Key IAS and IFRS standards
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| 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
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| 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
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| 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.
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| 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.
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| 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
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