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Series Archives:

Learn Key takeways on operating segments
Posted inFinancial Accounting

Factsheet Series: 9 Key takeways of IFRS 8 Operating Segments

by TheAccSense Team August 17, 2021August 17, 2021

The article summarises the key financial reporting requirements for disclosure of information relating to operating segments under IFRS 8.

Understand how entities account for defined benefit plans for post-employment benefits given to employees.
Posted inFinancial Accounting

Factsheet Series: Accounting for Defined Benefit Plan

by TheAccSense Team July 19, 2021August 7, 2021

Lets understand how entities account for defined benefit plans given to employees as part of their post-employment benefits.

The accounting for employee benefits depends on the benefits provided by the entities.
Posted inFinancial Accounting

Factsheet Series: Accounting for Employee Benefits

by TheAccSense Team July 16, 2021August 7, 2021

Understand how entities should account for their employee benefits. The accounting for short-term benefits are rather straight-forward. Entities should focus on the accounting for the tricker part – post-employment benefits.

Fair value reflects the price that would be received to sell an asset or paid to transfer a liability.
Posted inFinancial Accounting

Factsheet Series: IFRS 13 Fair Value Measurement

by TheAccSense Team July 12, 2021August 7, 2021

Understand the principles in fair value measurement of assets and liabilities in this article. It also provides readers with the summary of the required disclosures relating to fair value of assets and liabilities.

Assets classified as held for sale requires a different measurement principle and a discontinued operation requires a different presentation and disclosure.
Posted inFinancial Accounting

Factsheet Series: Assets Held for Sale and Discontinued Operations

by TheAccSense Team July 11, 2021August 7, 2021

Understand what will happen when assets are classified as held for sale or when there is a discontinued operation in this article.

Understand how entities prepare their cash flow statement under IAS 7.
Posted inFinancial Accounting

Factsheet Series: Preparation of Cash Flows Statement in IAS 7

by TheAccSense Team July 8, 2021August 7, 2021

Cash is the heart of any businesses. Understanding your cash flows position is a crucial to your business strategy and action. Learn the preparation of cash flows statement in this article.

Assets within the scope of IAS 36 need to be assessed for impairment either annually or when there is an indication.
Posted inFinancial Accounting

Factsheet Series: What is impairment of asset in IAS 36?

by TheAccSense Team July 7, 2021August 9, 2021

Understand what, when and how an entity should assess for impairment loss for its assets in this article.

Entities need to understand how they satisfy their performance obligations to customers in order for revenue to be recognised
Posted inFinancial Accounting

Factsheet Series: Revenue Recognition in IFRS 15 (Part 2)

by TheAccSense Team July 1, 2021August 8, 2021

Understand the remaining 3 steps of revenue recognition in IFRS 15. It includes how should an entity assess its progress towards satisfaction of performance obligations to customer to justify for its revenue recognition.

IFRS 15 introduces the 5-step process for revenue recognition
Posted inFinancial Accounting

Factsheet Series: Revenue Recognition in IFRS 15 (Part 1)

by TheAccSense Team June 28, 2021August 8, 2021

Find out how IFRS 15 helps entities to apply a consistent revenue recognition principles across industries.

IAS 21 explains how entities should account and report the effects of changes in Foreign Exchange Rates in their financial statements
Posted inFinancial Accounting

Factsheet Series: Key principles in reporting the effects of changes in Foreign Exchange Rates

by TheAccSense Team June 27, 2021August 8, 2021

Find out how entities should account and report the effects of changes in Foreign Exchange Rates in their financial statements under IAS 21, including how to determine entities’ functional currency.

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