All Financial reporrting standards

Question 1

What categories come under IAS 16 PPE?

Answer 1

• Capitalisation
  -Disposal
  -Depreciation
  -Revaluations
  -Changing UEL

Question 2

What is IAS 10?

Answer 2

Events after Reporting Period

-Determine if its adjusting/non adjusting event

-(Non adjusting) - one indicative of conditions that arose after reporting date - (so you dont adjust financial statement) e.g event happened 2nd jan 2025, you dont change FS from 31st Dec 24

Question 3

What is IAS 2 ?

Answer 3

Inventory

-state’s inventory should be valued at lower of its cost and NRV (net realisable value- estimated selling price)

-costs include (purchase, conversion and any additional) to bring inventory to present location and condition

-Material item costs (purchase, import duties, taxes, transport etc)

IF NRV IS LOWER THAN COST THEN INVENTORY SHOULD BE INCLUDED IN SFP

Question 4

What is IAS 7?

Answer 4

Cashflow Statement (changes in cashflow and cash equivalents should be reflected on the statement during period) -operating, investing and financing activities)