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Begriffe > FinStat - IAS > Flashcards

FinStat - IAS Flashcards

1
Q

IAS 10

A

Events after the reporting period
-> how to account for events after the reporting period but before the date when financial statements are authorized

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2
Q

IAS 10: Adjusting Events

A
  • Bankruptcy of a customer
  • value of assets or provisions

= events after the reporting period that provide further evidence of conditions that existed at the end of the reporting period

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3
Q

IAS 10: Non-adjusting evntw

A
  • Dividend payments
  • lower price of shares
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4
Q

IAS 10: Non-adjusting evntw

A
  • Dividend payments
  • lower price of shares
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5
Q

IAS 34

A

Interim Finacial Reporting

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6
Q

Content of IAS 34

A

Encourages public limited corporations to provide interim financial reports at least on a half-yearly basis

!! Stock exchange requirement not IAS

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7
Q

Pro and Con of IAS 34

A

Pro: information is up to date

Con: not same amount of reliability

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8
Q

IAS 8

A

Accounting Policies, Changes in Accounting Estimates & Errors

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9
Q

IAS 8: Chnages in Accounting Policies

A

Retrospective

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10
Q

IAS 8: Changes in Accounting Estimates

A

Prospective
-> result from new information or new developments

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11
Q

IAS 8: Errors

A

-> depends

Material Errors: Retrospective (because impact on investors decision)
Immaterial Errors: Prospective

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12
Q

IAS 8: Changes only permitted if:

A
  • required by a standard
  • info is reliable and more relevant
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13
Q

Materiality

A

Information is material if obmitting, misstating or obscuring it could reasonably be expected to influence decisions that the primary users of general purpose financial statements make

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14
Q

IAS 2

A

Inventory

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15
Q

Inventory Classification

A
  • Goods held for sale
  • Work in Process/ Progress
  • Raw Materials
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16
Q

IAS 2: Valuation of inventory

A

Inventory should be valued at the lower of cost and NRV

17
Q

IAS 2: Goal

A

Ensure that inventory is not overvalued
-> no hidden losses in the balace sheet

18
Q

IAS 2: Calculation NRV

A

Estimated selling price
- Estimated completion cost
- Estimated selling costs

19
Q

Hidden Reserve

A

Book valueof assets < market value
-> happens with LIFO and increasing prices

20
Q

IAS 16

A

Property, Plant and Equipment PPE

21
Q

IAS 16: Assets Definition

A

Assets are economic resources that are expected to benefit the entity in the future
-> Assets are reported in the balance sheet

22
Q

IAS 16: PPE Definition

A

Tangible items held for use in production or supply of goods & services or administrative purposes

-> long-term items

-> keep in mind excpetions

23
Q

IAS 16: recognition of PPE

A

PPE shall be recognized as an asset if:
- its probable that future economic benefits aasociated with the item will flow to the entity
- it can be measured reliably

24
Q

IAS 16: CAPEX

A

Capital Expenditure

25
Q

IAS 16: Measurement of PPE

A

PPE is inititally meassured at cost

After that: Choose for an entire class: Cost Model or Revaluation Model

26
Q

IAS 16: Cost Model

A

Item of PPE is carried at
Its cost
-accumulated depreciation
-impairment changes

27
Q

IAS 16: Revaluation Model

A

Asset is carried at its fair value at the date of valuation

28
Q

IAS 16: Arm’s length transaction

A

Transaction between two parties who act:
- freely & independently
- own self interest
- whithout being under pressure
- without special relationship

29
Q

IAS 16: Revaluation

A

Upward revaluation recorded in OCI & RS

Downward Revaluation recording in Profit and Loss -> Elimination of RS through OCI

30
Q

IAS 40

A

Investment Property

31
Q

IAS 40: Investment Property

A

Is held by companies that hold property and rent it out to people, companies

=> held to earn rentals or capital appreciation

32
Q

IAS 40 Measurement of Investment Property

A

Initially at cost

After recognition: Fair Value Model or Cost Model

33
Q

IAS 38

A

Intangible Assets

34
Q

IAS 38

A

Intangible Assets

35
Q

Depreciation

A

Allocation of a tangible asset’s cost ver its useful life

36
Q

IFRS 16

A

Leasing

37
Q

IFRS 15

A

Revenue Recognition

38
Q

Transaction Price

A

The price the customer pays

Begriffe (11 decks)

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