investor’s share on investee’s net profit or loss after the acquisition date. 3. When investee distributes some dividends to the investor, then this distribution decreases the carrying amount of the investment. IAS 28 sets also exemptions from equity method, when to discontinue equity method and equity method procedures.
Views: 55490 Silvia M. (of IFRSbox)
Views: 196 rahul durgia
Principles of Accounting - Lecture 01a
Principles of Accounting; deifition; identify; record; communicate; organization, interested users; financial statements; stakeholders; internal users; external users; management; human resources; finance; customers; SEC; creditors; labor unions; investors; pay raise; dividend; ethics; financial scandals; Sarbanes-Oxley; balance sheet; income statement; GAAP; FASB; IASB; cost principle; historical cost; purchase price; verifiability; fair value;
Views: 377243 Krassimir Petrov
IFRS Introduction in most easy format
A Simple presentation of IFRS introduction.
Views: 3442 Kaustubh Basu
International Accounting Standard 1 | IAS 1 | IASB | IFRS | ACCA by CA Rammohan Bhave
In this video you will able to learn about International Accounting Standard 1: Presentation of Financial Statements or IAS 1 is an international financial reporting standard adopted by the International Accounting Standards Board (IASB). Lecture by CA Rammohan Bhave To buy this course follow the link below:- https://www.takshilalearning.com/course/acca-dip-ifrs-online-classes/ For further assistance please call us at: 8800-999-280/011-45639131 Follow us :- Facebook:-https://www.facebook.com/takshilalearn/ Twitter:-https://twitter.com/TakshilaLearn Linkedin:-https://www.linkedin.com/company/takshila-learning-pvt.-ltd.?trk=biz-companies-cym
Views: 9798 takshila learn
IFRS 17 for Investors
In July 2017, the IFRS Foundation and the Canadian Accounting Standards Board co-hosted an educational webinar on IFRS 17 Insurance Contracts tailored to investors. For more information, visit http://www.ifrs.org/news-and-events/2017/07/new-webinar-how-does-ifrs-17-work-and-what-does-it-mean-for-investors/
Views: 3365 IFRS Foundation
IFRS Update: IFRS 10, IFRS 11 and IFRS 12
Executive IFRS workshop for regulators, 3-7 June 2013, Vienna Presented by Amaro Gomes, Board Member, IASB and Mariela Isern, Senior Technical Manager, IASB The CFRR and the International Accounting Standards Board (IASB) jointly organized a five-day Executive IFRS Seminar for financial regulators from 3 to 7 June 2013 in Vienna. Financial regulators’ ability to effectively supervise the institutions which they are responsible for overseeing and, in particular, to monitor that these institutions are meeting the required prudential standards, including the internationally agreed Basel III rules and the EU’s Solvency II framework for insurance, relies on their understanding of the financial information submitted to them. Most of this information is (directly or indirectly) taken from the financial statements produced by banks and insurance companies. In the EU and in many other countries around the world, these financial statements are drawn up using International Financial Reporting Standards (IFRS) set by the IASB. However, many financial regulators do not come from an accounting background and have only an imperfect understanding of the principles behind IFRS and of the judgments that are made when the reporting standards are applied in practice. This limits their ability to make full use of the information contained in bank and insurance company financial statements, so making them less effective regulators. More about the workshop: https://tinyurl.com/ybhn9e7m More about REPARIS Program: https://tinyurl.com/p5pavhp Visit us at http://worldbank.org/cfrr
Views: 118 WorldBank CFRR
IFRS, Principle-based or Rule-based? (Class Debate, Financial Accounting Theory class, FEUI 2014)
Financial Accounting Theory Class on 7th Semester Faculty of Economics University of Indonesia We are having a class debate on whether IFRS should be a Principle-based standard or Rule-based standard. ----------------------------------------------------------------------------------------- No final conclusion on which standard is better, both standard are good and sufficient for usage in a certain manner and for certain user. ----------------------------------------------------------------------------------------- Class Debate participant: Positive Team: M. Firman Ichsan M. Alvin Andoko Evan Septiawan Negative Team: Aditya Pradipta Edovan Gideon Lecturer: Elvia Rosantina Purwatiningsih
Views: 1785 Evan Septiawan

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