endobj In addition, it also includes biological wealth connected to … BDO will help you to understand and prepare for the changes that will take place. the Board, the International Accounting Standards Committee (IASC), issued a discussion paper on the topic. /Type /Catalog Such write down in the Raw material is charged to the Income statement as expense. Looking for Tax Provision Outsourcing, Global Coordination or Tax Provision Automation? IAS 2 sets out the accounting treatment for inventories, including the determination of cost, the subsequent recognition of an expense and any write-downs to net realisable value. 11 0 obj endobj << applying IAS 2 Inventory or another applicable IFRS. 40 IAS 2 Inventories Also refer: IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine Effective Date Periods beginning on … IAS 2 Inventories Provides guidance on the determination of cost of inventory (raw materials, work in progress and finished goods), its valuation and any subsequent write-offs as an expense. BDO explains the IASB’s latest updates to IFRS on onerous contracts, loan modification risk and plant, property and equipment. IFRS 2 requires an entity to reflect the effect of share-based payment transactions (including share options to employees) in its profit or loss and statement of financial position.. What is a share-based payment transaction? BDO will help you to understand and prepare for the changes that will take place. Investment property – IAS 40 34 19. ... Lectures will last 2,5 hours (with ten-minute break) and will be conducted twice a week. /Subtype /XML IAS 17. /Length 2979 BDO refers to one or more of the independent member firms of BDO International Ltd, a UK company limited by guarantee. IAS 10. The standard generally requires biological assets to be measured at fair value less costs to sell. BDO is here to help with all your ASC 740 & IFRS-IAS 12 guidelines. Accounting Policies, Changes in Accounting Estimates and Errors. /Filter [/DCTDecode] Property, plant and equipment – IAS 16 33 18. << Employee Benefits. Investment property – IAS 40 34 19. Healthcare BDO's healthcare practices across the globe brings together healthcare leaders with deep healthcare experience across financial, ... (IFRS & IAS). endstream Likewise, the costs of the items sold would be recognised in line with IAS 2 Inventory. NZ IAS 2 applies to the accounting for ‘inventories’ which are defined to include assets: Held for sale in the ordinary course of business In the process of production for such sale, or In the form of materials or supplies to be consumed in the production process, or in the rendering of services. The Board concluded that no further amendments to IFRS 2 are needed. IAS 2. Inventories – IAS 2 38 22. We have member … x��]mo7�n��a?JE�,_w b' r��zqz.�~��l�g���'ݿ��r����5@"[֮��p83�7U������O'�V��Qu������A]դ�k�rJ+�Ѫj#�����}W�^�?��������-��5��{��;��O�o�"�Mw���Oo��F�Dqxj/nTM��i��#G��^�x���f�����yD�E_��RU�������Z���n�6���aU�8���t�Xb�:�?�5�漝��ߞ��n�U{�ż����lwڿ�ͳ��o��u�{�wX��. It is the governing entity of the BDO … Elionism and the Delphe Knights (Increase Energy by 2) Bacho Ladericcio (Abandoned Monastery Node Manager) Leona (Priest at the Headquarters of Elionian Church) /Filter [/FlateDecode] Healthcare BDO's healthcare practices across the globe brings together healthcare leaders with deep healthcare experience across financial, ... (IFRS & IAS). Modifications to address practice issues continue to the date of this publication. In October 2018, the International Accounting Standards Board (the Board) published the results of its research project on sources of complexity in applying IFRS 2 . The standard provides guidance on the determination of cost and its subsequent recognition as an expense, including any write-down to net realisable value. Statement of Cash Flows. >> IFRS 2 . IFRS 2 . If an entity ceases production or significantly reduces ifrss (ias 2, ias 12, ias 17, ias 19, ias 32, ifrs 4, ifrs 5). >> [IAS 2.25] Write-down to net realisable value. stream "��c���=�=�������iu�~t�IiJ�{���ܠy�V�9���6���y4��I;��0`1RE��ڌ�F�AZ8R��*S�nuiw6 As per AS 2/ IAS 2, Raw materials are written down to their Replacement cost when the Finished goods in which they are to be incorporated are expected to be sold at or above cost. Share-based Payment. IAS 2 prescribes the accounting treatment for inventories. BDO Member Firms are located in over 100 countries worldwide (e) Contact details including e-mail address: HThomson@bdoglobal.com andrew.buchanan@bdo.co.uk 2 EFRAG is carrying out an assessment of the costs and benefits that will arise for preparers and for users in implementing IAS 1 (Revised), both in year one and in subsequent years. The Board concluded that no further amendments to IFRS 2 are needed. Lease accounting – IAS 17, IFRS 16 36 21. For self-constructed assets, IAS 2 comes useful as it is more focused on assets produced internally (IAS 16.22). Property, Plant and Equipment. /Pages 5 0 R BDO is an international network of independent public accounting, tax and advisory firms (the “BDO network”), which perform professional services under the name of