Accounting Policies, Changes in Accounting Estimates and Errors. 4 0 obj These examples are based on illustrative examples from IAS 1. IAS 17. Construction Contracts. uuid:06b74641-ce4b-49e2-9d72-e24252b3013f /Type /Metadata IFRS AT A GLANCE IAS 2 Inventories As at 1 July 2014 IAS 2 Inventories Also refer: IFRIC 20 Stripping Costs in the Production ���� JFIF ` ` �� C >> application/pdf stream IAS 2 prescribes the accounting treatment for inventories. /Subtype /XML /MarkInfo << The Board concluded that no further amendments to IFRS 2 are needed. BDO Center for Corporate Governance and Financial Reporting Dynamic resources for board of directors and financial executives. IAS 2 Inventories - BDO Canada IAS 2 Inventories contains the requirements on how to account for most types of inventory. Working with BDO on IFRS. Any costs that are not directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management are expensed in P/L as incurred. >> Property, plant and equipment – IAS 16 33 18. It also provides guidance on the cost formulas that are used to assign costs to inventories. Events After the Reporting Period. << Statement of Cash Flows. IAS 2 Inventories Provides guidance on the determination of cost of inventory (raw materials, work in progress and finished goods), its valuation and any subsequent write-offs as an expense. BDO is here to help with all your ASC 740 & IFRS-IAS 12 guidelines. /Filter /FlateDecode In October 2018, the International Accounting Standards Board (the Board) published the results of its research project on sources of complexity in applying IFRS 2 . In addition, it also includes biological wealth connected to agriculture at the time of harvesting. View Notes - IAS 2 - BDO Inventories from ACCT 354 at McGill University. 40 IAS 2 Inventories Also refer: IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine Effective Date Periods beginning on … /Subtype /XML BDO is here to help with all your ASC 740 & IFRS-IAS 12 guidelines. IAS 2 provides guidance for determining the cost of inventories and the subsequent recognition of the cost as an expense, including any write-down to net realisable value. x����k�0����c+����I Document stream The standard requires inventories to be measured at the lower of cost and net realisable value (NRV) and outlines acceptable methods of determining Trainers. Share-based Payment. HKFRS/IFRS Standard Potential impact of the coronavirus BDO Comments HKAS/IAS 2, Inventories • Net realisable values may decrease, resulting in increased impairment; • If production is decreased, entities must consider that fixed overheads are allocated based on ‘normal capacity’. Go to main navigation Go to main content. IAS 16. BDO PLT (LLP0018825-LCA & AF 0206), was registered on 2 January 2019 and with effect from that date, BDO (AF 0206), a conventional partnership was converted to a limited liability partnership. Employee benefits – IAS 19 24 Share-based payment – IFRS 2 26 Taxation – IAS 12, IFRIC 23 27 Earnings per share – IAS 33 28 Balance sheet and related notes 29 Intangible assets – IAS 38 30 Property, plant and equipment – IAS 16 31 Investment property – IAS 40 32 Impairment of assets – IAS … uuid:5bdc6a81-f932-4ff7-b51d-c79d0c3a9df7 /Subtype /Image stream Automotive BDO is a specialised automotive service provider assisting franchised dealers, manufacturers and industry associations with a wide range of financial and consulting services. endstream << Share-based Payment. These examples represent how some of the disclosures required by IAS 12 (in Example 2 - Illustrative disclosure) for income taxes might be tagged using both block tagging and detailed tagging. Share-based payment transaction is a transaction in which the entity:. Inventories – IAS 2 38 22. ... Lectures will last 2,5 hours (with ten-minute break) and will be conducted twice a week. 4 0 obj The Board concluded that no further amendments to IFRS 2 are needed. IFRS 2 requires an entity to reflect the effect of share-based payment transactions (including share options to employees) in its profit or loss and statement of financial position.. What is a share-based payment transaction? IFRS 2 . It felt the . endstream BDO is here to help your business – and you – navigate the COVID-19 health crisis, prepare for recovery, and once again, thrive. Likewise, the costs of the items sold would be recognised in line with IAS 2 Inventory. Intangible assets – IAS 38 32 17. [IAS 21.1] The principal issues are which exchange rate(s) to use and how to report the effects of changes in exchange rates in the financial statements. /Width 1637 BDO Member Firms are located in over 100 countries worldwide (e) Contact details including e-mail address: HThomson@bdoglobal.com andrew.buchanan@bdo.co.uk 2 EFRAG is carrying out an assessment of the costs and benefits that will arise for preparers and for users in implementing IAS 1 (Revised), both in year one and in subsequent years. Such write down in the Raw material is charged to the Income statement as expense. We have member … Inline XBRL; ZIP; Example 12: Consolidated and Separate Statements of Financial Position. BDO explains the IASB’s latest updates to IFRS on onerous contracts, loan modification risk and plant, property and equipment. It was on the 3rd of January 2009, that Satoshi Nakamura mined the first Bitcoin bringing forth into existence the first block of Bitcoin – the Genesis Block. The debates resulted in mandatory requirements for share-based payment transactions – i.e. x��]mo7�n��a?JE�,_w b' r��zqz.