Your document headline

For jointly controlled operations, the venturer should recognize assets that it controls and liabilities it incurs as well as its share of income earned and expenses that
are incurred.
For jointly controlled assets, the venturer should recognize its share of the assets and liabilities it incurs as well as income it earns and expenses that are incurred.
Investment Property
Property interests that are held under an operating lease may be classified as an investment property, provided the property would otherwise have met the definition
of an investment property. However, mixed-use property must be separated between investment and operating property.
If fair value can be measured reliably without undue cost or effort, the entity should use the fair value through profit or loss model. Otherwise, an entity must treat
investment property as property, plant, and equipment (PPE).
Property, Plant, and Equipment
Entities must use the historical cost model only as the revaluation model is not permitted. This section will apply to most investment property (see previous section).
This section applies to property held for sale as there is no special section on assets held for sale. Holding for sale is an indicator of possible impairment.
Component depreciation is used only if major parts of an item of PPE have significantly different patterns of consumption of economic benefits.
A review of the useful life, residual value, and depreciation rate is only required if there is a significant change in the asset or how it is used. Any adjustment is
prospective.
Intangible Assets other than Goodwill
There is no recognition of internally generated intangible assets and therefore all research and development costs are expensed.
The amortization model is used for intangibles that are purchased separately or acquired. If the entity is unable to estimate useful life, then it must use a ten-year
period. A review of the useful life, residual value, and depreciation rate is required only if there is a significant change in the asset or how it is used. Revaluation of
intangible assets is prohibited.
Business Combinations and Goodwill
This section does not apply to combinations of entities under common control and follows the principles of IFRS 3.
Leases
The scope includes arrangements that contain a lease [IFRIC 4] and follows the principles of IAS 17.
Provisions and Contingencies
Provisions are recognized only when (1) there is a present obligation as a result of a past event, (2) it is probable that the entity will be required to transfer economic
benefits, and (3) the amount can be estimated reliably. Provisions are to be reviewed at each reporting date and adjusted to meet the best current estimate. Entities may
not accrue provisions for
1. Future operating losses, no matter how probable
2. A possible future restructuring plan which is not yet a legal or constructive obligation
Liabilities and Equity
This section gives guidance on classifying an instrument as liability or equity. An instrument is a liability if the issuer could be required to pay cash.
This section covers some material not covered by full IFRS, including original issuance of shares and other equity instruments. Shares are only recognized as equity
when another party is obliged to provide cash or other resources in exchange for the instruments. The instruments are measured at the fair value of cash or resources
received, net of direct costs of issuing the equity instruments, unless the time value of money is significant, in which case initial measurement is at the present value
amount. When shares are issued before the cash or other resources are received, the amount receivable is presented as an offset to equity in the statement of financial
position and not as an asset. Any shares subscribed for which no cash is received are not recognized as equity before the shares are issued.
The proceeds on issue of convertible and other compound financial instruments are split between liability component and equity component. The liability is
measured at its fair value, and the residual amount is the equity component. The liability is subsequently measured using the effective interest rate, with the original
issue discount amortized as added interest expense.
Dividends paid in the form of distribution of assets other than cash are recognized when the entity has an obligation to distribute the noncash assets. The dividend
liability is measured at the fair value of the assets to be distributed.
Revenue
Revenue results from the sale of goods, services being rendered, construction contracts income by the contractor, and the use by others of the entity’s assets. Some
types of revenue are excluded from this section and dealt with elsewhere. There is an appendix of examples of revenue recognition under the principles in this section.