BDO (the “BDO member firms”). IAS 2 provides guidance for determining the cost of inventories and the subsequent recognition of the cost as an expense, including any write-down to net realisable value. IAS 18. /Lang (en-GB) Impairment of assets – IAS 36 35 20. uuid:5bdc6a81-f932-4ff7-b51d-c79d0c3a9df7 PDF-XChange Editor 8.0.331 Use of LIFO is prohibited. Property, plant and equipment – IAS 16 33 18. We can assist you in managing this process with an assessment of the impact of these new accounting standards or with their implementation. IAS 2 prescribes the accounting treatment for inventories. Conclusion: IAS 38 applies unless cryptocurrencies are held for sale in the ordinary course of business, in which case, IAS 2 applies. Inventories are measured at the lower of cost and net realisable value. Looking for Tax Provision Outsourcing, Global Coordination or Tax Provision Automation? www.bdo.global IFRS AT A GLANCE IAS 2 Inventories. From BA3 IAS 7 Statement of cash flows Provides guidance on definitions of cash and cash equivalents and how to present cash flows in a statement endobj Example 1 At 30 June 2016, ABC … The standard requires inventories to be measured at the lower of cost and net realisable value (NRV) and outlines acceptable methods of determining BDO Center for Corporate Governance and Financial Reporting Dynamic resources for board of directors and financial executives. ����0x �P�s�~�K�wܢZə����&0���"�HI�.�Nh��[���o�V<4� �rה^�� ",#(7),01444'9=82. As per AS 2/ IAS 2, Raw materials are written down to their Replacement cost when the Finished goods in which they are to be incorporated are expected to be sold at or above cost. significant fair value changes). Any costs that are not directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management are expensed in P/L as incurred. Each BDO member firm in Mongolia is a separate legal entity and has no liability for another entity’s acts and omissions. Income Taxes. We can assist you in managing this process with an assessment of the impact of these new accounting standards or with their implementation. It felt the main issues that have arisen in practice have been addressed and there are no main issues that have arisen in practice have been addressed and there are no Provisions and contingencies – IAS 37 39 endstream IAS 8. These examples are based on illustrative examples from IAS 1. The IAS 2 is applicable to all the inventories, excepting for construction contracts including contracts that are in progress and also includes directly related service contracts and financial instruments. In October 2018, the International Accounting Standards Board (the Board) published the results of its research project on sources of complexity in applying . BDO Center for Corporate Governance and Financial Reporting Dynamic resources for board of directors and financial executives. Leases. Shalva Ozbetelashvili IFRS AT A GLANCE IAS 2 Inventories As at 1 July 2014 IAS 2 Inventories Also refer: IFRIC 20 Stripping Costs in the Production IAS 19. Inventories are measured at the lower of cost and net realisable value. View Notes - IAS 2 - BDO Inventories from ACCT 354 at McGill University. As at 1 Janiary 2014 2 IFRS AT A GLANCE IFRS at a Glance (IAAG) has been compiled to assist in gaining a high level overview of International Financial Reporting Standards (IFRSs) x����k�0����c+����I 2 | FEBRUARY 2020 U.S. GAAP IFRS Relevant guidance ASC 330 IAS 2 Costing methods Use of last-in first-out (LIFO) is permitted. significant fair value changes). Working with BDO on IFRS. << /Metadata 4 0 R IFRS at a Glance has been compiled to assist in gaining a high level overview of International Financial Reporting Standards (IFRSs), including International Accounting Standards and Interpretations. It felt the . /Filter /FlateDecode 2015-07-10T16:22:22+01:00 IAS 11. NRV is the estimated selling price in the ordinary course of business, less the estimated cost of completion and the estimated costs necessary to make the sale. Cost formula The same cost formula is not required to be applied to all inventories that have a similar nature and use to the entity. Inventories – IAS 2 38 22. 2020-08-12T16:35:56-04:00 << IFRS 2 – being issued in 2004. stream Share-based payment transaction is a transaction in which the entity:. /Length 372 >> IAS 7. Consultancy on accounting in line with IFRS or HGB Given a correspondingly high proportion of balance sheet assets, real estate assets have a significant impact on the assets, financial and earnings situation of a company; they thus offer major potential for improvement. View Notes - IAS 2 - BDO Inventories from ACCT 354 at McGill University. HKFRS/IFRS Standard Potential impact of the coronavirus BDO Comments HKAS/IAS 2, Inventories • Net realisable values may decrease, resulting in increased impairment; • If production is decreased, entities must consider that fixed overheads are allocated based on ‘normal capacity’. application/pdf FAIR VALUE GAINS AND LOSSES For further information about how BDO can assist you and your organisation, please get in touch with one of our key contacts listed below. Events After the Reporting Period. /Subtype /Image IAS 2 also provides guidance on cost formulas that are used to assign costs to inventories. It also provides guidance on the cost formulas that are used to assign costs to inventories. /Type /XObject The debates resulted in mandatory requirements for share-based payment transactions – i.e. >> /Height 2234 /Length 2436 In addition, it also includes biological wealth connected to agriculture at the time of harvesting. 