By KPMG International Financial Reporting Group
Insights into IFRS - KPMG's useful consultant to overseas monetary Reporting criteria How will the adoption of overseas monetary Reporting criteria impact your enterprise? the applying of IFRSs delivers an exceptional problem to your agency and its monetary reporting. you may make the method more uncomplicated with Insights into IFRS, the sensible consultant to overseas monetary Reporting criteria from the KPMG foreign monetary Reporting crew and Thomson. KPMG member businesses were instrumental in development IFRS assets all over the world. This booklet is one results of that paintings. as well as an summary of the necessities of IFRS, Insights into IFRS is an interpretative advisor in response to real concerns and questions from around the globe. Insights into IFRS emphasises the sensible software of criteria and explains the conclusions reached via the KPMG foreign monetary Reporting workforce on many concerns. This advisor, organised via subject for simpler reference, offers the consumer with easy accessibility to KPMG's perspectives on parts the place the criteria themselves could appear complicated. How Insights into IFRS may also help: basically comprehend the sensible problems with employing and studying IFRSs research from six years' learn and the pro adventure of the KPMG overseas monetary Reporting staff simply comprehend the transition to IFRSs with the step by step insurance of every subject count on destiny alterations to IFRS because of IASB job study from the sensible questions that have arisen worldwide Contents 1. historical past creation The Framework 2. basic concerns shape and parts of economic statements assertion of adjustments in fairness assertion of money flows foundation of accounting Consolidation company combos foreign currencies translation earlier interval changes and different accounting alterations occasions after the stability sheet date three. particular stability sheet goods common estate, plant and gear Intangible resources and goodwill funding estate Investments in affiliates and joint ventures monetary tools Inventories organic resources Impairment fairness Provisions Deferred tax Contingent resources and liabilities four. particular source of revenue assertion goods normal profit govt gives you worker advantages Share-based funds monetary source of revenue and fee source of revenue tax (current tax) strange or extraordinary goods five. unique issues rentals section reporting profits consistent with percentage Discounting operations Non-current resources held on the market and discounted operations similar social gathering disclosures monetary tools: presentation and disclosure Non-monetary transactions Accompanying monetary and different info meantime monetary reporting coverage contracts 6. Transition to IFRSs First time adoption Appendix record of IFRSs in factor at 1 August 2004
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Extra info for Insights Into IFRS: KPMG's Practical Guide to International Financial Reporting Standards
6), there is some uncertainty regarding the classification of subsequent cash outflows in respect of the restructuring. There is an argument to include them in investing activities because they are directly related to the acquisition of the subsidiary. 2). Rather, they are cash flows associated with the acquisition. , operating activities for employee termination benefits). 7) at the exchange rate at the date of the cash flow (when exchange rates have been relatively stable a weighted average can be used).
6, 11 the investor has power over more than one half of the investee’s voting power through ownership or an agreement with other investors; the investor has the power to govern the investee’s financial and operating policies by virtue of a statute or agreement; the investor has the power to appoint or remove the majority of the investee’s governing body members; or the investor has the power to cast the majority of votes at meetings of the investee’s governing body. The presumption of control may be rebutted in exceptional circumstances if it can be demonstrated clearly that control does not exist, which will depend on the facts and circumstances of each case.
Cash held in a foreign currency The following simple example illustrates the calculation of the effect of exchange rate changes on the balances of cash and cash equivalents and its presentation in the cash flow statement. 6:1 100 150 (80) 170 Translate at balance sheet date Gain on cash held in foreign currency 150 2:1 300 130 Balance sheet 2004 Share capital Retained earnings Cash 100 200 300 300 2003 (150 - 80 + 130) 100 100 100 © 2004 KPMG International. KPMG International is a Swiss cooperative of which all KPMG firms are members.
Insights Into IFRS: KPMG's Practical Guide to International Financial Reporting Standards by KPMG International Financial Reporting Group