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CIMA F2

Key IAS and IFRS standards

TermDefinition
IAS 38: RESEARCH RESEARCH AND DEVELOPMENT COST LINKED TO AN ASSET OR PRODUCT OF FUTURE ECONOMIC VALUE.ACCOUNTING TREATMENT ON ALL RESEARCH EXPENDITURE MUST BE EXPENSED IN THE INCOME STATEMENT
IAS 38: DEVELOPMENT ONCE RESEARCH HAS BEEN SUCCESSFUL, ACCOUNTING TREATMENT REQUIRES THAT INTANGIBLE ASSETS SHOULD ONLY BE CREATED WHEN THE DEVELOPMENT PHASE MEETS THE STRICT CRITERIA SET OUT IN IAS 38
IAS 38: CRITERIA FOR DEVELOPMENT EXPENDITURE ACRONYM: S.E.C.T S= SEPARATELY AND CLEARLY DEFINED E= EXPENDITURE IS SEPARATELY IDENTIFIABLE C= COMMERCIALLY VIABLE AND OVERALL PROFIT IS EXPECTED T= TECHNICALLY FEASIBLE AND RESOURCES EXIST TO COMPLETE THE PROJECT.
IFRS 3 and IAS 27 Looks at business combination along side ias 27 that states that acquisition accounting is only applied when control is achieved.
Treatment of a step acquisition when the parent acquires further shares and the entity becomes a subsidiary, then the treatment will be as follows: 1: remeasure previously held investment at fair value 2:Recognise any gains or loss in the consolidates income statement 3: calculate G
Created by: 1604581076