Strategic Business Reporting IFRS at Ho Chi Minh City University Of Economics | Flashcards & Summaries

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Lernmaterialien für Strategic Business Reporting IFRS an der Ho Chi Minh City University of Economics

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IFRS15
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Revenue from contracts with customers
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What are 5 steps to recognising revenue?

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1. Contract

2. Performance obligation

3. Transaction price

4. Allocate transaction price

5. Recognise revenue

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When will impairment will be accounted for NCI?

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TESTE DEIN WISSEN

Full goodwill

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What is equity instrument?

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Contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities

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Characteristics of EVA

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Advantages

Residual wealth = profit deduct cost of capital , adjusted for taxes on cash basis

- Maximisation EVA create wealth for shareholders

- Less distorted by accounting policies, more to cash flow than accounting profits

- Advertising and development = investment for the future

Focus on efficient use of capital

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TESTE DEIN WISSEN

Crticism of IAS7

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Conceptual Framework identifies primary users as present and potential investors, lenders and other creditors.

Primary users need information - entity's prospects for future net cash flows and how mgt uses resources avallable to them -> statement of CF is essential in providing this information.

From point of view of primary users, important advantage of direct method is that can easily understand actual cash flow. Direct method disclose information not available elsewhere, use in estimating future cash flow.

Indirect method is less easily understood as it requires a level of accounting knowledge to understand, less useful to primary users than the direct method.

From point of view of preparer, indirect method is easier to prepare. Direct method is costly as it requires information not otherwise available..

Indirect method more open to manipulation. It is arguably easier to "hide" missclassification to manipulate operating cash flow to improve bonus prospects..

Indirect method would not be more useful and informative to users than the direct method

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TESTE DEIN WISSEN
IAS16
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TESTE DEIN WISSEN
Property plant and equipment
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TESTE DEIN WISSEN
IAS27
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TESTE DEIN WISSEN
Separate financial statements
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TESTE DEIN WISSEN
IAS24
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TESTE DEIN WISSEN
Related Party Disclosures
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TESTE DEIN WISSEN

What is a contract under IFRS15?

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a/ exist= agreement with enforceable rights and obligations

b/ all criteria to meet (5):

- Approved contract

- entity identifies each party's rights

- entity identifies payment term

- Commercial substance (risk, timing and amt of future CF as a result of the contract)

- Probable that entity will collect the consideration


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TESTE DEIN WISSEN
IAS20
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TESTE DEIN WISSEN
Accounting for Government Grants and Disclosure of Government Assistance
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TESTE DEIN WISSEN
IAS23
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TESTE DEIN WISSEN
Borrowing costs
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Beispielhafte Karteikarten für deinen Strategic Business Reporting IFRS Kurs an der Ho Chi Minh City University of Economics - von Kommilitonen auf StudySmarter erstellt!

Q:
IFRS15
A:
Revenue from contracts with customers
Q:

What are 5 steps to recognising revenue?

A:

1. Contract

2. Performance obligation

3. Transaction price

4. Allocate transaction price

5. Recognise revenue

Q:

When will impairment will be accounted for NCI?

A:

Full goodwill

Q:

What is equity instrument?

A:

Contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities

Q:

Characteristics of EVA

A:

Advantages

Residual wealth = profit deduct cost of capital , adjusted for taxes on cash basis

- Maximisation EVA create wealth for shareholders

- Less distorted by accounting policies, more to cash flow than accounting profits

- Advertising and development = investment for the future

Focus on efficient use of capital

Mehr Karteikarten anzeigen
Q:

Crticism of IAS7

A:

Conceptual Framework identifies primary users as present and potential investors, lenders and other creditors.

Primary users need information - entity's prospects for future net cash flows and how mgt uses resources avallable to them -> statement of CF is essential in providing this information.

From point of view of primary users, important advantage of direct method is that can easily understand actual cash flow. Direct method disclose information not available elsewhere, use in estimating future cash flow.

Indirect method is less easily understood as it requires a level of accounting knowledge to understand, less useful to primary users than the direct method.

From point of view of preparer, indirect method is easier to prepare. Direct method is costly as it requires information not otherwise available..

Indirect method more open to manipulation. It is arguably easier to "hide" missclassification to manipulate operating cash flow to improve bonus prospects..

Indirect method would not be more useful and informative to users than the direct method

Q:
IAS16
A:
Property plant and equipment
Q:
IAS27
A:
Separate financial statements
Q:
IAS24
A:
Related Party Disclosures
Q:

What is a contract under IFRS15?

A:

a/ exist= agreement with enforceable rights and obligations

b/ all criteria to meet (5):

- Approved contract

- entity identifies each party's rights

- entity identifies payment term

- Commercial substance (risk, timing and amt of future CF as a result of the contract)

- Probable that entity will collect the consideration


Q:
IAS20
A:
Accounting for Government Grants and Disclosure of Government Assistance
Q:
IAS23
A:
Borrowing costs
Strategic Business Reporting IFRS

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