Financial Accounting, Financial Statements, International Financial Reporting Standards (IFRS), International Accounting Standards (IAS),

International Financial Reporting Standards (IFRS)
International Accounting Standards (IAS)

U.S. GAAP

IFRS, IAS

Accounting Topics

IFRS Accounting
Assets

IFRS Dictionary, IFRS, IAS Timeline, IFRS Hedge Accounting

U.S. GAAP by Topic, IFRS, IAS by Topic, Accounting by Topic

International Financial Reporting Standards (IFRS)

IFRS Accounting for Assets

IFRS Inventories Accounting
   --> IAS 2
   --> LIFO (not allowed by IFRS, allowed by U.S. GAAP)
   --> FIFO (allowed by IFRS, allowed by U.S. GAAP)
   --> Net Realisable Value (NRV)
   --> Lower of Cost or NRV
   --> Lower of Cost or Market (LCM) in U.S. GAAP

IFRS Property, Plant and Equipment (PPE) Accounting
   --> IAS 16
   --> Entities can choose either cost model or revaluation model
   --> Cost model
   --> Revaluation model
   --> Revaluation surplus

   Increase in carrying amount at revaluation date is
         --> recognised in other comprehensive income
         --> accumulated in equity section as revaluation surplus

IFRS Accounting for Assets

   Inventories (IAS 2)
   Property, plant and equipment (IAS 16)
   Intangible assets (IAS 38)
   Financial assets (IAS 32, 39)
   Investments in associates (IAS 28)
   Interests in joint ventures (IAS 31)
   Investment property (IAS 40)
   Biological assets (IAS 41)
   Mineral resources (IFRS 6)
   Contingent assets (IAS 37)
   Capitalization of interest costs (IAS 23)
   Assets held for sale (IFRS 5)
   Leased assets (IAS 17)
   Asset impairment (IAS 36)

International Financial Reporting Standards (IFRS)

Assets

Inventories, FIFO, net realisable value --> IAS 2

Property, plant and equipment, revaluation model --> IAS 16

Intangible assets, amortisation, finite useful life, indefinite useful life --> IAS 38

Agriculture, biological assets, agricultural produce --> IAS 41

Mineral resources, exploration, evaluation --> IFRS 6

Investments

Investments in associates, equity method, significant influence --> IAS 28

Interests in joint ventures, venturer, joint control --> IAS 31

Investment property, fair value model --> IAS 40

Impairment, Contingency, Leases

Asset impairment, impairment loss --> IAS 36

Borrowing costs, capitalization of interest costs --> IAS 23

Discontinued operations, assets held for sale --> IFRS 5

Provisions, contingent liabilities, contingent assets --> IAS 37

Leases, finance lease, operating lease --> IAS 17

Financial Instruments

Financial instruments disclosures --> IFRS 7

Financial instruments presentation --> IAS 32

Financial instruments recognition and measurement, derivatives --> IAS 39

Hedge accounting --> IAS 39 Hedge Accounting