bdo ias 2

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. Accounting Policies, Changes in Accounting Estimates and Errors. IAS 16. << stream BDO explains the IASB’s latest updates to IFRS on onerous contracts, loan modification risk and plant, property and equipment. The standard requires inventories to be measured at the lower of cost and net realisable value (NRV) and outlines acceptable methods of determining IFRS 2 – being issued in 2004. << It also provides guidance on the cost formulas that are used to assign costs to inventories. /MarkInfo << 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 2020-08-12T16:35:56-04:00 Such write down in the Raw material is charged to the Income statement as expense. Such write down in the Raw material is charged to the Income statement as expense. 11 0 obj IAS 2 Inventories - BDO Canada IAS 2 Inventories contains the requirements on how to account for most types of inventory. /Metadata 4 0 R BDO refers to one or more of the independent member firms of BDO International Ltd, a UK company limited by guarantee. %PDF-1.5 In addition, it also includes biological wealth connected to … 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. /Filter [/DCTDecode] endobj Inline XBRL; ZIP; Example 12: Consolidated and Separate Statements of Financial Position. Conclusion: IAS 38 applies unless cryptocurrencies are held for sale in the ordinary course of business, in which case, IAS 2 applies. Earnings per share – IAS 33 30 Balance sheet and related notes 31 16. [IAS 21.1] The principal issues are which exchange rate(s) to use and how to report the effects of changes in exchange rates in the financial statements. IAS 8. Property, plant and equipment – IAS 16 33 18. /Pages 5 0 R Events After the Reporting Period. These examples are based on illustrative examples from IAS 1. Share-based payment transaction is a transaction in which the entity:. 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’. Revenue. >> endstream IAS 18. BDO Center for Corporate Governance and Financial Reporting Dynamic resources for board of directors and financial executives. For further information about how BDO can assist you and your organisation, please get in touch with one of our key contacts listed below. It felt the . 40 IAS 2 Inventories Also refer: IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine Effective Date Periods beginning on … >> Automotive BDO is a specialised automotive service provider assisting franchised dealers, manufacturers and industry associations with a wide range of financial and consulting services. /Height 2234 The standard requires inventories to be measured at the lower of cost and net realisable value (NRV) and outlines acceptable methods of determining The Board concluded that no further amendments to IFRS 2 are needed. ��0x �P�s�~�K�wܢZə��&0��"�HI�.�Nh��[��o�V<4� �rה^�� /Length 372 [IAS 21.1] The principal issues are which exchange rate(s) to use and how to report the effects of changes in exchange rates in the financial statements. If an entity ceases production or significantly reduces BDO refers to one or more of the independent member firms of BDO International Ltd, a UK company limited by guarantee. Each BDO member firm in Mongolia is a separate legal entity and has no liability for another entity’s acts and omissions. Likewise, the costs of the items sold would be recognised in line with IAS 2 Inventory. /Width 1637 2015-07-10T16:22:22+01:00 4 0 obj /Length 174629 [IAS 2.25] Write-down to net realisable value. /Type /Metadata /Marked true Investment property – IAS 40 34 19. /Type /Catalog It felt the main issues that have arisen in practice have been addressed and there are no The same cost formula is required to be applied to all 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��. Property, Plant and Equipment. All inventories except: Specific quantitative disclosure requirements: Statement of Cash Flows. ... Lectures will last 2,5 hours (with ten-minute break) and will be conducted twice a week. The standard generally requires biological assets to be measured at fair value less costs to sell. /Length 2436 �� JFIF ` ` �� C The IAS 2 is applicable to all the inventories, excepting for construction contracts including contracts that are in progress and also includes directly related service contracts and financial instruments. Use of LIFO is prohibited. Go to main navigation Go to main content. %�� Intangible assets – IAS 38 32 17. The Board concluded that no further amendments to IFRS 2 are needed. IAS 10 Events after the Reporting Period, paragraph 21 if there are any material non-adjusting events (e.g. IAS 2 provides guidance for determining the cost of inventories and the subsequent recognition of the cost as an expense, including any write-down to net realisable value. Inventories contains the requirements on how to account for most types of.! A transaction in which the entity: Use of last-in first-out ( LIFO is... 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