BDO will help you to understand and prepare for the changes that will take place. 2020-08-12T16:35:56-04:00 BDO is here to help with all your ASC 740 & IFRS-IAS 12 guidelines. Inline XBRL; ZIP; Example 12: Consolidated and Separate Statements of Financial Position. In October 2018, the International Accounting Standards Board (the Board) published the results of its research project on sources of complexity in applying . Inventories – IAS 2 38 22. stream /Length 372 Automotive BDO is a specialised automotive service provider assisting franchised dealers, manufacturers and industry associations with a wide range of financial and consulting services. Income Taxes. >> www.bdo.global IFRS AT A GLANCE IAS 2 Inventories. 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. 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. /StructTreeRoot 6 0 R Statement of Cash Flows. endobj Construction Contracts. 2 0 obj It felt the main issues that have arisen in practice have been addressed and there are no BDO Center for Corporate Governance and Financial Reporting Dynamic resources for board of directors and financial executives. /Type /Metadata 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. << The Board concluded that no further amendments to IFRS 2 are needed. Shalva Ozbetelashvili Impairment of assets – IAS 36 35 20. endobj significant fair value changes). Intangible assets – IAS 38 32 17. /Metadata 4 0 R 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. >> Earnings per share – IAS 33 30 Balance sheet and related notes 31 16. 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. The Board concluded that no further amendments to IFRS 2 are needed. Such write down in the Raw material is charged to the Income statement as expense. Inventories – IAS 2 38 22. IAS 2 also provides guidance on cost formulas that are used to assign costs to inventories. %���� Share-based payment transaction is a transaction in which the entity:. 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. BDO is here to help your business – and you – navigate the COVID-19 health crisis, prepare for recovery, and once again, thrive. IFRS 2 – being issued in 2004. applying IAS 2 Inventory or another applicable IFRS. ����0x �P�s�~�K�wܢZə����&0���"�HI�.�Nh��[���o�V<4� �rה^�� Provisions and contingencies – IAS 37 39 Looking for Tax Provision Outsourcing, Global Coordination or Tax Provision Automation? 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. For self-constructed assets, IAS 2 comes useful as it is more focused on assets produced internally (IAS 16.22). 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. 4 0 obj �:H^���x��ZX������Ry��a�S����1�ӕ�U��`�Dlj�?�d���0�6d-��m��,�`��gq"�9:�#G�81�m�7�$;-�֊V�8���c��0�3�&� s�Igy��_`:E�똸�'/��Z�x'Y��h�o�⢏�.NT�Z,�by�ʓ��IYE*�c�g��O�) ",#(7),01444'9=82. 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. 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’. uuid:06b74641-ce4b-49e2-9d72-e24252b3013f << << /Type /Metadata IAS 18. IAS 17. View Notes - IAS 2 - BDO Inventories from ACCT 354 at McGill University. %���� BDO International Limited (“BDOI”) is a UK company limited by guarantee. Use of LIFO is prohibited. 4 0 obj 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 [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. $.' /BitsPerComponent 8 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”). Trainers. 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 . 2 | FEBRUARY 2020 U.S. GAAP IFRS Relevant guidance ASC 330 IAS 2 Costing methods Use of last-in first-out (LIFO) is permitted. Share-based payment transaction is a transaction in which the entity:. /MarkInfo << endobj View Notes - IAS 2 - BDO Inventories from ACCT 354 at McGill University. Revenue. /Metadata 4 0 R In October 2018, the International Accounting Standards Board (the Board) published the results of its research project on sources of complexity in applying . 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. Modifications to address practice issues continue to the date of this publication. ���� JFIF ` ` �� C endstream 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. 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