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Complete summary International Accounting (2023/2024) (17/20) $6.44
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  2.  
  3. Katholieke Universiteit Leuven (KU Leuven)
  4.  
  5. Master In De Accountancy En Het Revisoraat
  6.  
  7. International Accounting (D0R50A)

Summary

Complete summary International Accounting (2023/2024) (17/20)

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 14 purchases
  • Course
  • International Accounting (D0R50A)
  • Institution
  • Katholieke Universiteit Leuven (KU Leuven)
  • Book
  • International Financial Reporting, 8th Edition (Book)

This is a complete summary that I used for the open book exam of the course “D0R50a: International Accounting” given in the year 2023/2024. This is a summary based on: all the slides (including notes), book, online multiple choice questions & open questions from the book. This course ...

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Document information

  • Yes
  • February 10, 2024
  • 208
  • 2023/2024
  • Summary

Subjects

  • international accounting
  • d0r50a
  • koen neijens
  • nico houthaeve
  • bianca chang
  • tew
  • commercial engineer
  • accountancy and auditing
  • erb

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  • Instructor’s Solution Manual for International Financial Reporting, 8th edition By Alan Melville.
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  • Instructor’s Solution Manual for International Financial Reporting, 8th edition By Alan Melville.
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  • Katholieke Universiteit Leuven (KU Leuven)
  • Master in de accountancy en het revisoraat
  • International Accounting (D0R50A)
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International Accounting

,Course 1: framework, presentation & accounting policies .............................................................. 7
0. Introduction ...................................................................................................................... 7
0.1. Usefulness of accounting ..................................................................................................... 7
0.2. Financial Analysis ................................................................................................................. 7
0.3. Conclusion ......................................................................................................................... 10
1. Chapter 1: The regulatory framework............................................................................... 11
1.1. The need for regulation ..................................................................................................... 11
1.2. Sources of legislation ......................................................................................................... 11
1.3. Generally accepted accounting practice (GAAP) ............................................................... 11
1.4. The International Accounting Standards Board................................................................. 11
1.5. The standard-setting process ............................................................................................ 12
1.6. The purpose of accounting standards ............................................................................... 12
1.7. First-time adoption of international standards (IFRS1) ..................................................... 12
1.8. Chapter 1 Exercises ............................................................................................................ 14
2. Chapter 2: The IASB conceptual framework ...................................................................... 21
2.1. Definition ........................................................................................................................... 21
2.2. Purpose and status of the IASB Conceptual Framework ................................................... 21
2.3. Chapter 2 Exercises ............................................................................................................ 24
3. Chapter 3: Presentation of financial statements (IAS 1) ..................................................... 32
3.1. General features of financial statements .......................................................................... 32
3.2. The Statement of financial position .................................................................................. 32
3.3. Statement of comprehensive income ............................................................................... 34
3.4. Statement of changes in equity ......................................................................................... 34
3.5. The notes to the financial statements ............................................................................... 36
3.6. Chapter 3 Exercises ............................................................................................................ 36
4. Chapter 4: Accounting policies, accounting estimates and errors (IAS 8) ............................ 45
4.1. Accounting policies ............................................................................................................ 45
4.2. Accounting estimates ........................................................................................................ 47
4.3. Prior period errors ............................................................................................................. 48
4.4. Chapter 4 Exercises ............................................................................................................ 49
Course 2: Cash Flows, EPS, segment reporting ............................................................................. 56
5. Chapter 16: statement of cash flows ( IAS 7) ..................................................................... 56
5.1. Cash and cash equivalents................................................................................................. 56
5.2. Classification of cash flows by activity ............................................................................... 56
5.3. Interest, dividends and taxes ............................................................................................. 57
5.4. Reporting cash flows from operating activities ................................................................. 58