�~��l�g���'ݿ��r����5@"[֮��p83�7U������O'�V��Qu������A]դ�k�rJ+�Ѫj#�����}W�^�?��������-��5��{��;��O�o�"�Mw���Oo��F�Dqxj/nTM��i��#G��^�x���f�����yD�E_��RU�������Z���n�6���aU�8���t�Xb�:�?�5�漝��ߞ��n�U{�ż����lwڿ�ͳ��o��u�{�wX��. /Lang (en-GB) For self-constructed assets, IAS 2 comes useful as it is more focused on assets produced internally (IAS 16.22). stream /Metadata 4 0 R IFRS 2 . In October 2018, the International Accounting Standards Board (the Board) published the results of its research project on sources of complexity in applying . Trainers. Conclusion: IAS 38 applies unless cryptocurrencies are held for sale in the ordinary course of business, in which case, IAS 2 applies. Inventories are measured at the lower of cost and net realisable value. 2 0 obj /Type /Catalog IAS 11. endobj [IAS 21.1] The principal issues are which exchange rate(s) to use and how to report the effects of changes in exchange rates in the financial statements. IAS 2 prescribes the accounting treatment for inventories. 2020-08-12T16:35:56-04:00 Property, Plant and Equipment. Intangible assets – IAS 38 32 17. /Type /XObject Go to main navigation Go to main content. the Board, the International Accounting Standards Committee (IASC), issued a discussion paper on the topic. Each BDO member firm in Mongolia is a separate legal entity and has no liability for another entity’s acts and omissions. Healthcare BDO's healthcare practices across the globe brings together healthcare leaders with deep healthcare experience across financial, ... (IFRS & IAS). The Board concluded that no further amendments to IFRS 2 are needed. endobj NZ IAS 2 applies to the accounting for ‘inventories’ which are defined to include assets: Held for sale in the ordinary course of business In the process of production for such sale, or In the form of materials or supplies to be consumed in the production process, or in the rendering of services. IAS 10 Events after the Reporting Period, paragraph 21 if there are any material non-adjusting events (e.g. BDO refers to one or more of the independent member firms of BDO International Ltd, a UK company limited by guarantee. View Notes - IAS 2 - BDO Inventories from ACCT 354 at McGill University. Impairment of assets – IAS 36 35 20. %���� BDO will help you to understand and prepare for the changes that will take place. Automotive BDO is a specialised automotive service provider assisting franchised dealers, manufacturers and industry associations with a wide range of financial and consulting services. FAIR VALUE GAINS AND LOSSES For further information about how BDO can assist you and your organisation, please get in touch with one of our key contacts listed below. BDO has ample experience both in implementations of the International Financial Reporting Standards/International Accounting Standards, and in the preparation of financial statements based on those standards.Scope of works offered by BDO in relation to IFRS/IAS implementation:Analysis of differences between accounting principles applied so far and those resulting from IFRS/IAS… Earnings per share – IAS 33 30 Balance sheet and related notes 31 16. Such write down in the Raw material is charged to the Income statement as expense. [IAS 2.25] Write-down to net realisable value. HKFRS/IFRS Standard Potential impact of the coronavirus BDO Comments HKAS/IAS 2, Inventories • Net realisable values may decrease, resulting in increased impairment; • If production is decreased, entities must consider that fixed overheads are allocated based on ‘normal capacity’. >> IAS 2 provides guidance for determining the cost of inventories and the subsequent recognition of the cost as an expense, including any write-down to net realisable value. IFRS 2 requires an entity to reflect the effect of share-based payment transactions (including share options to employees) in its profit or loss and statement of financial position.. What is a share-based payment transaction? Provisions and contingencies – IAS 37 39 Use of LIFO is prohibited. As per AS 2/ IAS 2, Raw materials are written down to their Replacement cost when the Finished goods in which they are to be incorporated are expected to be sold at or above cost. The intention was to create a decentralized alternative medium of exchange to fiat currency (“paper” money not backed by a scarce commodity but rather by Governments and issued by Central Banks). IAS 19. significant fair value changes). The same cost formula is required to be applied to all BDO refers to one or more of the independent member firms of BDO International Ltd, a UK company limited by guarantee. /Filter [/DCTDecode] >> For further information about how BDO can assist you and your organisation, please get in touch with one of our key contacts listed below. Share-based payment transaction is a transaction in which the entity:. IFRS 2 – being issued in 2004. IAS 2 also provides guidance on cost formulas that are used to assign costs to inventories. In October 2018, the International Accounting Standards Board (the Board) published the results of its research project on sources of complexity in applying . If an entity ceases production or significantly reduces Inventories – IAS 2 38 22. ... Lectures will last 2,5 hours (with ten-minute break) and will be conducted twice a week. /BitsPerComponent 8 Inline XBRL; ZIP; Example 12: Consolidated and Separate Statements of Financial Position. Example 1 At 30 June 2016, ABC … Likewise, the costs of the items sold would be recognised in line with IAS 2 Inventory. significant fair value changes). These examples represent how some of the disclosures required by IAS 12 (in Example 2 - Illustrative disclosure) for income taxes might be tagged using both block tagging and detailed tagging. www.bdo.global IFRS AT A GLANCE IAS 2 Inventories. Shalva Ozbetelashvili �:H^���x��ZX������Ry��a�S����1�ӕ�U��`�Dlj�?