International Financial Reporting Standards_guide.pdf

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302 Chapter 27 Borrowing Costs (IAS 23) Issue 3: What amount of interest expense should be reported on the Statement of Comprehensive Income? a. $920,000 b. $1,140,000 c. $925,000 d. $1,770,000 EXPLANATION Choice c. is correct ($1,770,000 − 845,000 = $925,000).
CHAPTER 28 Accounting for Government Grants and Disclosure of Government Assistance (IAS 20) 28.1 OBJECTIVE IAS 20 deals with the accounting of grants and other forms of assistance from the government. 28.2 SCOPE OF THE STANDARD This standard addresses the accounting and disclosures for government grants and other forms of government assistance, but does not deal with: ■ the accounting for government grants reflecting the effects of changing prices; ■ government assistance to an entity in the form of benefits that are available in determining taxable profit or tax loss, or are determined or limited on the basis of income tax liability (for example income tax holidays, investment tax credits, accelerated depreciation allowances, and reduced income tax rates); ■ government participation in the ownership of the entity; and ■ government grants covered by IAS 41, Agriculture. 28.3 KEY CONCEPTS 28.3.1 The term government refers to government, government agencies, and similar bodies, whether local, national, or international. 28.3.2 Government grants are transfers of resources from the government to an enterprise in return for past or future compliance with conditions relating to the operating activities. The two types of government grants are as follows: ■ Grants related to assets. Enterprises qualifying for these grants should purchase, construct, or otherwise acquire long-term assets. ■ Grants related to income. These are government grants other than those related to assets. 28.3.3 Government assistance is action by government to provide a specific economic benefit for an entity (or entities). It excludes benefits provided indirectly through action affecting general trading conditions (for example, provision of infrastructure). 303
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Covers all IASB standards through S
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International Financial Reporting S
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Contents Foreword: World Bank Treas
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Foreword: World Bank Treasury The p
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Acknowledgments The authors are gra
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xii Introduction 5. Presentation an
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CHAPTER 1 Framework for the Prepara
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Chapter 1 Framework for the Prepara
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CHAPTER 2 First-Time Adoption of IF
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Chapter 2 First-Time Adoption of IF
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Chapter 2 First-Time Adoption of IF
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CHAPTER 3 Presentation of Financial
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Chapter 3 Presentation of Financial
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38 Chapter 4 Statement of Cash Flow
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CHAPTER 5 Accounting Policies, Chan
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Chapter 5 Accounting Policies, Chan
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CHAPTER 6 Business Combinations (IF
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Chapter 6 Business Combinations (IF
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CHAPTER 7 Consolidated and Separate
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Chapter 7 Consolidated and Separate
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CHAPTER 8 Investments in Associates
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Chapter 8 Investments in Associates
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CHAPTER 9 Interests in Joint Ventur
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Chapter 9 Interests in Joint Ventur
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Part III Statement of Financial al
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110 Chapter 10 Property, Plant, and
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124 Chapter 11 Investment Property
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CHAPTER 12 Agriculture (IAS 41) 12.
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Chapter 12 Agriculture (IAS 41) 133
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144 Chapter 13 Intangible Assets (I
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152 Chapter 14 Leases (IAS 17) 14.3
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154 Chapter 14 Leases (IAS 17) TABL
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158 Chapter 14 Leases (IAS 17) ■
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162 Chapter 14 Leases (IAS 17) EXAM
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164 Chapter 14 Leases (IAS 17) Asse
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166 Chapter 14 Leases (IAS 17) EXPL
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CHAPTER 15 Income Taxes (IAS 12) 15
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Chapter 15 Income Taxes (IAS 12) 17
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184 Chapter 16 Inventories (IAS 2)
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CHAPTER 17 Financial Instruments: R
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Chapter 17 Financial Instruments: R
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CHAPTER 18 Financial Instruments (I
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Chapter 18 Financial Instruments (I
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Chapter 18 Financial Instruments (I
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CHAPTER 19 Noncurrent Assets Held f
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Chapter 19 Noncurrent Assets Held f
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CHAPTER 20 Exploration for and Eval
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Chapter 20 Exploration for and Eval
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240 Chapter 21 Provisions, Continge
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CHAPTER 22 The Effects of Changes i
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Chapter 22 The Effects of Changes i
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Page 271 and 272: CHAPTER 23 Revenue (IAS 18) 23.1 OB
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Page 277 and 278: Chapter 23 Revenue (IAS 18) 263 EXP
Page 279 and 280: CHAPTER 24 Construction Contracts (
Page 281 and 282: Chapter 24 Construction Contracts (
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Page 290 and 291: 276 Chapter 25 Employee Benefits (I
Page 302 and 303: 288 Chapter 26 Impairment of Assets
Page 310 and 311: 296 Chapter 27 Borrowing Costs (IAS
Page 318 and 319: 304 Chapter 28 Accounting for Gover
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Page 323 and 324: CHAPTER 29 Share-Based Payment (IFR
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Chapter 32 Earnings per Share (IAS
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CHAPTER 33 Financial Instruments: P
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Chapter 33 Financial Instruments: P
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Chapter 33 Financial Instruments: P
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CHAPTER 34 Financial Instruments: D
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Chapter 34 Financial Instruments: D
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392 Chapter 35 Operating Segments (
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400 Chapter 36 Interim Financial Re
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CHAPTER 37 Accounting and Reporting
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Chapter 37 Accounting and Reporting
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Chapter 37 Accounting and Reporting
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414 Chapter 38 Insurance Contracts
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428 Chapter 39 Financial Reporting
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434 About the Contributors Lufuno I
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“ The sixth edition of this publi
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