2 0 obj Construction Contracts. It was on the 3rd of January 2009, that Satoshi Nakamura mined the first Bitcoin bringing forth into existence the first block of Bitcoin – the Genesis Block. All inventories except: Specific quantitative disclosure requirements: The IAS 2 is applicable to all the inventories, excepting for construction contracts including contracts that are in progress and also includes directly related service contracts and financial instruments. BDO is here to help your business – and you – navigate the COVID-19 health crisis, prepare for recovery, and once again, thrive. BDO PLT (LLP0018825-LCA & AF 0206), was registered on 2 January 2019 and with effect from that date, BDO (AF 0206), a conventional partnership was converted to a limited liability partnership. Working with BDO on IFRS. NZ IAS 2, paragraph 11 A common error occurs where the full effect of these trade discounts and rebates are deducted off ‘cost of sales’, thereby increasing profits, without reducing the cost of inventories still on hand at reporting date. Employee benefits – IAS 19 24 Share-based payment – IFRS 2 26 Taxation – IAS 12, IFRIC 23 27 Earnings per share – IAS 33 28 Balance sheet and related notes 29 Intangible assets – IAS 38 30 Property, plant and equipment – IAS 16 31 Investment property – IAS 40 32 Impairment of assets – IAS … IAS 10 Events after the Reporting Period, paragraph 21 if there are any material non-adjusting events (e.g. /Length 174629 [IAS 2.6] Any write-down to NRV should be recognised as … >> >> /StructTreeRoot 6 0 R Revenue. Conclusion: IAS 38 applies unless cryptocurrencies are held for sale in the ordinary course of business, in which case, IAS 2 applies. Employee benefits – IAS 19 24 Share-based payment – IFRS 2 26 Taxation – IAS 12, IFRIC 23 27 Earnings per share – IAS 33 28 Balance sheet and related notes 29 Intangible assets – IAS 38 30 Property, plant and equipment – IAS 16 31 Investment property – IAS 40 32 Impairment of assets – IAS … endstream IAS 16. These examples represent how some of the disclosures required by IAS 12 (in Example 2 - Illustrative disclosure) for income taxes might be tagged using both block tagging and detailed tagging. Intangible assets – IAS 38 32 17. Consultancy on accounting in line with IFRS or HGB Given a correspondingly high proportion of balance sheet assets, real estate assets have a significant impact on the assets, financial and earnings situation of a company; they thus offer major potential for improvement. << BDO refers to one or more of the independent member firms of BDO International Ltd, a UK company limited by guarantee. BDO International Limited (“BDOI”) is a UK company limited by guarantee. These examples are based on illustrative examples from IAS 1. The Board concluded that no further amendments to IFRS 2 are needed. BDO has ample experience both in implementations of the International Financial Reporting Standards/International Accounting Standards, and in the preparation of financial statements based on those standards.Scope of works offered by BDO in relation to IFRS/IAS implementation:Analysis of differences between accounting principles applied so far and those resulting from IFRS/IAS… As at 1 July 2015 IAS 2 Inventories Also refer: IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine Effective Date Periods beginning on or after 1 January 2005 . It felt the . stream %���� IAS 2 Inventories - BDO Canada IAS 2 Inventories contains the requirements on how to account for most types of inventory. From BA3 IAS 7 Statement of cash flows Provides guidance on definitions of cash and cash equivalents and how to present cash flows in a statement /Type /Metadata Go to main navigation Go to main content. Go to main navigation Go to main content. endobj If an entity ceases production or significantly reduces HKFRS/IFRS Standard Potential impact of the coronavirus BDO Comments HKAS/IAS 2, Inventories • Net realisable values may decrease, resulting in increased impairment; • If production is decreased, entities must consider that fixed overheads are allocated based on ‘normal capacity’. The intention was to create a decentralized alternative medium of exchange to fiat currency (“paper” money not backed by a scarce commodity but rather by Governments and issued by Central Banks). uuid:06b74641-ce4b-49e2-9d72-e24252b3013f IAS 10 Events after the Reporting Period, paragraph 21 if there are any material non-adjusting events (e.g. >> Automotive BDO is a specialised automotive service provider assisting franchised dealers, manufacturers and industry associations with a wide range of financial and consulting services. Share-based Payment. Lease accounting – IAS 17, IFRS 16 36 21. [IAS 21.2] Key definitions [IAS 21.8] Functional currency: the currency of the primary economic environment in which the entity operates. IAS 2 provides guidance for determining the cost of inventories and the subsequent recognition of the cost as an expense, including any write-down to net realisable value. /Type /Catalog The standard requires inventories to be measured at the lower of cost and net realisable value (NRV) and outlines acceptable methods of determining IAS 12. 