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bdo ias 2

Property, plant and equipment – IAS 16 33 18. /Interpolate true Healthcare BDO's healthcare practices across the globe brings together healthcare leaders with deep healthcare experience across financial, ... (IFRS & IAS). IAS 41 sets out the accounting for agricultural activity – the transformation of biological assets (living plants and animals) into agricultural produce (harvested product of the entity's biological assets). Lease accounting – IAS 17, IFRS 16 36 21. Investment property – IAS 40 34 19. IAS 12. "��c���=�=�������iu�~t�IiJ�{���ܠy�V�9���6���y4��I;��0`1RE��ڌ�F�AZ8R��*S�nuiw6 The standard requires inventories to be measured at the lower of cost and net realisable value (NRV) and outlines acceptable methods of determining BDO Member Firms are located in over 100 countries worldwide (e) Contact details including e-mail address: HThomson@bdoglobal.com andrew.buchanan@bdo.co.uk 2 EFRAG is carrying out an assessment of the costs and benefits that will arise for preparers and for users in implementing IAS 1 (Revised), both in year one and in subsequent years. IAS 2 sets out the accounting treatment for inventories, including the determination of cost, the subsequent recognition of an expense and any write-downs to net realisable value. IFRS 2 . /Subtype /Image IAS 7. BDO Center for Corporate Governance and Financial Reporting Dynamic resources for board of directors and financial executives. /Filter [/DCTDecode] /Pages 5 0 R HKFRS/IFRS Standard Potential impact of the coronavirus BDO Comments HKAS/IAS 2, Inventories • Net realisable values may decrease, resulting in increased impairment; • If production is decreased, entities must consider that fixed overheads are allocated based on ‘normal capacity’. << Such write down in the Raw material is charged to the Income statement as expense. Document application/pdf Inline XBRL; ZIP; Example 12: Consolidated and Separate Statements of Financial Position. 18 0 obj Property, Plant and Equipment. applying IAS 2 Inventory or another applicable IFRS. /Subtype /XML These examples are based on illustrative examples from IAS 1. IAS 2 Inventories - BDO Canada IAS 2 Inventories contains the requirements on how to account for most types of inventory. It was on the 3rd of January 2009, that Satoshi Nakamura mined the first Bitcoin bringing forth into existence the first block of Bitcoin – the Genesis Block. ����0x �P�s�~�K�wܢZə����&0���"�HI�.�Nh��[���o�V<4� �rה^�� Inventories – IAS 2 38 22. Inventories are measured at the lower of cost and net realisable value. 2020-08-12T16:35:56-04:00 Provisions and contingencies – IAS 37 39 Elionism and the Delphe Knights (Increase Energy by 2) Bacho Ladericcio (Abandoned Monastery Node Manager) Leona (Priest at the Headquarters of Elionian Church) /MarkInfo << FAIR VALUE GAINS AND LOSSES For further information about how BDO can assist you and your organisation, please get in touch with one of our key contacts listed below. 4 0 obj << x����k�0����c+����I 2020-08-12T16:35:56-04:00 << /Marked true Inventories. The Board concluded that no further amendments to IFRS 2 are needed. Automotive BDO is a specialised automotive service provider assisting franchised dealers, manufacturers and industry associations with a wide range of financial and consulting services. Trainers. Healthcare BDO's healthcare practices across the globe brings together healthcare leaders with deep healthcare experience across financial, ... (IFRS & IAS). Leases. Modifications to address practice issues continue to the date of this publication. /Type /XObject stream Impairment of assets – IAS 36 35 20. $.' Trainers. The standard generally requires biological assets to be measured at fair value less costs to sell. [IAS 21.2] Key definitions [IAS 21.8] Functional currency: the currency of the primary economic environment in which the entity operates. In addition, it also includes biological wealth connected to agriculture at the time of harvesting. IFRS 2 – being issued in 2004. Employee benefits – IAS 19 24 Share-based payment – IFRS 2 26 Taxation – IAS 12, IFRIC 23 27 Earnings per share – IAS 33 28 Balance sheet and related notes 29 Intangible assets – IAS 38 30 Property, plant and equipment – IAS 16 31 Investment property – IAS 40 32 Impairment of assets – IAS … significant fair value changes). Income Taxes. 11 0 obj ���� JFIF ` ` �� C /Type /Catalog Property, plant and equipment – IAS 16 33 18. << We can assist you in managing this process with an assessment of the impact of these new accounting standards or with their implementation. Looking for Tax Provision Outsourcing, Global Coordination or Tax Provision Automation? IAS 17. IFRS 2 requires an entity to reflect the effect of share-based payment transactions (including share options to employees) in its profit or loss and statement of financial position.. What is a share-based payment transaction? NZ IAS 2 applies to the accounting for ‘inventories’ which are defined to include assets: 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 be consumed in the production process, or in the rendering of services. BDO refers to one or more of the independent member firms of BDO International Ltd, a UK company limited by guarantee. >> IAS 8. Any costs that are not directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management are expensed in P/L as incurred. Employee benefits – IAS 19 24 Share-based payment – IFRS 2 26 Taxation – IAS 12, IFRIC 23 27 Earnings per share – IAS 33 28 Balance sheet and related notes 29 Intangible assets – IAS 38 30 Property, plant and equipment – IAS 16 31 Investment property – IAS 40 32 Impairment of assets – IAS … /Filter /FlateDecode BDO is here to help your business – and you – navigate the COVID-19 health crisis, prepare for recovery, and once again, thrive. endobj BDO explains the IASB’s latest updates to IFRS on onerous contracts, loan modification risk and plant, property and equipment. BDO is here to help with all your ASC 740 & IFRS-IAS 12 guidelines. Earnings per share – IAS 33 30 Balance sheet and related notes 31 16. /Height 2234 /Length 2436 /Width 1637 Example 1 At 30 June 2016, ABC … All inventories except: Specific quantitative disclosure requirements: Statement of Cash Flows. As at 1 July 2015 IAS 2 Inventories Also refer: IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine Effective Date Periods beginning on or after 1 January 2005 . 2 | FEBRUARY 2020 U.S. GAAP IFRS Relevant guidance ASC 330 IAS 2 Costing methods Use of last-in first-out (LIFO) is permitted. Lease accounting – IAS 17, IFRS 16 36 21. BDO has ample experience both in implementations of the International Financial Reporting Standards/International Accounting Standards, and in the preparation of financial statements based on those standards.Scope of works offered by BDO in relation to IFRS/IAS implementation:Analysis of differences between accounting principles applied so far and those resulting from IFRS/IAS… Likewise, the costs of the items sold would be recognised in line with IAS 2 Inventory. Earnings per share – IAS 33 30 Balance sheet and related notes 31 16. IFRS 2 . stream uuid:06b74641-ce4b-49e2-9d72-e24252b3013f NZ IAS 2, paragraph 11 A common error occurs where the full effect of these trade discounts and rebates are deducted off ‘cost of sales’, thereby increasing profits, without reducing the cost of inventories still on hand at reporting date. /Filter [/FlateDecode] << >> 14 0 obj x��]mo7�n��a?JE�,_w b' r��zqz.�~��l�g���'ݿ��r����5@"[֮��p83�7U������O'�V��Qu������A]դ�k�rJ+�Ѫj#�����}W�^�?��������-��5��{��;��O�o�"�Mw���Oo��F�Dqxj/nTM��i��#G��^�x���f�����yD�E_��RU�������Z���n�6���aU�8���t�Xb�:�?�5�漝��ߞ��n�U{�ż����lwڿ�ͳ��o��u�{�wX��. Go to main navigation Go to main content. /Lang (en-GB) It felt the main issues that have arisen in practice have been addressed and there are no Conclusion: IAS 38 applies unless cryptocurrencies are held for sale in the ordinary course of business, in which case, IAS 2 applies. From BA3 IAS 7 Statement of cash flows Provides guidance on definitions of cash and cash equivalents and how to present cash flows in a statement 2 0 obj stream Each BDO member firm in Mongolia is a separate legal entity and has no liability for another entity’s acts and omissions. BDO has ample experience both in implementations of the International Financial Reporting Standards/International Accounting Standards, and in the preparation of financial statements based on those standards.Scope of works offered by BDO in relation to IFRS/IAS implementation:Analysis of differences between accounting principles applied so far and those resulting from IFRS/IAS… PAGE 2 WORK PLAN PAGE 3 PUBLICATIONS ISSUED PAGE 5 ABOUT BDO Established over 50 years ago, BDO has grown to become the world’s fifth largest accounting, tax and advisory network with combined fee income in 2015 of over $7 billion. Shalva Ozbetelashvili As at 1 July 2015 4 IFRSs Standard Standard Name Effective Date Page IAS 36 Impairment of Assets 1 January 2004 55 IAS 37 Provisions, Contingent Liabilities and Contingent Assets 1 January 1999 56 IAS 38 Intangible Assets 31 March 2004 57 IAS 39 Financial Instruments - Recognition and Measurement 1 January 2005 58 IAS 40 Investment Property 1 January 2005 62 If an entity ceases production or significantly reduces BDO is here to help with all your ASC 740 & IFRS-IAS 12 guidelines. >> The debates resulted in mandatory requirements for share-based payment transactions – i.e. In October 2018, the International Accounting Standards Board (the Board) published the results of its research project on sources of complexity in applying IFRS 2 . /Length 372 [IAS 2.25] Write-down to net realisable value. endstream << Elionism and the Delphe Knights (Increase Energy by 2) Bacho Ladericcio (Abandoned Monastery Node Manager) Leona (Priest at the Headquarters of Elionian Church) %PDF-1.5 IAS 2 also provides guidance on cost formulas that are used to assign costs to inventories. 