100% tevredenheidsgarantie Direct beschikbaar na betaling Zowel online als in PDF Je zit nergens aan vast
logo-home
Lecture notes Intermediate Financial Accounting €5,49   In winkelwagen

College aantekeningen

Lecture notes Intermediate Financial Accounting

 41 keer bekeken  3 keer verkocht

In this document you will find all the information that is presented in the lectures.

Voorbeeld 4 van de 47  pagina's

  • 11 december 2021
  • 47
  • 2021/2022
  • College aantekeningen
  • Claudia marangoni
  • Alle colleges
Alle documenten voor dit vak (8)
avatar-seller
anoukvhorssen
Inhoudsopgave
Lecture 1 (31-08-2021)................................................................................................................................... 3

Lecture 2....................................................................................................................................................... 5
Chapter 1: the objective of financial reporting....................................................................................................6
Chapter 2: Qualitative characteristics of financial information...........................................................................6
Chapter 3: Financial statements and the reporting entity...................................................................................7
Chapter 4: The elements of financial statements................................................................................................8
Chapter 5: Recognition and derecognition..........................................................................................................8
Chapter 6: Measurement.....................................................................................................................................9
Chapter 7: Presentation and disclosure.............................................................................................................10
Chapter 8: Concepts of capital and capital maintenance..................................................................................10

Lecture 3...................................................................................................................................................... 10
Income Statement..............................................................................................................................................11
Total Comprehensive Income.............................................................................................................................11
Statements of changes in Shareholders’ equity.................................................................................................12
Statement of Financial Position.........................................................................................................................12
Statement of Cash Flows....................................................................................................................................12
Basic accounting principles................................................................................................................................13
1. Double-entry principle...............................................................................................................................13
2. Accrual-basis accounting:..........................................................................................................................14
3. Matching-principle.....................................................................................................................................14

Lecture 4...................................................................................................................................................... 14
IFRS 15 – Asset-liability approach......................................................................................................................15
IFRS 15 – recognition and measurement...........................................................................................................16
IFRS 15 – Presentation and disclosure...............................................................................................................17

Lecture 5...................................................................................................................................................... 19
IAS 2: Key accounting issues...............................................................................................................................19
Physical quantities of inventories.......................................................................................................................20
Inventories valuation..........................................................................................................................................20
Subsequent measurement.................................................................................................................................21

Lecture 6...................................................................................................................................................... 22
Cost model..........................................................................................................................................................22
The concept of depreciation...............................................................................................................................23
Revaluation model.............................................................................................................................................23

Lecture 7...................................................................................................................................................... 24
Intangible assets................................................................................................................................................24

, Internally generated intangible assets...............................................................................................................25
Goodwill.............................................................................................................................................................27
The concept of Impairment (IAS 36)...................................................................................................................28

Lecture 8...................................................................................................................................................... 29
Types of provisions.............................................................................................................................................30

Lecture 9...................................................................................................................................................... 33
Financial assets..................................................................................................................................................33
Equity financial instruments...............................................................................................................................34
I. Equity holdings of <20%..............................................................................................................................35
II. Equity holdings between 20% - 50%..........................................................................................................35
III. Equity holdings >50%................................................................................................................................35
Debt financial instruments.................................................................................................................................35
I. Debt instruments held-for-collection.........................................................................................................37
II. Debt instruments held-for-collection & selling.........................................................................................37
III. Debt instruments held-for-trading...........................................................................................................37
Impairment – the expected credit loss..........................................................................................................37

Lecture 11.................................................................................................................................................... 38
Accounting by a Lessee......................................................................................................................................38
Accounting by a Lessor.......................................................................................................................................40
Finance lease.................................................................................................................................................40
Operating leases............................................................................................................................................41

Guest lecture EY........................................................................................................................................... 41
Lease accounting (IAS 17)..................................................................................................................................42

Lecture 12.................................................................................................................................................... 43
Group statement of financial position – BS........................................................................................................43
Post-acquisition effects..................................................................................................................................44
Acquisition <100%..............................................................................................................................................44
Group Statement of Comprehensive Income – CI..............................................................................................45

Lecture 13-1................................................................................................................................................. 45

