We are one
Article Abstract:
A review of three of the exemptions provided by IFRS 1 regarding some specific exemptions to the general rule of retrospective applications along with some practical implications for Australian entities is presented. These exemptions can be applied not only to property, plant and equipment but also to intangible assets and to investment properties.
Publication Name: Australian CPA
Subject: Banking, finance and accounting industries
ISSN: 1440-8880
Year: 2003
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Turn back time?
Article Abstract:
The two exemptions, which fall within the First Time Adoption of International Financial Reporting Standards (IFRS), deal with financial instrument and accounting on transition. The retrospective application of IFRSs is prohibited by the IFRS 1 in three areas, namely use of estimates, derecognition of financial instruments and hedge accounting.
Publication Name: Australian CPA
Subject: Banking, finance and accounting industries
ISSN: 1440-8880
Year: 2003
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Worth the wait
Article Abstract:
The implications of IFRS 1 "First-Time Adoption of International Financial Reporting Standards" are reviewed. The standard provides certain exemptions to the general requirements on the first-time adopter.
Publication Name: Australian CPA
Subject: Banking, finance and accounting industries
ISSN: 1440-8880
Year: 2003
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