18 0 obj As at 1 July 2015 4 IFRSs Standard Standard Name Effective Date Page IAS 36 Impairment of Assets 1 January 2004 55 IAS 37 Provisions, Contingent Liabilities and Contingent Assets 1 January 1999 56 IAS 38 Intangible Assets 31 March 2004 57 IAS 39 Financial Instruments - Recognition and Measurement 1 January 2005 58 IAS 40 Investment Property 1 January 2005 62 Share-based payment transaction is a transaction in which the entity:. /BitsPerComponent 8 Each BDO member firm in Mongolia is a separate legal entity and has no liability for another entity’s acts and omissions. Shalva Ozbetelashvili endobj IFRS AT A GLANCE IAS 2 Inventories As at 1 July 2014 IAS 2 Inventories Also refer: IFRIC 20 Stripping Costs in the Production /Length 4720 Impairment of assets – IAS 36 35 20. The standard provides guidance on the determination of cost and its subsequent recognition as an expense, including any write-down to … For further information about how BDO can assist you and your organisation, please get in touch with one of our key contacts listed below. 4 0 obj /Marked true Trainers. 14 0 obj /Pages 5 0 R Intangible assets – IAS 38 32 17. BDO explains the IASB’s latest updates to IFRS on onerous contracts, loan modification risk and plant, property and equipment. >> %PDF-1.5 /Metadata 4 0 R Likewise, the costs of the items sold would be recognised in line with IAS 2 Inventory. IAS 2 Inventories - BDO Canada IAS 2 Inventories contains the requirements on how to account for most types of inventory. 4 0 obj IFRS 2 requires an entity to reflect the effect of share-based payment transactions (including share options to employees) in its profit or loss and statement of financial position.. What is a share-based payment transaction? PAGE 2 WORK PLAN PAGE 3 PUBLICATIONS ISSUED PAGE 5 ABOUT BDO Established over 50 years ago, BDO has grown to become the world’s fifth largest accounting, tax and advisory network with combined fee income in 2015 of over $7 billion. /Interpolate true 2020-08-12T16:35:56-04:00 The same cost formula is required to be applied to all BDO has ample experience both in implementations of the International Financial Reporting Standards/International Accounting Standards, and in the preparation of financial statements based on those standards.Scope of works offered by BDO in relation to IFRS/IAS implementation:Analysis of differences between accounting principles applied so far and those resulting from IFRS/IAS… main issues that have arisen in practice have been addressed and there are no $.' Trainers. Earnings per share – IAS 33 30 Balance sheet and related notes 31 16. stream Document Share-based Payment. These examples represent how some of the disclosures required by IAS 12 (in Example 2 - Illustrative disclosure) for income taxes might be tagged using both block tagging and detailed tagging. /ColorSpace /DeviceRGB Provisions and contingencies – IAS 37 39 2 0 obj %���� BDO is here to help your business – and you – navigate the COVID-19 health crisis, prepare for recovery, and once again, thrive. BDO is here to help with all your ASC 740 & IFRS-IAS 12 guidelines. IAS 41 sets out the accounting for agricultural activity – the transformation of biological assets (living plants and animals) into agricultural produce (harvested product of the entity's biological assets). In October 2018, the International Accounting Standards Board (the Board) published the results of its research project on sources of complexity in applying . Inline XBRL; ZIP; Example 12: Consolidated and Separate Statements of Financial Position. [IAS 21.1] The principal issues are which exchange rate(s) to use and how to report the effects of changes in exchange rates in the financial statements. << Elionism and the Delphe Knights (Increase Energy by 2) Bacho Ladericcio (Abandoned Monastery Node Manager) Leona (Priest at the Headquarters of Elionian Church) [IAS 21.1] The principal issues are which exchange rate(s) to use and how to report the effects of changes in exchange rates in the financial statements. stream Inline XBRL; ZIP; Example 12: Consolidated and Separate Statements of Financial Position. Such write down in the Raw material is charged to the Income statement as expense. << IAS 2 Inventories Provides guidance on the determination of cost of inventory (raw materials, work in progress and finished goods), its valuation and any subsequent write-offs as an expense. /Width 1637 /Subtype /XML ... Lectures will last 2,5 hours (with ten-minute break) and will be conducted twice a week. 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