It is the governing entity of the BDO … Share-based Payment. IFRS 2 . 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 … /Interpolate true Share-based Payment. The Board concluded that no further amendments to IFRS 2 are needed. x����k�0����c+����I 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 . the Board, the International Accounting Standards Committee (IASC), issued a discussion paper on the topic. Automotive BDO is a specialised automotive service provider assisting franchised dealers, manufacturers and industry associations with a wide range of financial and consulting services. Shalva Ozbetelashvili View Notes - IAS 2 - BDO Inventories from ACCT 354 at McGill University. The debates resulted in mandatory requirements for share-based payment transactions – i.e. ",#(7),01444'9=82. IAS 16. PDF-XChange Core API SDK (8.0.331) 2020-08-12T16:35:56-04:00 /Lang (en-GB) << BDO PLT (LLP0018825-LCA & AF 0206), was registered on 2 January 2019 and with effect from that date, BDO (AF 0206), a conventional partnership was converted to a limited liability partnership. Earnings per share – IAS 33 30 Balance sheet and related notes 31 16. Working with BDO on IFRS. /Type /Catalog 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 /Pages 5 0 R BDO will help you to understand and prepare for the changes that will take place. The standard requires inventories to be measured at the lower of cost and net realisable value (NRV) and outlines acceptable methods of determining uuid:06b74641-ce4b-49e2-9d72-e24252b3013f IAS 2 also provides guidance on cost formulas that are used to assign costs to inventories. Conclusion: IAS 38 applies unless cryptocurrencies are held for sale in the ordinary course of business, in which case, IAS 2 applies. [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. /Length 2436 << IAS 10 Events after the Reporting Period, paragraph 21 if there are any material non-adjusting events (e.g. Elionism and the Delphe Knights (Increase Energy by 2) Bacho Ladericcio (Abandoned Monastery Node Manager) Leona (Priest at the Headquarters of Elionian Church) /Filter [/FlateDecode] BDO Center for Corporate Governance and Financial Reporting Dynamic resources for board of directors and financial executives. Statement of Cash Flows. stream stream All inventories except: Specific quantitative disclosure requirements: >> 2 0 obj Healthcare BDO's healthcare practices across the globe brings together healthcare leaders with deep healthcare experience across financial, ... (IFRS & IAS). 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 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? /Metadata 4 0 R IAS 2. IAS 12. The Board concluded that no further amendments to IFRS 2 are needed. ... Lectures will last 2,5 hours (with ten-minute break) and will be conducted twice a week. 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. 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? Shalva Ozbetelashvili IFRS at a Glance has been compiled to assist in gaining a high level overview of International Financial Reporting Standards (IFRSs), including International Accounting Standards and Interpretations. IAS 7. BDO is here to help with all your ASC 740 & IFRS-IAS 12 guidelines. BDO explains the IASB’s latest updates to IFRS on onerous contracts, loan modification risk and plant, property and equipment. Likewise, the costs of the items sold would be recognised in line with IAS 2 Inventory. IAS 8. /MarkInfo << Inventories are measured at the lower of cost and net realisable value. Provisions and contingencies – IAS 37 39 BDO will help you to understand and prepare for the changes that will take place. $.' In addition, it also includes biological wealth connected to agriculture at the time of harvesting. >> stream BDO refers to one or more of the independent member firms of BDO International Ltd, a UK company limited by guarantee. ����0x �P�s�~�K�wܢZə����&0���"�HI�.�Nh��[���o�V<4� �rה^�� Elionism and the Delphe Knights (Increase Energy by 2) Bacho Ladericcio (Abandoned Monastery Node Manager) Leona (Priest at the Headquarters of Elionian Church) www.bdo.global IFRS AT A GLANCE IAS 2 Inventories. /Type /Metadata 2 0 obj endobj Events After the Reporting Period. >> 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 . These examples represent how some of the disclosures required by IAS 12 (in Example 2 - Illustrative disclosure) for income taxes might be tagged using both block tagging and detailed tagging. "��c���=�=�������iu�~t�IiJ�{���ܠy�V�9���6���y4��I;��0`1RE��ڌ�F�AZ8R��*S�nuiw6 Looking for Tax Provision Outsourcing, Global Coordination or Tax Provision Automation? Share-based payment transaction is a transaction in which the entity:. In October 2018, the International Accounting Standards Board (the Board) published the results of its research project on sources of complexity in applying . 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. /Type /XObject These examples are based on illustrative examples from IAS 1. %PDF-1.5 Intangible assets – IAS 38 32 17. BDO is an international network of independent public accounting, tax and advisory firms (the “BDO network”), which perform professional services under the name of BDO (the “BDO member firms”). Income Taxes. Go to main navigation Go to main content. IFRS 2 . 