The article brings to you the comparison of the accounting treatment for borrowing costs under MPSAS 5, MFRS 123 and Section 25 of MPERS.
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Posted inFinancial Accounting
MPSAS 23: Revenue from Non-Exchange Transactions (Taxes and Transfers)
This article discusses and summarises the revenue recognition requirements arising from non-exchange transactions, including taxes and transfers.
Posted inFinancial Accounting
MPSAS 21: Impairment of Non-Cash Generating Assets
For this round, we discuss a specific public sector accounting standard – MPSAS 21, which talks about the impairment of non-cash generating assets. This accounting standard is not available for entities in the private sector. This is because private sector entities hold assets to generate economic benefits. They are often associated with its ability to generate […]
Posted inFinancial Accounting
IFRIC Agenda Decision: Supply Chain Financing Arrangements – Reverse Factoring
IFRS Interpretation Committee (“IFRIC”) had issued an agenda decision to summarise IFRIC consideration and decision relating to the disclosures and presentation of liabilities to pay for goods and services received under a reverse factoring arrangement. The agenda decision discusses and considers the presentation and disclosure requirements under the IAS 1 Presentation of Financial Statements, IAS […]
Posted inFinancial Accounting
IFRIC Agenda Decision: Configuration or Customisation Costs in a Cloud Computing Arrangement (IAS 38 Intangible Assets)
IFRS Interpretation Committee (“IFRIC”) had issued an addendum on 27 April 2021 to summarise IFRIC consideration and decision relating to the configuration and customisation costs in a cloud computing arrangement. This addendum follows the initial discussion on the same issue in its IFRIC Update in March 2021. The issue submitted to IFRIC is on how […]
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Factsheet Series: IFRS 16 Leases – The lessee perspective
In this article, we bring to you IFRS 16 Leases from the lessee perspective. IFRS 16 was issued by the International Accounting Standards Board (“IASB”) in January 2016. IFRS 16 replaces the previous lease standard, IAS 17 Leases with significant changes made on the accounting treatment for lease transactions for lessees. The accounting requirements for […]
Posted inFinancial Accounting
Factsheet Series: IAS 2 Inventories
Inventories are one of the critical assets in any business. What is inventory? IAS 2 Inventories provides a specific definition of inventories which is defined as assets that are: Held for sale in the ordinary course of business; In the process of production for such sale; or In the form of materials or supplies to […]
Posted inFinancial Accounting
Disclosure Requirements in IFRS Standards – A Pilot Approach: An overview of the Exposure Draft
The International Accounting Standards Board (“IASB”) issued an Exposure Draft: Disclosure Requirements in IFRS Standards – A Pilot Approach on 25 March 2021 to gather public feedback on the IASB’s proposed approach to address the long-outstanding challenges surrounding the disclosure of information in the financial statements. The primary users of the financial statements often struggle […]
Posted inFinancial Accounting
Factsheet Series: IAS 37 Provisions, Contingent Liabilities and Contingent Assets
In this article, we summarises the financial reporting requirements under IAS 37 Provisions, Contingent Liabilities and Contingent Assets.
Posted inFinancial Accounting
Factsheet Series: IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
In the preparation of the financial statements, entities apply various judgements in the area of accounting estimates and accounting policies to account for the effect of transactions, conditions and events in the financial statements. Financial statements prepared must also faithfully represent the effects of transactions, conditions and events. When errors are identified in the financial […]