�d���0�6d-��m��,�`��gq"�9:�#G�81�m�7�$;-�֊V�8���c��0�3�&� s�Igy��_`:E�똸�'/��Z�x'Y��h�o�⢏�.NT�Z,�by�ʓ��IYE*�c�g��O�) /Pages 5 0 R Revenue. stream %PDF-1.5 2 0 obj >> IAS 2 Inventories - BDO Canada IAS 2 Inventories contains the requirements on how to account for most types of inventory. As at 1 July 2015 4 IFRSs Standard Standard Name Effective Date Page IAS 36 Impairment of Assets 1 January 2004 55 IAS 37 Provisions, Contingent Liabilities and Contingent Assets 1 January 1999 56 IAS 38 Intangible Assets 31 March 2004 57 IAS 39 Financial Instruments - Recognition and Measurement 1 January 2005 58 IAS 40 Investment Property 1 January 2005 62 Earnings per share – IAS 33 30 Balance sheet and related notes 31 16. The standard requires inventories to be measured at the lower of cost and net realisable value (NRV) and outlines acceptable methods of determining /Length 372 BDO Center for Corporate Governance and Financial Reporting Dynamic resources for board of directors and financial executives. 18 0 obj endstream The standard generally requires biological assets to be measured at fair value less costs to sell. Each BDO member firm in Mongolia is a separate legal entity and has no liability for another entity’s acts and omissions. Elionism and the Delphe Knights (Increase Energy by 2) Bacho Ladericcio (Abandoned Monastery Node Manager) Leona (Priest at the Headquarters of Elionian Church) PDF-XChange Core API SDK (8.0.331) endobj IAS 7. /Marked true These examples are based on illustrative examples from IAS 1. Impairment of assets – IAS 36 35 20. /Type /Metadata As at 1 Janiary 2014 2 IFRS AT A GLANCE IFRS at a Glance (IAAG) has been compiled to assist in gaining a high level overview of International Financial Reporting Standards (IFRSs) BDO Member Firms are located in over 100 countries worldwide (e) Contact details including e-mail address: HThomson@bdoglobal.com andrew.buchanan@bdo.co.uk 2 EFRAG is carrying out an assessment of the costs and benefits that will arise for preparers and for users in implementing IAS 1 (Revised), both in year one and in subsequent years. 2020-08-12T16:35:56-04:00 Healthcare BDO's healthcare practices across the globe brings together healthcare leaders with deep healthcare experience across financial, ... (IFRS & IAS). Looking for Tax Provision Outsourcing, Global Coordination or Tax Provision Automation? The standard provides guidance on the determination of cost and its subsequent recognition as an expense, including any write-down to … /Length 2436 << Lease accounting – IAS 17, IFRS 16 36 21. endobj >> As at 1 July 2015 IAS 2 Inventories Also refer: IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine Effective Date Periods beginning on or after 1 January 2005 . We can assist you in managing this process with an assessment of the impact of these new accounting standards or with their implementation. BDO will help you to understand and prepare for the changes that will take place. It is the governing entity of the BDO … 11 0 obj /Type /Catalog BDO International Limited (“BDOI”) is a UK company limited by guarantee. BDO has ample experience both in implementations of the International Financial Reporting Standards/International Accounting Standards, and in the preparation of financial statements based on those standards.Scope of works offered by BDO in relation to IFRS/IAS implementation:Analysis of differences between accounting principles applied so far and those resulting from IFRS/IAS… IAS 2 Inventories Provides guidance on the determination of cost of inventory (raw materials, work in progress and finished goods), its valuation and any subsequent write-offs as an expense. It felt the . IAS 2 sets out the accounting treatment for inventories, including the determination of cost, the subsequent recognition of an expense and any write-downs to net realisable value. /Length 4720 PAGE 2 WORK PLAN PAGE 3 PUBLICATIONS ISSUED PAGE 5 ABOUT BDO Established over 50 years ago, BDO has grown to become the world’s fifth largest accounting, tax and advisory network with combined fee income in 2015 of over $7 billion. , changes in accounting Estimates and Errors ``, # ( 7 ),01444 '.! Inline XBRL ; ZIP ; Example 12: Consolidated and separate Statements of Financial Position no. No Working with BDO on IFRS independent member firms of BDO International Ltd, a UK company limited guarantee. Separate legal entity and has no liability for another entity ’ s acts and omissions practice have been and. Guidance on the cost formulas that are used to assign costs to sell and.... 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