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, 5.5. Disclosure requirements of IAS7 ....................................................................................... 61
5.6. Chapter 16 Exercises.......................................................................................................... 62
6. Chapter 23: Earnings per share (IAS 33) ............................................................................ 67
6.1. Introduction of EPS ............................................................................................................ 67
6.2. Shares issued during the accounting period ..................................................................... 68
6.3. Calculation of Diluted EPS ................................................................................................. 69
6.4. Chapter 23 Exercises.......................................................................................................... 71
7. Chapter 24: Segment Information (IFRS 8) ........................................................................ 73
7.1. Operating segments .......................................................................................................... 73
7.2. Reportable segments......................................................................................................... 73
7.3. Disclosures required by IFRS8............................................................................................ 74
7.4. Chapter 24 Exercises.......................................................................................................... 76
Course 3: PPE, impairment, non-current assets held for sale ........................................................ 78
8. Chapter 8: Property, plant & equipment (IAS 16, IAS 23, IAS 20, IAS 40) ............................ 78
8.1. Property, plant and equipment (IAS 16, IFRS 13) .............................................................. 78
8.2. Main disclosure requirements of IAS 16............................................................................ 84
8.3. Borrowing costs (IAS 23) ................................................................................................... 84
8.4. Government grants (IAS 20) .............................................................................................. 85
8.5. Investment property (IAS 40) ............................................................................................ 87
8.6. Chapter 5 Exercises ............................................................................................................ 88
9. Chapter 6: intangible assets (IAS 38 & IFRS 3) ................................................................... 95
9.1. Intangible assets ................................................................................................................ 95
9.2. Goodwill............................................................................................................................. 97
9.3. IFRS 3: Business Combinations .......................................................................................... 97
9.4. Chapter 6 Exercises ............................................................................................................ 98
10. Chapter 7: Impairment of assets (IAS 36) .........................................................................102
10.1. External and internal indications of impairment ......................................................... 102
10.2. Recoverable amount.................................................................................................... 104
10.3. Recognition and measurement of an impairment loss ............................................... 105
10.4. Cash-generating units (CGUs) ...................................................................................... 106
10.5. Reversal of impairment losses ..................................................................................... 108
10.6. Chapter 7 Exercises ...................................................................................................... 109
11. Chapter 8: Non-current assets held for sale and discontinued operations (IFRS 5) ............111
11.1. Non-current assets held for sale: ................................................................................ 111
11.2. Discontinued operations ............................................................................................. 114
11.3. Chapter 8 Exercises ...................................................................................................... 115


3

, Course 4: Leases ........................................................................................................................117
12. Chapter 9: leases (IFRS 16) ..............................................................................................117
12.1. Definition of a lease ..................................................................................................... 117
12.2. Lease accounting by lessees ........................................................................................ 120
12.3. Lease accounting by lessors......................................................................................... 122
12.4. Sale and leaseback transactions .................................................................................. 124
12.5. Chapter 9 Exercises ...................................................................................................... 125
Course 5: Income taxes ..............................................................................................................129
13. Chapter 15: Taxation in financial statements (IAS 12) .......................................................129
13.1. Current tax ................................................................................................................... 129
13.2. Deferred tax ................................................................................................................. 131
13.3. The tax base concept ....................................................................................................... 135
13.4. Future of tax reporting – towards greater transparency ............................................. 139
13.5. Chapter 15 Exercises.................................................................................................... 140
Course 6: Provisions, subsequent events, employee benefits ......................................................143
14. Chapter 12: Provisions (IAS 37) .......................................................................................143
14.1. Recognition of a provision ........................................................................................... 143
14.2. Measurement .............................................................................................................. 144
14.3. Application of the recognition and measurement rules.............................................. 145
14.4. Contingent liabilities and contingent assets ................................................................ 146
14.5. Events after the reporting period (IAS 10) .................................................................. 147
14.6. Chapter 12 Exercises.................................................................................................... 148
15. Chapter 14: Employee Benefits (IAS19) ...........................................................................151
15.1. Short-term employee benefits .................................................................................... 151
15.2. Post-employment benefits .......................................................................................... 152
15.3. Other Long-Term Employee Benefits........................................................................... 155
15.4. Termination Benefits ....................................................................................................... 156
15.5. Chapter 14 Exercises.................................................................................................... 156
Course 7: Related parties, foreign exchange rates, share based payments ...................................157
16. Chapter 21 – 1:Related party disclosures (IAS 24) ............................................................157
16.1. Related parties............................................................................................................. 157
16.2. Definition of related party and related party transaction ........................................... 157
16.3. Disclosure Requirements of IAS24............................................................................... 158
17. Chapter 21-2: The effect of changes in foreign exchange rates (IAS 21) .............................159
17.1. Foreign exchange accounting ...................................................................................... 159
17.2. Reporting foreign currency transactions ..................................................................... 159


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