,Lecture 1 (31-08-2021)
Financial reporting in capital markets and IFRS development

Financial accounting: a collection and processing of financial information to meet the
decision-making needs of parties external to the organization (regulated)




For an efficient functioning, capital providers write contracts to prevent agency conflicts and
moral hazard behavior




The objective of financial reporting is to provide financial information about the reporting
entity that is useful to present and potential equity investors, lenders, and other creditors in
making decisions about providing resources to the entity

It also has a stewardship purpose:
 If 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 the owners’ objectives
- Management are devising strategies aimed at making the best use of company assets
- No misappropriation of the company assets takes place

Annual report: unregulated
 General non-standard summary of company activities
 It includes financial statements, but many other things (e.g. CEO letter, employee and
gender issues, operation improvements, new technological developments)
 Distributed through media, firm websites, etc.

Financial statements (F/S): regulated by Generally Accepted Accounting Principles (GAAP)
 Must be deposited into national registers (KvK)
 Must comply with accounting standards (GAAP)
 Usually include all financial statements and notes
- Depending on firm characteristics

, Financial statements (F/S)
- Statement of financial position – SOFP (aka balance sheet)
- (Comprehensive) income statement – IS (aka Profit & Loss – P&L)
- Statement of cash flows
- Statement of changes in shareholders’ equity




Financial reporting standards: a single set of rules, established by a single standard-setting
body, that is:
- High-quality
- Understandable
- Enforceable
- Globally accepted
- Comparable

International Accounting Standard Board (IASB) issues three major types of
pronouncements:
1. International Financial Reporting Standards (IFRS)
2. Conceptual Framework for Financial Reporting
3. International Financial Reporting Standards Interpretations
 Hierarchy of IFRS
- The IASB is a private organization and has no regulatory mandate nor enforcement
mechanism
- The IASB relies on other regulators to enforce the use of its standards (e.g., the EU
requires publicly traded member country companies to use IFRS)
- In order to determine what recognition, valuation, and disclosure requirements
should be used, companies follow a hierarchy:
1. IFRS and IAS interpretations
2. Conceptual Framework for Financial Reporting
3. Pronouncements of other standard-setting bodies that use a similar
conceptual framework (e.g. US GAAP)

Voordelen van het kopen van samenvattingen bij Stuvia op een rij:

Verzekerd van kwaliteit door reviews

Verzekerd van kwaliteit door reviews

Stuvia-klanten hebben meer dan 700.000 samenvattingen beoordeeld. Zo weet je zeker dat je de beste documenten koopt!

Snel en makkelijk kopen

Snel en makkelijk kopen

Je betaalt supersnel en eenmalig met iDeal, creditcard of Stuvia-tegoed voor de samenvatting. Zonder lidmaatschap.

Focus op de essentie

Focus op de essentie

Samenvattingen worden geschreven voor en door anderen. Daarom zijn de samenvattingen altijd betrouwbaar en actueel. Zo kom je snel tot de kern!

Veelgestelde vragen

Wat krijg ik als ik dit document koop?

Je krijgt een PDF, die direct beschikbaar is na je aankoop. Het gekochte document is altijd, overal en oneindig toegankelijk via je profiel.

Tevredenheidsgarantie: hoe werkt dat?

Onze tevredenheidsgarantie zorgt ervoor dat je altijd een studiedocument vindt dat goed bij je past. Je vult een formulier in en onze klantenservice regelt de rest.

Van wie koop ik deze samenvatting?

Stuvia is een marktplaats, je koop dit document dus niet van ons, maar van verkoper anoukvhorssen. Stuvia faciliteert de betaling aan de verkoper.

Zit ik meteen vast aan een abonnement?

Nee, je koopt alleen deze samenvatting voor €5,49. Je zit daarna nergens aan vast.

Is Stuvia te vertrouwen?

4,6 sterren op Google & Trustpilot (+1000 reviews)

Afgelopen 30 dagen zijn er 67866 samenvattingen verkocht

Opgericht in 2010, al 14 jaar dé plek om samenvattingen te kopen

Start met verkopen
€5,49  3x  verkocht
  • (0)
  Kopen