Financial Accounting 379 (FinAcc379)

This summary explains the key principles of IAS 8, focusing on changes in accounting policies, errors, and estimates: Changes in Accounting Policy: Discusses when a change in accounting policy is voluntary and how it should be applied retrospectively, including the disclosure requirements in financial statements. Correction of Prior Period Errors: Outlines the steps for correcting errors, emphasizing the retrospective application of corrections and the required disclosures in the notes. Cha...

This summary outlines the key points of IFRS 5, covering the classification and measurement of non-current assets held for sale and discontinued operations: Scope & Classification: Discusses which non-current assets and disposal groups are included, as well as criteria for classifying assets held for sale. Measurement: Explains how assets should be measured at the lower of carrying amount or fair value less costs to sell. Presentation: Provides insights on the presentation of discontinued o...

This concise summary covers the key points of IFRS 16, focusing on lease accounting for both lessees and lessors. It explains: Lessees: Recognition of lease liabilities, right-of-use (ROU) assets, depreciation, interest expenses, and tax considerations. Includes simplified approaches for short-term leases and low-value assets. Lessors: Distinction between operating and finance leases, and how to account for future lease receivables. Tax Treatment: Overview of tax implications, including ded...

This Foreign Operations summary covers key IFRS concepts related to foreign currency transactions and translations. It includes practical guidance on functional currency, translation methods, and consolidation adjustments—ideal for exam preparation and practical use. What’s Included: Normal Foreign Currency Translation Reserve (FCTR): Treatment and adjustments. Goodwill & Revaluation: Handling foreign currency effects on business combinations. Intragroup Transactions: Eliminations and ...

This Cash Flow Statement (CFS) summary provides a step-by-step guide to preparing consolidated cash flows, focusing on the indirect and direct methods. It covers operating, investing, and financing activities, making it perfect for exam preparation and practical application. What’s Included: Approach to CFS: Step-by-step method to analyze and structure cash flows. Key Calculations: Cash receipts, payments, non-cash adjustments, and reconciliations. Consolidation Adjustments: Handling acq...

This Change in Ownership summary provides a concise yet comprehensive guide on how changes in shareholding affect consolidated financial statements. It covers essential topics such as partial disposals, step acquisitions, and equity adjustments—ideal for students preparing for exams and professionals applying IFRS 10 and IAS 27. What’s Included: Impact on Consolidated Financial Statements: Statement of Financial Position (SFP), Statement of Comprehensive Income (SCI), and Statement of...

This detailed IAS 28 Investments in Associates summary provides a structured and practical approach to understanding the application of the equity method, recognition of significant influence, and accounting for transactions with associates. Ideal for accounting students preparing for exams and professionals seeking a clear understanding of IAS 28 principles. What’s Included: Key Concepts: Definition of an associate and the significance of the 20% ownership rule. Explanation of signifi...

This detailed IFRS 3 Business Combinations summary provides a structured and practical guide to understanding the acquisition method, measurement principles, and consolidation process. Designed for accounting students and professionals preparing for exams or needing a quick reference to IFRS 3 concepts. What’s Included: Acquisition Method (4-Step Approach): Identifying the acquirer. Determining the acquisition date. Recognizing and measuring identifiable assets, liabilities, and non-c...

This well-structured Group Statements – Intragroup Transactions summary provides an in-depth analysis of key consolidation principles and adjustments required when preparing group financial statements. Perfect for accounting students who need a concise yet comprehensive resource for tackling exam questions and assignments related to intragroup transactions. What’s Included: Recap of Group Consolidation Basics: Acquisition of shares and the treatment of investments in subsidiaries. An...