100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Summary/samenvatting Intermediate Financial Accounting $5.39   Add to cart

Summary

Summary/samenvatting Intermediate Financial Accounting

2 reviews
 77 views  9 purchases
  • Course
  • Institution
  • Book

It is a very extensive summary of the lecture notes of Intermediate Financial Accounting (IFA). Includes many of examples which will help for the preparation of the exam.

Preview 4 out of 119  pages

  • Yes
  • December 16, 2021
  • 119
  • 2021/2022
  • Summary

2  reviews

review-writer-avatar

By: anasstijrini • 11 months ago

review-writer-avatar

By: sebastiaanolsthoorn • 1 year ago

avatar-seller
Intermediate Financial Accounting

Inhoudsopgave

Lecture 1 – Financial reporting in capital markets and IFRS development....................................................... 2

Lecture 2 – IFRS Conceptual Framework ......................................................................................................... 8
What is a Conceptual Framework and what it its purpose? ............................................................................... 8
History of IFRS Conceptual Framework............................................................................................................... 9
Structure of the IFRS Conceptual Framework – Chapters 1-8 ........................................................................... 10

Lecture 3 – Financial statements ................................................................................................................... 21
Income statement ............................................................................................................................................. 21
Total comprehensive income ............................................................................................................................ 23
Statement of changes in shareholders’ Equity ................................................................................................. 24
Statement of financial position......................................................................................................................... 25
Statement of cash flows ................................................................................................................................... 26
Accounting concepts and assumptions ............................................................................................................. 30
Links within Financial Statements .................................................................................................................... 33

Lecture 4 – Revenue recognition (IFRS 15) – part 1........................................................................................ 35
Importance of revenue recognition .................................................................................................................. 35
IFRS 15 – objective and scope ........................................................................................................................... 37
IFRS 15 - Five step process for revenue recognition .......................................................................................... 38

Lecture 5 – Revenue recognition (IFRS 15) – part 2........................................................................................ 44
IFRS 15 – Presentation and disclosure .............................................................................................................. 44
IFRS 15 - Focus on POs satisfied over time........................................................................................................ 45

Inventories (IAS 2) ........................................................................................................................................ 48
Importance of inventories................................................................................................................................. 48
IAS 2 – Initial recognition .................................................................................................................................. 49
IAS 2 – The physical quantities in inventory...................................................................................................... 51
IAS 2 – Inventory valuation ............................................................................................................................... 51
IAS 2 – Measurement subsequent to initial recognition ................................................................................... 53

Lecture 6 – Property, Plant and Equipment (IAS 16) ...................................................................................... 55
IAS 16 – Definition of PPE ................................................................................................................................. 55
IAS 16 – Recognition and derecognition criteria ............................................................................................... 55
IAS 16 – Subsequent measurement - Cost model ............................................................................................. 56

, IAS 16 – The concept of depreciation................................................................................................................ 57
IAS 16 – subsequent measurement – Revaluation model ................................................................................. 59

Lecture 7 – Intangible Assets & Goodwill (IAS 38) and Impairment (IAS 36) .................................................. 62
IAS 38 – Definition of Intangible Assets ............................................................................................................ 62
IAS 38 - Initial recognition and measurement .................................................................................................. 63
IAS 38 – subsequent measurement................................................................................................................... 66
IAS 38 – Goodwill .............................................................................................................................................. 66
IAS 36 – concept of impairment ........................................................................................................................ 67

Lecture 8 – Provisions & Contingent liabilities (IAS 37) .................................................................................. 70
IAS 37 – Definition of provisions ....................................................................................................................... 70
IAS 37 - Recognition of provisions ..................................................................................................................... 70
IAS 37 – Types of provisions .............................................................................................................................. 71
IAS 37 – Definition of contingent liabilities ....................................................................................................... 77
IAS 37 – Contingent assets................................................................................................................................ 79

Lecture 9 – Financial instruments (IAS 32 & IFRS 9) ....................................................................................... 80
Financial instruments: Definition: ..................................................................................................................... 80
Financial assets ................................................................................................................................................. 81
Financial assets: equity financial instruments .................................................................................................. 83

Lecture 10 – Financial Instruments (IAS 32 & IFRS 9) – Part II ........................................................................ 86
Debt financial instruments – Bonds .................................................................................................................. 86
Pricing bonds .................................................................................................................................................... 87
Debt financial instruments: classification ......................................................................................................... 89
Debt instruments: Held For Collection .............................................................................................................. 89
Debt Instruments: Held for Collection and Selling ............................................................................................ 92
Debt Instruments: Held for Trading .................................................................................................................. 94
Debt financial instruments: Impairment ........................................................................................................... 94

Lecture 11 – Lease Accounting (Guestlecture) ............................................................................................... 98
IFRS 16 – Introduction....................................................................................................................................... 98
Accounting by Lessee ........................................................................................................................................ 99
Accounting by lessor ....................................................................................................................................... 104

Hoorcollege 12 – Consolidated financial statements (IFRS 3 & IFRS 10) ....................................................... 108



Lecture 1 – Financial reporting in capital markets and IFRS
development
What is accounting

,Accounting is the way a business uses to communicate its financial performance; it is the
language of the business.




Only financial information.

Role of financial reporting
Economic theory reasoning
• Firms needs economic resources, provided by capital providers.
• Absence of reporting = Wild Wild West à Adverse selection = information
asymmetry. Part that has more information, seller knows more about quality
compared to the buyer




The firms knows better than the capital providers. That’s why the firm needs to provide
information, in case the information asymmetry becomes less

, • For this mechanism to work efficiently, they need to write contracts, to prevent
agency conflicts and moral hazard behavior




General purpose is decision-usefulness
In addition: the stewardship: if the owners assign stewardship of their company to
management, they wish to have the ability to oversee management behavior to ensure that:
• It is aligned to owner’s objectives
• Management are devising strategies aimed at making the best use of company assets
• No misappropriation of the company assets takes place
= being able to control

Company’s are becoming bigger and they need to communicate
Our focus in this course
Is the annual report.
1. Letter to shareholders
2. Divisions
3. Corporate convenance
4. Group management report
5. Consolidated financial statements = most important

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller bjcmvdplas. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $5.39. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

67866 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$5.39  9x  sold
  • (2)
  Add to cart