IFRS® 5, Non-current Assets Held for Sale and Discontinued Operations
This article specifically addresses discontinued operations. The identification of and, more importantly, presentation of a discontinued operation is an area where candidates struggle in exam questions.
Intangible assets – can’t touch this
(listen to the podcast)
IAS® 38, Intangible Assets is one of the key standards in the FR exam, covering how companies should account for intangible assets. This standard can be examined in all sections of the exam. A well-prepared candidate needs to be able to understand and explain the key principles of the standard, in addition to preparing calculations.
IFRS 15 – Contract Assets and Contract Liabilities
Application of IFRS® 15, Revenue from Contracts with Customers became mandatory for annual reporting periods beginning on or after 1 January 2018. For many entities, the introduction of IFRS 15 has had little effect on how revenue is accounted for. However, some industry sectors have felt a much greater impact.
International Financial Reporting Standard (IFRS®) 9, Financial Instruments, is a complex standard, especially for users and preparers of financial statements. It is relevant to the Financial Reporting syllabus, so this article takes a high-level review of its application to financial assets, financial liabilities, and convertibles.
IAS 37 – Provisions, contingent liabilities and contingent assets
This article considers the aims of the IAS® 37, followed by the key specific criteria which must be met for a provision to be recognised. Finally, it will examine some specific issues which are often assessed in relation to the standard.
IFRS 16, Leases
The purpose of this article is to summarise the key changes introduced by IFRS 16 from the perspective of the lessee and how these impact on the Financial Reporting exam.
This article considers the application of IFRS 15, Revenue from Contracts with Customers using the five-step model.
Deferred tax is a topic that is regularly tested in Financial Reporting (FR) and is often tested in further detail in Strategic Business Reporting (SBR). This article will consider the aspects of deferred tax that are relevant to FR.
Property, plant and equipment – part 1: Measurement and depreciation
In the first of three articles, we look at the main features of IAS 16, Property, Plant and Equipment (PPE).
Property, plant and equipment – part 2: Revaluation and derecognition
In the second of three articles, we consider revaluation of property, plant and equipment and its derecognition.
Property, plant and equipment – part 3: Summary and detailed examples
The final part of three articles summarises some of the key issues outlined in the previous two articles and provide further examples for you to attempt, including some more detailed requirements.
Accounting for goodwill
Accounting for goodwill is a key part of business combinations and is therefore regularly examined as part of the FR exam. (Covers B & D)