2 | FEBRUARY 2020 U.S. GAAP IFRS Relevant guidance ASC 330 IAS 2 Costing methods Use of last-in first-out (LIFO) is permitted. /BitsPerComponent 8 Consultancy on accounting in line with IFRS or HGB Given a correspondingly high proportion of balance sheet assets, real estate assets have a significant impact on the assets, financial and earnings situation of a company; they thus offer major potential for improvement. /Length 174629 4 0 obj >> IFRS 2 – being issued in 2004. 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… IFRS AT A GLANCE IAS 2 Inventories As at 1 July 2014 IAS 2 Inventories Also refer: IFRIC 20 Stripping Costs in the Production NRV is the estimated selling price in the ordinary course of business, less the estimated cost of completion and the estimated costs necessary to make the sale. Go to main navigation Go to main content. Inventories are measured at the lower of cost and net realisable value. 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. /StructTreeRoot 6 0 R 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. stream %PDF-1.7 Document Share-based Payment. 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. 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��. As per AS 2/ IAS 2, Raw materials are written down to their Replacement cost when the Finished goods in which they are to be incorporated are expected to be sold at or above cost. Impairment of assets – IAS 36 35 20. main issues that have arisen in practice have been addressed and there are no Each BDO member firm in Mongolia is a separate legal entity and has no liability for another entity’s acts and omissions. Modifications to address practice issues continue to the date of this publication. In addition, it also includes biological wealth connected to … main issues that have arisen in practice have been addressed and there are no Inline XBRL; ZIP; Example 12: Consolidated and Separate Statements of Financial Position. << It felt the . /Width 1637 /Length 372 uuid:5bdc6a81-f932-4ff7-b51d-c79d0c3a9df7 Trainers. %���� /Filter [/DCTDecode] 2020-08-12T16:35:56-04:00 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 Property, plant and equipment – IAS 16 33 18. Construction Contracts. 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 … ���� JFIF ` ` �� C The intention was to create a decentralized alternative medium of exchange to fiat currency (“paper” money not backed by a scarce commodity but rather by Governments and issued by Central Banks). IAS 10. [IAS 21.2] Key definitions [IAS 21.8] Functional currency: the currency of the primary economic environment in which the entity operates. The standard provides guidance on the determination of cost and its subsequent recognition as an expense, including any write-down to net realisable value. We have member … We can assist you in managing this process with an assessment of the impact of these new accounting standards or with their implementation. 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’. endobj View Notes - IAS 2 - BDO Inventories from ACCT 354 at McGill University. endobj Consultancy on accounting in line with IFRS or HGB Given a correspondingly high proportion of balance sheet assets, real estate assets have a significant impact on the assets, financial and earnings situation of a company; they thus offer major potential for improvement. applying IAS 2 Inventory or another applicable IFRS. >> It also provides guidance on the cost formulas that are used to assign costs to inventories. 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. 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… BDO refers to one or more of the independent member firms of BDO International Ltd, a UK company limited by guarantee. IFRS AT A GLANCE IAS 2 Inventories As at 1 July 2014 IAS 2 Inventories Also refer: IFRIC 20 Stripping Costs in the Production [IAS 2.25] Write-down to net realisable value. 40 IAS 2 Inventories Also refer: IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine Effective Date Periods beginning on … 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. /Filter /FlateDecode PDF-XChange Editor 8.0.331 4 0 obj Healthcare BDO's healthcare practices across the globe brings together healthcare leaders with deep healthcare experience across financial, ... (IFRS & IAS). As at 1 Janiary 2014 2 IFRS AT A GLANCE IFRS at a Glance (IAAG) has been compiled to assist in gaining a high level overview of International Financial Reporting Standards (IFRSs) >> Looking for Tax Provision Outsourcing, Global Coordination or Tax Provision Automation? BDO is here to help with all your ASC 740 & IFRS-IAS 12 guidelines. ifrss (ias 2, ias 12, ias 17, ias 19, ias 32, ifrs 4, ifrs 5). /Type /Catalog stream /Subtype /Image Accounting Policies, Changes in Accounting Estimates and Errors. The standard generally requires biological assets to be measured at fair value less costs to sell. BDO Center for Corporate Governance and Financial Reporting Dynamic resources for board of directors and financial executives. It felt the . Earnings per share – IAS 33 30 Balance sheet and related notes 31 16. The Board concluded that no further amendments to IFRS 2 are needed. /ColorSpace /DeviceRGB /Metadata 4 0 R As per AS 2/ IAS 2, Raw materials are written down to their Replacement cost when the Finished goods in which they are to be incorporated are expected to be sold at or above cost. /Length 2979 Each BDO member firm in Mongolia is a separate legal entity and has no liability for another entity’s acts and omissions. Use of LIFO is prohibited. endobj Inventories – IAS 2 38 22. In October 2018, the International Accounting Standards Board (the Board) published the results of its research project on sources of complexity in applying . The standard requires inventories to be measured at the lower of cost and net realisable value (NRV) and outlines acceptable methods of determining %���� Property, Plant and Equipment. The standard provides guidance on the determination of cost and its subsequent recognition as an expense, including any write-down to … BDO is here to help your business – and you – navigate the COVID-19 health crisis, prepare for recovery, and once again, thrive. 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 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. These examples represent how some of the disclosures required by IAS 12 (in Example 2 - Illustrative disclosure) for income taxes might be tagged using both block tagging and detailed tagging. These examples are based on illustrative examples from IAS 1. [IAS 21.2] Key definitions [IAS 21.8] Functional currency: the currency of the primary economic environment in which the entity operates. Intangible assets – IAS 38 32 17. Inventories. [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 << /Length 4720 Working with BDO on IFRS. Likewise, the costs of the items sold would be recognised in line with IAS 2 Inventory. We can assist you in managing this process with an assessment of the impact of these new accounting standards or with their implementation. /Type /Metadata Leases. �:H^���x��ZX������Ry��a�S����1�ӕ�U��`�Dlj�?�d���0�6d-��m��,�`��gq"�9:�#G�81�m�7�$;-�֊V�8���c��0�3�&� s�Igy��_`:E�똸�'/��Z�x'Y��h�o�⢏�.NT�Z,�by�ʓ��IYE*�c�g��O�) 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. Impairment of assets – IAS 36 35 20. 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’. /Marked true /Height 2234 It felt the main issues that have arisen in practice have been addressed and there are no Employee Benefits. significant fair value changes). endobj IAS 11. 18 0 obj Trainers. Property, plant and equipment – IAS 16 33 18. Conclusion: IAS 38 applies unless cryptocurrencies are held for sale in the ordinary course of business, in which case, IAS 2 applies. 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). Automotive BDO is a specialised automotive service provider assisting franchised dealers, manufacturers and industry associations with a wide range of financial and consulting services. /Pages 5 0 R Example 1 At 30 June 2016, ABC … 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. Investment property – IAS 40 34 19. Lease accounting – IAS 17, IFRS 16 36 21. << 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. IAS 2 prescribes the accounting treatment for inventories. The same cost formula is required to be applied to all 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. Provisions and contingencies – IAS 37 39 >> Inventories – IAS 2 38 22. IAS 2 Inventories - BDO Canada IAS 2 Inventories contains the requirements on how to account for most types of inventory. For self-constructed assets, IAS 2 comes useful as it is more focused on assets produced internally (IAS 16.22). Investment property – IAS 40 34 19. 2015-07-10T16:22:22+01:00 11 0 obj For further information about how BDO can assist you and your organisation, please get in touch with one of our key contacts listed below. endstream << IAS 18. IAS 2 Inventories - BDO Canada IAS 2 Inventories contains the requirements on how to account for most types of inventory. 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. BDO International Limited (“BDOI”) is a UK company limited by guarantee. significant fair value changes). Inline XBRL; ZIP; Example 12: Consolidated and Separate Statements of Financial Position. 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. application/pdf 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. [IAS 2.6] Any write-down to NRV should be recognised as … ... Lectures will last 2,5 hours (with ten-minute break) and will be conducted twice a week. BDO is here to help your business – and you – navigate the COVID-19 health crisis, prepare for recovery, and once again, thrive. It also provides guidance on the cost formulas that are used to assign costs to inventories. endstream IAS 17. 14 0 obj endstream Cost formula The same cost formula is not required to be applied to all inventories that have a similar nature and use to the entity. IAS 10 Events after the Reporting Period, paragraph 21 if there are any material non-adjusting events (e.g. /Subtype /XML Share-based payment transaction is a transaction in which the entity:. << BDO explains the IASB’s latest updates to IFRS on onerous contracts, loan modification risk and plant, property and equipment. IAS 2 prescribes the accounting treatment for inventories. 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