Most companies apply
ifrS because they are subsidiaries in a group whose securities trade on a regulated, EU market. In addition, many EU member states require legal entities to apply national standards, a.k.a. national GAAP, for statutory accounting and - or taxation purposes. Combining the two can be a challenge. For example, while national GAAPs often define chart of accounts,
ifrS does not. More importantly, while national GAAPs are often driven by the legal form of transactions, contracts and agreements,
ifrS only considers their economic substance. For example, while operating leases have disappeared from
ifrS, they are still recognized by many national GAAPs.
ifrS can also be changing to interpret. For example, rather than goods and services,
ifrS 15 recognizes revenue associated with performance obligations. Also, instead of recognizing revenue when earned and realized, it requires companies to follow its five steps. To help practitioners navigate the guidance, besides a * ? introduction to
ifrS, ? recognition, measurement, disclosure, ? fair value, ? cash and short-term investments (basics), ? receivables: contract assets, revenue recognition (amount), examples, ? Inventory: recognition, measurement, examples, revenue recognition (timing), ? accruals, ? PP&E: recognition, measurement, useful life and depreciation, ? intangible assets: recognition, measurement, goodwill, ? leasing, ? liabilities, ? equity, ? income statement, revenue recognition (services and POC), ? impairment. ...
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