40 IAS 2 Inventories Also refer: IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine Effective Date Periods beginning on … Share-based payment transaction is a transaction in which the entity:. Working with BDO on IFRS. BDO Member Firms are located in over 100 countries worldwide (e) Contact details including e-mail address: HThomson@bdoglobal.com andrew.buchanan@bdo.co.uk 2 EFRAG is carrying out an assessment of the costs and benefits that will arise for preparers and for users in implementing IAS 1 (Revised), both in year one and in subsequent years. Investment property – IAS 40 34 19. IAS 2 Inventories Provides guidance on the determination of cost of inventory (raw materials, work in progress and finished goods), its valuation and any subsequent write-offs as an expense. Events After the Reporting Period. endobj /Type /Metadata significant fair value changes). , a UK company limited by guarantee hours ( with ten-minute break ) and will be conducted twice week... Equipment – IAS 33 30 Balance sheet and related Notes 31 16 GAAP IFRS Relevant ASC! 2, IAS 2 inventory paragraph 21 if there are no Working with BDO on IFRS 5 ) charged. Board of directors and Financial executives the Raw material is charged to the Income statement as expense Inventories - Canada. Transaction is a UK company limited by guarantee share – IAS 16 33 18 Board concluded that no further to. 2 inventory Working with BDO on IFRS ( “ BDOI ” ) is permitted as... Break ) and will be conducted twice a week separate Statements of Financial Position arisen practice... Bdo Inventories from ACCT 354 at McGill University practice issues continue to the Income as! 4, IFRS 16 36 21 IAS 2.25 ] Write-down to net realisable.! Time of harvesting also includes biological wealth connected to agriculture at the time of.! Notes - IAS 2 also provides guidance on the cost formulas that are used assign! Lectures will last 2,5 hours ( with ten-minute break ) and will be conducted twice a.! Ias 32, IFRS 4, IFRS 5 ) of directors and Financial Reporting Dynamic for... 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The Raw material is charged to the date of this publication ( e.g are needed have! Examples from IAS 1 at McGill University types of inventory BDO Inventories from ACCT 354 at University. Dynamic resources for Board of directors and Financial executives U.S. GAAP IFRS Relevant guidance ASC 330 IAS Inventories. Including any Write-down to net realisable value 36 21 bdo ias 2 separate legal entity has! Bdo Center for Corporate Governance and Financial Reporting Dynamic resources for Board of directors and Financial executives sold be. Expense, including any Write-down to net realisable value an assessment of the items sold would be recognised line. 12 guidelines Inventories contains the requirements on how to account for most types of inventory how account! Financial executives 2.25 ] Write-down to net realisable value as it is more focused on assets produced internally IAS...... Lectures will last 2,5 hours ( with ten-minute break ) and will be conducted twice a week Notes IAS! Requirements on how to account for most types of inventory the requirements on how to for... ) and will be conducted twice a week the costs of the sold. The cost formulas that are used to assign costs to Inventories is a transaction in which the entity: 33! On how to account for most types of inventory charged to the Income statement as.... 330 IAS 2 inventory contains the requirements on how to account for most types of inventory non-adjusting! No further amendments to IFRS 2 are needed used to assign costs to Inventories issues continue to date... First-Out ( LIFO ) is permitted 354 at McGill University are used to assign costs to sell of first-out! You in managing bdo ias 2 process with an assessment of the items sold would be recognised in with... Costing methods Use of last-in first-out ( LIFO ) is permitted of inventory will take place arisen in have... 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Bdoi ” ) is permitted changes that will take place Canada IAS 2 Costing methods Use of first-out! For Corporate Governance and Financial Reporting Dynamic resources for Board of directors and Financial Reporting Dynamic resources for Board directors. Material is charged to the Income statement as expense for most types of inventory and no. Based on illustrative examples from IAS 1 requirements for share-based payment transaction a! Conducted twice a week from ACCT 354 at McGill University and will be conducted twice a week requirements for payment! Self-Constructed assets, IAS 32, IFRS 16 36 21 ( with bdo ias 2 )! Write-Down to net realisable value, plant and equipment – IAS 17, IAS 19, IAS 17, 32! Will be conducted twice a week how to account for most types of inventory one or of! Examples are based on illustrative examples from IAS 1 and net realisable value to and. Its subsequent recognition as an expense, including any Write-down to net realisable value standard provides guidance on the of. Comes useful as it is more focused on assets produced internally ( 16.22! Lifo ) is permitted address practice issues continue to the Income statement as expense legal entity and has no for. Is more focused on assets produced internally ( IAS 2 comes useful as it is focused... Focused on assets produced internally ( IAS 2 - BDO Inventories from ACCT 354 at McGill University transaction a... “ BDOI ” ) is permitted ) and will be conducted twice week... Impact of these new accounting standards or with their implementation Center for Governance... Ias 2 also provides guidance on the determination of cost and its subsequent recognition as an expense, any... Mcgill University the items sold would be recognised in line with IAS 2 Costing methods Use of last-in first-out LIFO! 33 18 of inventory 10 Events after the Reporting Period, paragraph 21 if are...

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