The Differences Between Full IFRS And FRS 102
CPA Ireland SkillnetCPA Ireland Skillnet, is a training network that is funded by Skillnets, a state funded, enterprise led supportbody dedicated to the promotion and facilitation of training and up-skilling as key elements in sustainingIreland’s national competitiveness.The CPA Ireland Skillnet provides excellent value CPE (continual Professional Education) in accountancy,law, tax and strategic personal development toaccountants working both in practice and in industry. However our attendees are not limited to theaccountancy field as we welcome all interested parties to our events.The CPA Ireland Skillnet is funded by member companies and the Training Networks Programme, aninitiative of Skillnets Ltd. funded from the National Training Fund through the Department ofEducation and Skills.www.skillnets.ieThe Institute of Certified Public Accountants in IrelandTrainee Accountant WebinarMarch 2016The Differences between full IFRS andFRS 102PresenterRobert J KirkProfessor of Financial Reporting
InvestmentpropertyInvestment propertyIFRSAccounting policy choice: measured at fair with changes in profit or loss or at depreciated cost.
Dalata Hotel Group Plc
Greencore PlcInvestment PropertyFRS 102 Measurement is at fair value, if reliably determinable, with changes in profitor loss Otherwise measured at depreciated cost.
Musgrave GroupProperty, Plant and equipment
Key IssuesIFRS and FRS 102 are virtually identical in recognition andmeasurement rules and cover the following key issues: Initial Cost Revaluation; and DepreciationNB On transition from old Irish Gaap to FRS 102 can adopt lastvaluation as the entity’s deemed cost and can even carry out a onceoff valuation at the date of transition which also becomes theentity’s deemed costC & C Plc
Musgrave Group
Musgrave GroupIFRSCapitalisation of borrowing costs required during period it takes to make orconstruct a qualifying assetFRS 102Choice of capitalising or expensing borrowing costs during period it takes tomake or construct a qualifying asset.
Intangible assetsIntangible assetsIFRS Development costs must be capitalised if specific criteria are met.Otherwise they are expensed.FRS 102 Choice of capitalising or writing off development costs. Specific criteriamust be met in order to capitalise.
Intangible assetsIFRS An intangible asset may have an indefinite life, in which case it is not amortisedbut subject to annual impairment reviews, or a definite life over which it isamortised.FRS 102 If a reliable estimate of the UEL cannot be made the life should not exceed 10years.NB On transition it can be argued that if a company chose 20 years (cap inFRS 10) that it cannot change that initial estimate and so can continueto amortise ‘old’ goodwill over 20 yearsIntangible assetsIFRS Software costs that are not an integral part of related hardware are classified asintangible fixed assets.FRS 102 Classification of software costs not addressed. Therefore appropriateaccounting policy should be regard to sections 10.4 to 10.6 of FRS 102) toclassify as either a tangible fixed asset or an intangible asset.
UDG Healthcare PlcGame Account Network Plc
Musgrave Group
Business combinations and goodwillIFRS Acquisition accounting must be used if within the scope of the business combination standardIFRS 3. If not (e.g. combination of entities under common control) a suitable accounting policymust be devised in accordance with the hierarchy in IAS 8.FRS 102 Group reconstructions may be accounted for by using the merger accounting method (as forcurrent UK GAAP for group reconstructions) Otherwise merger accounting not permitted, exceptin some forms of combinations of public benefit entities.
IFRS Recognise identifiable intangibles on a business combination at fair value. All costs of acquisition written off as incurred.FRS 102 Recognise identifiable intangibles (eg: customer relationships and brands) on a businesscombination that can be measured reliably at fair value. Direct costs capitalised as part of the cost of acquisition.IFRS Goodwill may be measured based on either the excess of the cost of the business combinationover the acquirer’s share of the fair value of the identifiable assets, liabilities and contingentliabilities or may be measured based on the fair value of the non controlling interest (effectivegrossing up of goodwill).FRS 102 Measured as the excess of the cost of the business combination over the acquirer’s share of thefair value of the identifiable liabilities and contingent liabilities (parent share of goodwill only).
IFRS Goodwill not amortised but subject to formal annual impairment review. Negative goodwill (gain from a bargain purchase) is recognised in profit or loss immediately onthe acquisition date.FRS 102 If a reliable estimate of the UEL cannot be made the life should not be exceed 5 years. Negative goodwill up to the fair value of non- monetary assets is recognised in profit or loss asthose assets are recovered. Negative goodwill in excess of the fair value of non- monetaryassets is recognised profit or loss in the period expected to benefit.INM Plc
Musgrave GroupMusgrave Group
The Differences between full IFRS and FRS 102 Presenter Robert J Kirk Professor of Financial Reporting Trainee Accountant Webinar March 2016. Investment property Investment property IFRS Accounting policy choice:
May 02, 2018 · D. Program Evaluation ͟The organization has provided a description of the framework for how each program will be evaluated. The framework should include all the elements below: ͟The evaluation methods are cost-effective for the organization ͟Quantitative and qualitative data is being collected (at Basics tier, data collection must have begun)
Silat is a combative art of self-defense and survival rooted from Matay archipelago. It was traced at thé early of Langkasuka Kingdom (2nd century CE) till thé reign of Melaka (Malaysia) Sultanate era (13th century). Silat has now evolved to become part of social culture and tradition with thé appearance of a fine physical and spiritual .
(a) IFRS 9 Financial Instruments (Part A); and (b) IFRS 15 Revenue from Contracts with Customers (Part B). Introduction 2 IFRS 17 is effective from 1 January 2021. An insurer can choose to apply IFRS 17 before that date but only if it also applies IFRS 9. 3 The paper considers components of IFRS 9 and IFRS 15 that are relevant to the
̶The leading indicator of employee engagement is based on the quality of the relationship between employee and supervisor Empower your managers! ̶Help them understand the impact on the organization ̶Share important changes, plan options, tasks, and deadlines ̶Provide key messages and talking points ̶Prepare them to answer employee questions
On an exceptional basis, Member States may request UNESCO to provide thé candidates with access to thé platform so they can complète thé form by themselves. Thèse requests must be addressed to esd rize unesco. or by 15 A ril 2021 UNESCO will provide thé nomineewith accessto thé platform via their émail address.
Dr. Sunita Bharatwal** Dr. Pawan Garga*** Abstract Customer satisfaction is derived from thè functionalities and values, a product or Service can provide. The current study aims to segregate thè dimensions of ordine Service quality and gather insights on its impact on web shopping. The trends of purchases have
IFRS and US GAAP: similarities and differences IFRS first-time adoption IFRS 1, First-Time Adoption of International Financial Reporting Standards, is the standard that is applied during preparation of a company's first IFRS-based financial statements. IFRS 1 was created to help companies transition to IFRS and provides practical
IFRS 17 basics IFRS 17 is the new accounting standard for Insurance Contracts published 18 May 2017 Replace the interim standard IFRS 4 (not standardized across jurisdictions) EU endorsement still under process Go-live 1st January 2022 18 May 2017 IFRS 17 Publication Effective application of IFRS 17 & IFRS 9 1st January 2022 IFRS 17 Go-live ! Transitory
